Economy & business — Topics

11 Sep 2017

Extension of Additional 50% Rebate and Surcharge for Taxis under Vehicle Emissions Scheme to Private Hire Cars

Mr Yee Chia Hsing asked if the additional 50% VES rebate and surcharge for taxis would apply to private hire cars due to similar high mileages.
The Minister for Transport, Khaw Boon Wan, replied that the rebate and surcharge would not be extended to private hire cars.
The Minister explained that private hire cars generally have much lower mileages compared to taxis.

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11 Sep 2017

Number of Singaporeans without Bank Account

Ms Tin Pei Ling asked for the number of Singaporeans without bank accounts or cards, broken down by age group, but the government does not have exact figures, with a World Bank survey estimating 96% of residents over 15 have accounts and about 40,000 may lack accounts due to GST voucher cheques.
Approximately 80% of local bank customers hold an ATM, debit, or credit card, with over 90% of customers aged 16–59 having one compared to 70% for those 60 and above, while younger children generally do not hold cards.
Basic banking accounts with low costs and electronic payment options like e-wallets and wearable devices are available to ensure accessibility, with ongoing efforts by the Monetary Authority of Singapore to promote inclusive financial services.

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11 Sep 2017

Review of Airline Industry to Assess Need for Structural Changes

Dr Lim Wee Kiak asked if a committee should be formed to review structural changes in the airline industry and how many airline employees lost jobs between 2016 and 2017.
The Minister for Transport responded that the airline workforce grew by over 5% since 2015 to nearly 17,000, with more employees joining than leaving in 2016 and early 2017.
The industry faces disruptions from technology, competition, and new business models, but airlines are continuously evaluating their value proposition and working with unions on restructuring and automation.
The government engages airlines through platforms like the Connectivity Subcommittee and has launched the Air Transport Industry Transformation Map to boost productivity and job quality.
These measures aim to support airlines in staying competitive and adapting to changes without the need for a new committee.

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11 Sep 2017

Convert ATMs to Serve Customers of Any Bank and Maintaining Bank Accounts with Low Amounts of Cash Deposits

MAS is exploring ATM interoperability between major bank networks to improve convenience while balancing potential efficiency gains with possible queuing times, as Singapore already has high ATM coverage with over 90% of HDB households near a bank-specific ATM.
Major banks offer low-cost Basic Banking Accounts with minimal initial deposits and waived fees for certain groups, and MAS will work with community leaders to increase awareness and help unbanked residents open accounts.
The government is promoting electronic payments for broader convenience, running outreach and digital literacy programs for seniors, but will maintain cash services for those who need them, ensuring an inclusive transition to a cashless future.

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11 Sep 2017

Financial Loss Recorded in HDB's Annual Report

Ong Teng Koon queried whether the $625 million provision for foreseeable loss in HDB’s FY2017 annual report relates to housing subsidies and if they are allocated to those most in need.
Lawrence Wong confirmed the provision covers estimated losses from BTO projects, including housing subsidies, which result in BTO flats being sold below development cost.
He assured that eligibility criteria and means-tested grants target subsidies to lower- and middle-income Singaporeans, with more help for the lower-income.
HDB will continue to calibrate subsidies to keep public housing affordable.

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11 Sep 2017

Incentives to Translate Government-funded Research into Industry Applications and Commercialisation

Minister S Iswaran outlined a range of incentive schemes under the RIE 2020 plan, including the Industry Alignment Fund to support public researchers in collaborating with companies on economically impactful projects.
Enhanced Gap Funds are provided to help researchers develop upstream intellectual property into prototypes, de-risking commercialisation and increasing industry uptake of public sector IP.
A harmonised IP framework is being developed to speed up licensing, share financial returns with inventors, and incentivise researchers to seek commercialisation opportunities.
Public researchers can access comprehensive startup support, including mentorship, grants, co-investment, and facilities through Innovation and Enterprise Offices and incubators like A*StartCentral, with MiRXES cited as a successful example.

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11 Sep 2017

SkillsFuture Credit for Employers and Businesses

Patrick Tay asked whether the Ministry would consider creating a SkillsFuture credit for employers and businesses, particularly SMEs and startups, to support employee training.
Ong Ye Kung highlighted existing support schemes like the Enhanced Training Support for SMEs offering up to 90% course fee subsidies, SPRING’s Capability Development Grant, and the SkillsFuture SME Mentors Programme.
Ong Ye Kung explained that while SkillsFuture Credit for individuals encourages self-upgrade, businesses should be inherently motivated to improve, and targeted programmes are more effective than direct credits for employers.

