Economy & business — Topics

8 May 2017

Tampering of Odometers of Vehicles

Sitoh Yih Pin asked whether there are plans to legislate against odometer tampering due to sellers misrepresenting mileage on secondhand vehicles.
Khaw Boon Wan responded that tampering with odometers to deceive buyers is already an offence under the Penal Code.
He added that motor dealers who knowingly fail to disclose tampering can be investigated for unfair practices under the Consumer Protection (Fair Trading) Act, and buyers may seek assistance from the Consumers Association of Singapore.

Summary written by AI

Overview Original source

8 May 2017

Integration of EDB and IE Singapore for Better Alignment of Planning and Execution of Economic Strategies

Miss Cheryl Chan proposed integrating EDB and IE Singapore to enhance holistic economic planning and execution across the value chain.
The government maintains that both agencies have complementary roles and collaborate through mechanisms like Industry Transformation Maps and overseas Singapore Centres.
The Ministry of Trade and Industry will continue reviewing agency structures to ensure effective support for companies.

Summary written by AI

Overview Original source

8 May 2017

Support for SMEs in Succession Planning and M&A Advisory

The government supports SME succession planning through grants and training, including SPRING’s Capability Development Grant to fund external consultants for talent management and leadership development, and SkillsFuture programmes such as the Leadership and People Management WSQ courses and the NextGen Leadership Series.
SMEs can enhance succession capabilities by sending HR practitioners to SkillsFuture’s Continuing Education and Training Centres for specialist diplomas that include succession management modules, and by using the SkillsFuture Leadership Development Initiative to design leadership roadmaps.
SPRING collaborates with partners like SGX and UOB to run M&A seminars and networking events to help SMEs understand the M&A process and connect with potential buyers.
SMEs can seek M&A guidance from any of the 12 SME Centres and tap the Capability Development Grant to engage certified consultants for strategy formulation, target identification, due diligence, and post-transaction integration.
The initiatives address the challenge that many SMEs cannot afford conventional M&A advisory firms due to small deal sizes by providing affordable support through government-backed schemes and partnerships.

Summary written by AI

Overview Original source

8 May 2017

CPF Education Scheme for All Approved Educational Institutions

Patrick Tay asked to expand the CPF Education Scheme to all programmes at approved institutions, beyond full-time subsidised diploma and degree courses.
Lim Swee Say explained that the CPF scheme for education, introduced in 1989, is a loan limited to full-time subsidised diploma and degree courses to protect retirement savings.
The minister emphasized caution in expanding CPF use for education to ensure retirement adequacy, given increasing life expectancy.

Summary written by AI

Overview Original source

8 May 2017

Tapping Global Market for Specialist Skills for Digitalisation and Innovation Growth Strategies

Foo Mee Har inquired whether tightened work visa schemes in other countries create opportunities for Singapore to recruit global talent with specialist skills for digitalisation and innovation.
Lim Swee Say affirmed that no country, including Singapore, can rely solely on domestic talent to lead in technology and innovation, and global expertise is essential to remain competitive.
He emphasized that tapping global talent must strengthen, not weaken, the Singaporean Core, citing Panasonic's relocation of its global headquarters and upgrade of its Singapore R&D and manufacturing as examples.
Panasonic's efforts include creating training opportunities for Singaporeans, such as mentorship and robotics courses, while bringing in Japanese experts to build local smart manufacturing expertise.
The overall strategy is to continually upgrade the local workforce while remaining open to global expertise to foster a strong Singaporean Core at the heart of a vibrant economy.

Summary written by AI

Overview Original source

8 May 2017

Government Oversight on Use of Monies by Official Sporting Bodies

The Ministry exercises oversight through Sport Singapore (SportSG), which provides grants to National Sports Associations (NSAs) that must meet strict governance and financial criteria, including registration as societies and charities, compliance with laws, and alignment with SportSG’s Vision 2030 plans.
Criteria for fair use include multi-year plans with key performance indicators, annual assessments of funding based on performance, governance capabilities, and diverse revenue sources; funding levels are adjusted yearly based on these factors.
To prevent and rectify misallocation, SportSG requires audited financial statements, allows audits of accounting records, and can suspend, terminate, or recover grants for non-compliance, while serious cases like misappropriation are referred to the Police.

