Economy & business — Topics

10 Sep 2018

Concern over High Prices of Motorcycle COEs in Recent Biddings

Er Dr Lee Bee Wah raised concerns about recent spikes in motorcycle COE prices, questioning potential market manipulation, the impact on commuters, and proposing stricter bidding rules like higher deposits and shorter validity periods.
The Senior Minister of State for Transport explained that last-minute bidding is common and not indicative of manipulation, noting COE prices for motorcycles have recently fallen and that proposed changes could increase costs for buyers.
The Ministry highlighted existing measures to support motorcycle owners, including a separate COE category, lower taxes, and efforts to enhance public transport, while stating it will continue monitoring the situation.

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10 Sep 2018

Assistance for Vendors Displaced from Kreta Ayer Weekend Market and Their Return after Its Renovation

Kok Heng Leun asked whether assistance was given to vendors displaced from the Kreta Ayer weekend market and if they could return after renovations.
The Kreta Ayer Community Centre Management Committee, which ran the market, informed vendors of its closure due to construction and offered financial support and referrals to other markets.
No application has been received to restart the market, and any future application would be assessed case-by-case considering fair competition and neighbourhood impact.

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10 Sep 2018

Impact of Water Price Increase on Industries and Businesses with High Water Usage and on SMEs' Competitiveness

The government acknowledged feedback on water price increases and noted that water costs form a small part of total business expenses, with estimated cost increases of 0.1% to 0.26% across industries like chemicals, manufacturing, accommodation, and food services.
Agencies are collaborating with industry partners to promote water efficiency measures, such as using alternative water sources and recycling, to help businesses reduce water usage and bills.
Financial support is available through schemes like PUB's Water Efficiency Fund and Enterprise Singapore's Capability Development Grant, which can cover up to 70% of qualifying project costs for water-saving improvements.
Businesses are encouraged to adopt these measures to lower costs, enhance productivity, and potentially share savings with workers and customers.
The government remains engaged with businesses to monitor cost impacts and support competitiveness, particularly for SMEs, through ongoing industry partnerships and grants.

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10 Sep 2018

SMEs' Application and Commercialisation of Technologies Developed by A*STAR and Its Research Entities

A*STAR supports SMEs through IP licensing, researcher secondments via the T-Up scheme, and facility access under the Tech Access programme, with over 700 SMEs benefiting from these initiatives.
SMEs face challenges including limited resources for technology integration and unfamiliarity with IP management, which are addressed through programs like Operation and Technology Roadmapping and IPOS support clinics.
The government is committed to continuing support for SME projects beyond initial researcher secondments, evaluating outcomes to ensure sustained commercialisation and competitiveness.

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10 Sep 2018

Measures to Help in the Selling of HDB or Private Properties with Less than 60-year Leases

The Minister confirmed that older HDB and private properties with leases under 60 years can still be sold, and the government is working with the CPF Board to review and provide more flexibility in using CPF funds for such purchases while ensuring retirement adequacy, with details to be shared later.
Elderly homeowners have alternative monetization options, including renting out their properties or selling part of their lease back to HDB under the extended Lease Buyback Scheme, which now includes larger flats to help more seniors unlock value.
Members raised concerns about the current CPF financing restrictions and the low take-up of the Lease Buyback Scheme, and the Minister acknowledged the need for policy reviews, including adjusting CPF proration rules, but noted that implementation may take time due to system updates.

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6 Aug 2018

Update on Revitalisation of Shops Scheme for HDB Neighbourhood Shops

HDB has implemented several measures including new neighbourhood centre designs, curated trade-mix, extended grants for community events, and the ROS scheme which was enhanced in May 2016, with 17 sites announced under its seventh batch and various upgrades and promotional events underway.
To address digitalisation, the Retail Industry Transformation Map and various grants like the Productivity Solutions Grant support retailers in adopting e-commerce and digital tools, with over 300 SMEs applying for support and plans to expand pre-approved e-commerce solutions.
HDB is trialling free Wi-Fi and shopper traffic monitoring at select complexes, while Merchant Associations can use ROS funds for digital initiatives like directories and sensors, and retailers can also use the free Where2Shop website to establish an online presence.

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6 Aug 2018

Reported Cases of Investment Scams Targeting Members of Public

Mr Ong Teng Koon asked about trends in reported investment scams, prosecution rates, and potential tougher penalties over the past three years.
Minister K Shanmugam reported that reported investment scams doubled from about 200 to over 400 cases annually from 2015 to 2017, largely due to unregulated online platforms operated from overseas.
Only 30 persons were charged for 14 scams since 2015, as many scams involve overseas syndicates or assets, making prosecution difficult.
Convicted scammers face up to 10 years' imprisonment, and ministries are reviewing whether to strengthen fraud laws amid ongoing Penal Code reviews.
Police will continue collaborating with foreign counterparts to tackle overseas syndicates targeting Singaporeans.