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11 Sep 2017

Cost of Onboarding Social Service Offices and Ministry-supported VWOs to Social Service Net

The Social Service Net (SSNet) cost approximately $29 million for its development, rollout, and initial support, including devices for voluntary welfare organisations (VWOs).
The system was fully rolled out to Social Service Offices and Family Service Centres by February 2016, with ongoing expansion to other MSF-funded services in phases.
Early indications show SSNet improves efficiency by enabling faster information sharing between agencies and reducing redundant data collection for clients.
Some VWOs faced challenges adapting to standardised processes, but there is broad agreement on the system's benefits, with MSF providing ongoing support and review.

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11 Sep 2017

Upgrading Tour Guide Skills and Tourist Programmes

The Ministry is partnering with the Singapore Tourism Board to upgrade tour guide skills through professional development courses and curated tours that align with the new "Passion Made Possible" brand, focusing on immersive storytelling and local experiences.
The Ministry is collaborating with SPRING Singapore and JTC to establish a Singapore Designers Showcase on Orchard Road in 2018 to profile local designers and their brand stories, enhancing the tourist retail experience.
Grants like the Experience Step-Up Fund are available to local retailers to develop unique tourist keepsakes and improve retail experiences, encouraging spending.
Strategic events such as the Star Wars and F1 Pit Stop collaborations are being anchored along Orchard Road to generate buzz and offer exclusive merchandise for tourists.

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11 Sep 2017

Schemes to Encourage Entrepreneurship and Innovation amongst Young Working Adults

The Minister highlighted that Singapore's startup ecosystem has grown significantly, with the number of startups doubling and entrepreneurship being recognised as a viable career path, supported by survey data showing strong interest among young adults.
The government offers consolidated support under the Startup SG framework, which includes schemes like Startup SG Founder for funding and mentorship, Startup SG Tech grants for technology commercialisation, and Startup SG Equity for co-investment with private investors.
Additional support is provided by the private sector through initiatives like ACE, which offers networking, workshops, and peer mentoring, while SkillsFuture Credit allows eligible Singaporeans to access courses on entrepreneurship and innovation.

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11 Sep 2017

Impact of Increase in MOE Kindergartens on Smaller Preschool Operators

The Government aims to ensure access to quality and affordable preschools by increasing Government-supported places, including MOE Kindergartens, Anchor Operators, and Partner Operators, primarily in new housing estates.
Support extends to smaller private operators through schemes like the Partner Operator Scheme, with additional grants and professional development resources available to all operators.
The market will remain open with continued choice for parents, and smaller operators can differentiate themselves by offering niche programmes to meet diverse family needs.

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11 Sep 2017

Jurong Town Corporation (Amendment) Bill

The Bill consolidates all public sector industrial properties under JTC to streamline services, enhance master-planning, and support businesses with better infrastructure and lower costs.
Amendments ensure a smooth transition for HDB tenants and employees, with no change to existing lease terms, continued rental assistance, and safeguards for staff remuneration and service continuity.
The move also grants JTC enforcement powers over common properties and repeals obsolete provisions related to residential properties, aligning with its current industrial focus.
During the debate, MPs raised concerns about potential rent increases, redevelopment plans, and support for SMEs, with the Minister assuring measures to manage costs and improve industrial space affordability.
The government reaffirmed its strategy of using market forces for industrial space while targeting sector-specific needs through JTC’s specialized facilities and clusters to aid SME growth.

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11 Sep 2017

Income Tax (Amendment) Bill

The Income Tax (Amendment) Bill seeks to update the Income Tax Act and align it with the Economic Expansion Incentives (Relief from Income Tax) Act.
The bill was presented by the Senior Minister of State for Finance on behalf of the Minister for Finance and received presidential recommendation.
It was read for the first time and scheduled for a second reading in the next parliamentary sitting.