Summary written by AI

Overview Original source

8 May 2017

Redundancy Insurance

The Workers' Party proposed a redundancy insurance scheme with a 0.1% monthly salary contribution from employees and employers, offering payouts of up to 40% of last drawn salary for six months to help workers during job loss, arguing it reduces financial pressure and complements existing retraining programs.
The Government rejected the proposal, citing concerns that such insurance could reduce the incentive to find work, increase costs for businesses, and potentially lower retrenchment benefits, preferring to focus on employment support programs like job matching and training subsidies.
Patrick Tay raised questions about whether the insurance would undermine union-negotiated retrenchment benefits and exclude workers unemployed for reasons other than redundancy, with Assoc Prof Goh clarifying that retrenchment benefits would not be replaced and the scheme targets job loss due to redundancy as defined by MOM.

Summary written by AI

Overview Original source

8 May 2017

Registered Designs (Amendment) Bill

The Bill broadens the scope of design protection to include non-physical products and colours as design features, and clarifies that handcrafted items can be registered, supporting small businesses and artisans.
It changes the default ownership of commissioned designs from the commissioner to the designer, empowering creators and aligning Singapore’s law with international standards.
The grace period for design disclosure is extended from six to twelve months and allows multiple designs to be filed in a single application, reducing administrative burdens.
Amendments also address the interface with copyright law to prevent over-protection and ensure clarity for non-physical products.
The debate highlighted the need for public awareness and cost-effective enforcement mechanisms to support designers, especially SMEs and freelancers.

Summary written by AI

Overview Original source

8 May 2017

Monetary Authority of Singapore (Amendment) Bill

The Monetary Authority of Singapore (Amendment) Bill was presented by Minister Ong Ye Kung to amend the MAS Act and related legislation.
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 in accordance with constitutional procedures.

Summary written by AI

Overview Original source

8 May 2017

Large-scale Adoption of Digital Ordering and Cashless Payment Systems

Assoc Prof Randolph Tan questioned the barriers to digital ordering and cashless payment adoption for small food stalls and how the Food Services Industry Transformation Map would promote such technologies.
The Senior Minister of State highlighted that key obstacles include consumer habits, adoption costs, and lack of interoperability among payment systems, with current adoption at 20% as of March 2017.
Government agencies are addressing these by improving convenience through unified payment devices, providing grants and infrastructure support, and promoting productivity-focused coffee shops to encourage adoption.
The Food Services Industry Transformation Map aims to reduce manpower reliance and targets a 50% adoption rate of digital services across all food and beverage outlets by 2020.

Summary written by AI

Overview Original source

8 May 2017

Promotion of Financial Technology

The Ministry of Education (Higher Education and Skills) responded on behalf of the Prime Minister, stating that financial technology is transforming the industry and financial institutions are investing in fintech capabilities while the Monetary Authority of Singapore (MAS) supports development through a regulatory sandbox and updated policies like cloud computing guidelines.
MAS encourages collaboration between established financial institutions and fintech players, as evidenced by events like the Fintech Festival and the establishment of innovation labs by global financial institutions, aiming to foster a Smart Financial Centre where innovation is pervasive.
To ensure workforce readiness, MAS is working with Institutes of Higher Learning to align curricula with industry needs, and initiatives like the Financial Information Technology Academy and IBF offer training in areas such as data analytics and cybersecurity, supported by funding schemes for skills upgrading.

Summary written by AI

Overview Original source

8 May 2017

Fair Pricing for Milk Powder

The government acknowledges public concern over the high and rising price of infant milk powder in Singapore, which exceeds inflation, and is committed to addressing it through increased consumer education, better information to dispel myths about price equating to quality, and support for breastfeeding.
Measures will be taken to enhance market competition and consumer protection, including simplifying import rules to allow more formula brands by year-end, tightening advertising and labelling regulations to prevent misleading claims, and ensuring hospitals support breastfeeding and avoid conflicts of interest with formula companies.
The government will provide financial support to low-income families for infant formula costs through ComCare and other assistance schemes, while also monitoring the market for anti-competitive behavior and reminding businesses to price fairly.

Summary written by AI

Overview Original source

8 May 2017

SMEs Venturing to Overseas Markets

Er Dr Lee Bee Wah inquired about the number of SMEs that have participated in Ministry-organized overseas business trips, their success in expanding into new markets, and the ongoing support available for their growth.
The Senior Minister of State highlighted that IE Singapore has supported over 3,500 internationalization projects for SMEs since 2014 through schemes like MRA and GCP, facilitated 80 business missions benefiting 1,190 companies, and operates 37 Overseas Centres to assist SMEs in expanding globally.
In response to supplementary questions, the Minister noted efforts to publicize support schemes through direct outreach, Trade Associations, and networks like The Bosses Network, and explained that government-to-government projects aim to create opportunities for SMEs, with IE Singapore facilitating their participation despite challenges in outreach.