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6 Aug 2018

Companies’ Ability to Meet Water Efficiency Benchmarks

Singapore requires large water users in the non-domestic sector to monitor usage and submit annual water efficiency plans, with over 600 companies having done so since 2015.
PUB has developed sector-specific water efficiency benchmarks and guides, and provides funding support like the Water Efficiency Fund to help companies implement conservation and recycling projects.
From 2019, all large water users must appoint a certified water efficiency manager to enhance industry capabilities in managing water use.
PUB engages companies that underperform on benchmarks through one-on-one sessions and offers customized expertise and funding to improve efficiency.
The Water Efficiency Awards recognize top-performing companies, and PUB will continue monitoring performance and expanding guidance for other sectors.

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6 Aug 2018

Special Employment Credit for Freelancers and Seniors Working in Shared Economy Sector

Mr Kwek Hian Chuan Henry asked if the Special Employment Credit (SEC) applies to seniors in the shared economy sector and freelancers, and what support exists for those earning under $4,000.
The SEC provides wage offsets to employers hiring seniors aged 55 and above earning up to $4,000 per month, but it does not cover self-employed freelancers who decide their own retirement age.
Alternative support includes the Workfare Income Supplement (WIS) Scheme for employees and self-employed persons, offering higher cash payouts and CPF contributions for older workers earning up to $2,000 monthly.
The Adapt and Grow initiative, including the Career Support Programme, provides wage support to employers hiring older or retrenched jobseekers, and SEC incentivizes hiring older self-employed persons into regular jobs.

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6 Aug 2018

Jobs Made Obsolete due to Artificial Intelligence and Global Downsizing Trends

Mr Saktiandi Supaat raised questions about job losses due to AI and global downsizing, asking for statistics, support for retrenched workers, and business incentives for retraining.
Minister Josephine Teo responded that local retrenchments fell from 11,000 in 2016 to 9,000 in 2017, with 70% due to restructuring, while employment grew by 11,200 and 21,300 in those years respectively.
The government supports workers through initiatives like Adapt and Grow, Professional Conversion Programmes, and Career Support Programme, which helped place over 25,000 jobseekers in 2017.
For 2018 and 2019, GDP growth is expected between 2.5% and 3.5%, with job opportunities in services sectors but cautious hiring in construction and marine shipyards.
The minister emphasized proactive measures, including engaging companies to reskill workers at risk of displacement, with 500 workers retrained in 2017.

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6 Aug 2018

Foreign Domestic Worker Grant Eligibility for Those with Mentally Disabled Parents Living in Separate Households

Murali Pillai questioned why the FDW Grant treats differently the employment of foreign domestic workers by children to care for mentally disabled parents in separate households versus direct employment by the parents themselves through their children’s sponsorship.
The Minister explained that the grant, which provides $120 monthly, assesses eligibility based on the household income of the FDW employer to target lower- and middle-income families, regardless of whether the FDW is employed by a family member in a separate household or the care recipient.
The government consistently evaluates the financial means of the employer’s household to ensure aid goes to those directly responsible for paying the FDW salary, but will consider appeals from families with extenuating circumstances.

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6 Aug 2018

Government's Plans to Further Liberalise Energy Market

The Minister explained that Singapore’s electricity prices are driven by global natural gas markets since 95% of generation relies on imported fuel, making the country a price taker; the Energy Market Authority has progressively introduced competition since the 1990s to improve cost-effectiveness and service.
The government is rolling out the Open Electricity Market nationwide from Q4 2018 to allow all households and small businesses to choose electricity suppliers and plans, following a soft launch in Jurong in April 2018.
To diversify energy sources and reduce reliance on fossil fuels, initiatives like JTC’s SolarRoof project aim to increase solar adoption to 350 MWp by 2020 and one gigawatt peak beyond 2020.
These measures—promoting competition through the OEM and expanding solar power—are intended to enhance supply resilience and help moderate electricity prices in both the short and long term.
More details on the full market liberalisation will be shared in the coming months.

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6 Aug 2018

Impact of Digitalisation on Bank Tellers and Their Jobs

The Prime Minister acknowledged that digitalisation reduces demand for bank tellers but creates new roles in areas such as service ambassadors, software development, data analytics, and cybersecurity.
A Professional Conversion Programme involving multiple agencies and banks has been established to retrain 3,500 bank tellers and customer service staff over three years, with over 450 already redeployed into new roles.
The government, unions, and banks are collaborating to pre-emptively reskill workers and support consumers in adopting digital banking, with the aim of minimising retrenchments and helping Singaporeans adapt to technological changes.