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11 Sep 2017

Property Tax (Amendment) Bill

The Senior Minister of State for Finance introduced the Property Tax (Amendment) Bill to amend the Property Tax Act.
The bill was presented on behalf of the Minister for Finance and received its first reading in Parliament.
The bill was scheduled for its second reading at the next available sitting of Parliament.
The proceedings included instructions for the bill to be printed following its first reading.

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11 Sep 2017

Goods and Services Tax (Amendment) Bill

The Goods and Services Tax (Amendment) Bill was introduced to amend the Goods and Services Tax Act.
The bill was presented by the Senior Minister of State for Finance, Ms Indranee Rajah, on behalf of the Minister for Finance.
The bill underwent its First Reading and was scheduled for a Second Reading at the next parliamentary sitting.
The amendment process was initiated with the recommendation of the President signified.

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11 Sep 2017

Assistance and Compensation for Farmers Affected by expansion of Tengah Airbase

Alex Yam asked how farmers affected by the Tengah Airbase expansion would be assisted and compensated.
The Second Minister for National Development stated that four affected owners will receive market value compensation under the Land Acquisition Act, with Singapore Land Authority officers assisting them through the process.
AVA and NParks will assign officers to help farmers with relocation, business development, and technology adoption, including access to co-funding schemes like the Agriculture Productivity Fund and Landscape Productivity Grant.

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11 Sep 2017

Economic Promotion Agencies Merge to Support Companies' Growth

The Minister announced the merger of SPRING and IE Singapore into Enterprise Singapore to create a unified agency that better supports companies' growth and internationalization in a rapidly changing economy.
Enterprise Singapore will integrate resources to support startups, SMEs, and large enterprises in capability building, overseas expansion, and industry collaboration, working closely with other agencies like EDB.
The focus will remain on serving a broad range of companies while dedicating more resources to high-growth enterprises, with an emphasis on building a strong culture and leadership to drive economic transformation.

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11 Sep 2017

Implementation Plans for Cashless Public Transport System

The government is implementing a cashless public transport system by 2020, including an Account-based Ticketing (ABT) system that allows contactless card payments, while ensuring no commuter is left behind through gradual transition and support for the elderly and other vulnerable groups.
LTA and TransitLink have conducted consultations with senior citizens and other demographic groups, with about 30% of participants being seniors, and will continue engaging stakeholders to address concerns and provide assistance, such as deploying service agents to help commuters adapt.
Cost savings from reduced cash handling—estimated at nearly $20 million annually—will be redirected to improve services, like hiring staff to educate the elderly, though any potential fare reductions will depend on the profit and loss of public transport operators.
The Ministry will work with the Monetary Authority of Singapore and banks to improve access to basic banking services, address transaction fees for card top-ups, and explore mobile payment options, while maintaining cash alternatives for those who cannot switch.
Efforts will include outreach to foreign workers and other groups without bank accounts, in collaboration with the Ministry of Manpower, to ensure inclusive access to the new cashless system.

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1 Aug 2017

Affordability of Degree Courses for Mature Students at Autonomous Universities

The Ministry of Education (MOE) subsidises degree programmes at Autonomous Universities (AUs) by 75% for full-time and part-time students, with a 90% subsidy for Singaporeans aged 40 and above pursuing their first degree, supplemented by bursaries and loans.
MOE also subsidises industry-relevant modular courses for adult learners by 70% to 90% to support lifelong learning, and aims to expand such offerings with AUs to enhance affordability and accessibility.
The Ministry prioritises subsidies for first degrees over second degrees due to budget constraints, while acknowledging the importance of lifelong learning within fiscal limits.

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1 Aug 2017

Number of Local SMEs Owning Intellectual Property Rights

As of July 2017, approximately 17,000 SMEs in Singapore, representing 8% of all local SMEs, own registered IP, with data on non-registered or foreign IP not available; in the EU, 9% of SMEs own registered IP.
The Ministry of Law and the Intellectual Property Office of Singapore, alongside other agencies, are implementing initiatives such as seminars, training courses, a business portal, and subsidised audits to help SMEs understand and utilise IP.
Programmes like A*STAR’s Technology for Enterprise Capability Upgrading and Headstart, as well as IP Intermediary services, assist SMEs in developing, acquiring, and licensing IP, while free clinics offer preliminary advice on IP matters.
The government is also considering recommendations to streamline IP dispute resolution by reducing the time and cost involved in enforcement.

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