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6 Aug 2018

Differentiate between Taxi Drivers and Part-time Hire Drivers

Er Dr Lee Bee Wah asked the Ministry for Transport to update on the review of regulations for private hire car services, specifically regarding differentiating the tax regime between taxi drivers and part-time hire drivers, whether minimum mileage clocking is under review, and the expected completion date of the review.
Khaw Boon Wan responded that the Ministry of Finance has reviewed the tax treatment for taxi and private hire car drivers and proposed allowing all private hire car drivers to claim tax deductions on car-related expenses, aligning their tax treatment with that of taxi drivers, effective from Year of Assessment 2019.
The Land Transport Authority removed the minimum daily mileage requirement for taxis in 2017 due to the increased availability of point-to-point options from private hire car services, and the Ministry of Transport is currently reviewing the regulatory framework for the point-to-point service sector.

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6 Aug 2018

Update on Local Enterprise and Association Development-Plus (LEAD+) Programme

Mr. Thomas Chua Kee Seng sought an update on the $30 million LEAD+ programme from 2016 and the feature to second public officers to Trade Associations and Chambers (TACs).
Minister Chan Chun Sing stated that the LEAD+ programme was consolidated into an enhanced LEAD programme with a combined budget of about $115 million for 2016-2020, and nearly $10 million has been provided to nine TACs to upgrade capabilities as of June 2018.
The enhanced LEAD programme covers all previous LEAD+ areas, including the secondment of public officers to TACs to strengthen partnerships, with over 13 officers seconded since prior to 2016 and more arrangements to be facilitated for interested TACs.

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6 Aug 2018

Companies (Amendment) Bill

The Companies (Amendment) Bill introduces two key changes: exempting Shipowners' Liens from registration under the Companies Act to support Singapore's shipping industry, and clarifying who is bound by compromise or arrangement schemes during a company's winding up.
The amendment responds to the Diablo Fortune court case, which required Shipowners' Liens to be registered, creating practical burdens for the shipping sector due to the short duration of charterparties and administrative costs.
The new law exempts Shipowners' Liens from registration while affirming their status as security charges, giving shipowners priority over unsecured creditors, unlike approaches in Hong Kong where such liens are not considered charges.
The bill includes a transition provision for existing liens, ensuring they remain valid unless the company is in winding up or a creditor has acquired rights, with prosecutorial discretion applied to past non-registration.
The amendment also rectifies a technical oversight by reinstating categories of persons bound by compromise or arrangement schemes in winding up, which were inadvertently excluded in a 2014 amendment.

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6 Aug 2018

Stamp Duties (Amendment) Bill

The Stamp Duties (Amendment) Bill was introduced to amend the Stamp Duties Act, presented by the Second Minister for Finance Lawrence Wong.
The bill received its First Reading and was scheduled for a Second Reading at the next parliamentary sitting.
The President’s recommendation for the bill was signified, and the bill was printed for parliamentary consideration.

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6 Aug 2018

Immediate Benefits to Singapore from Comprehensive and Progressive Agreement for Trans-Pacific Partnership

The Minister for Trade and Industry outlined that CPTPP is expected to increase Singapore's total exports and GDP by 0.2% each by 2035, with industries like processed food, textiles, and services (transport, energy, professional) gaining preferential market access and investment opportunities.
The Ministry is collaborating with agencies and business groups to educate and promote CPTPP benefits to local companies through outreach sessions and support for supply chain access in CPTPP markets.
CPTPP is set to enter into force by the first quarter of next year after six countries ratify it, with three currently ratified and three more expected by year-end; the US has not yet indicated interest to join.

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6 Aug 2018

Profile of Jobs and Industries on Fair Consideration Framework Watchlist

The Fair Consideration Framework (FCF) Watchlist targets about 350 employers in sectors like Administrative and Support Services, Construction, Education, and Professional Services, with many firms facing scrutiny for hiring practices affecting jobs in IT and management with salaries from $3,000 to $10,000.
Measures to promote senior job opportunities for Singaporeans include recognizing Human Capital Partners for fair practices and supporting the SkillsFuture Leadership Development Initiative to develop Singaporean leaders.
The number of companies on the FCF Watchlist has remained stable despite expanded requirements, such as covering firms with 10 or more employees and increasing the salary threshold for job advertisements to $15,000.
Companies on the FCF Watchlist remain eligible for government funding schemes like Adapt and Grow, as penalizing them could affect their Singaporean employees, though such firms are less likely to apply for additional support.
The Ministry of Manpower continues to engage firms on the Watchlist through the Tripartite Alliance to improve hiring practices, with over 2,000 Singaporean professionals hired since the program began.

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11 Jul 2018

Measures to Keep Cost of Food at Coffee Shops Affordable

Minister Lawrence Wong outlined HDB’s plan to use the Price-Quality Method (PQM) for all coffee shop tenders to prioritize affordable food options, replacing the current e-bidding system.
Er Dr Lee Bee Wah highlighted concerns that e-bidding leads to unsustainable high rents, causing coffee shop closures and inconvenience to residents in Nee Soon South.
The Minister emphasized HDB’s strategy to maintain healthy price competition through sufficient coffee shops in HDB estates and continuous review of tendering mechanisms.

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