Summary written by AI

Overview Original source

4 Apr 2017

Surge Pricing by Taxi Operators

The Ministry supports dynamic pricing by taxi operators to help them compete with private hire services, noting it can lower fares during off-peak hours and that metered fares remain an option for commuters uncomfortable with surge pricing.
Taxi companies are legally required to provide at least one week's notice before implementing dynamic pricing, as demonstrated by Grab and ComfortDelGro’s recent announcements.
In response to concerns about surge pricing affecting urgent needs, the Minister advised that critical emergencies should use ambulances, while non-critical situations can rely on traditional metered fare options like street hails or app bookings.

Summary written by AI

Overview Original source

4 Apr 2017

Early Release of Draft Budget Statement for Public Consultation

Louis Ng asked if the Ministry of Finance could release a draft Budget Statement for public consultation one month before it is delivered in Parliament.
The Senior Minister of State for Finance replied that extensive public consultations occur throughout the year, with intensified feedback sessions closer to Budget Day, and that many stakeholders prefer to give input when economic conditions for the coming year are clearer.
Louis Ng clarified that he wants consultations to occur after the public knows the Budget’s content, so feedback can directly improve the Budget, rather than just explaining it after delivery.
The Minister reiterated that the current process involves theme-based discussions well before the Budget, with the final policy decisions and parliamentary approval occurring after the Budget Statement is delivered.
The debate highlights differing views on timing: whether to consult on a draft Budget ahead of time or rely on the existing year-round, theme-based engagement process.

Summary written by AI

Overview Original source

3 Apr 2017

Estimate of Five-year-old Private Non-landed Properties not Subject to Seller's Stamp Duty

Gan Thiam Poh asked the Minister for National Development to project the number of five-year-old private non-landed properties in 2017 and the next three years that would not be subject to Seller's Stamp Duty, and to break down the figures for the Core Central Region and outside the region.
Lawrence Wong responded that from 2017 to 2020, an estimated 12,000 properties in the Core Central Region and 67,000 outside the Core Central Region would be purchased five years ago and thus exempt from the Seller's Stamp Duty.
He noted that detailed property transaction data is available via the Urban Redevelopment Authority's Real Estate Information System.

Summary written by AI

Overview Original source

3 Apr 2017

Classification of Revenue Earned from Government Land Leases

Sylvia Lim asked the Minister for Finance about the cut-off lease duration used to distinguish operating revenue from capital receipts for Government land leases.
Heng Swee Keat explained that under the Constitution, revenue from disposing of State land is protected as Past Reserves and not available for spending as operating revenue.
State land is deemed disposed of when the Government issues freehold titles or leasehold titles for a total period of 10 years or more.
The approach ensures fiscal prudence by basing spending on sustainable revenue sources and preventing quick land sales during property booms.
This policy guards against attempts to raise immediate revenues by selling land for short-term spending.

Summary written by AI

Overview Original source

3 Apr 2017

Impact of 2% Budget Cut on Ministries and Agencies from Financial Year 2017

Louis Ng Kok Kwang questioned if the 2% budget cut from FY2017 would lead to hiring freezes or headcount reductions in the Public Service.
Heng Swee Keat explained the cut applies only to budget caps for ongoing functions, not specific projects, and aims to promote prudent spending while total budgets continue to grow.
He noted ministries can reallocate savings to enhance service delivery and have flexibility to decide how to meet objectives without prescribed measures like hiring freezes.
Agencies are expected to prioritize programs effectively, with some possibly expanding certain initiatives while phasing out less relevant ones.
The Ministry of Finance does not mandate specific cost-cutting actions, allowing each agency to adjust based on its unique operating context.

Summary written by AI

Overview Original source

3 Apr 2017

Plans to Enhance Productivity in the Tourism Sector

The Singapore Tourism Board (STB) reported significant progress in hotel productivity, with the nominal value-add per worker growing at a compounded annual rate of 4.14% from 2011 to 2015, exceeding the national average, and new initiatives like the Hotel Industry Transformation Map and the Lean Hotel Initiative are being implemented to drive further gains.
The enhanced Business Improvement Fund (BIF) has supported 93 tourism projects since 2015, helping companies adopt technologies such as RFID for inventory management and robotics in housekeeping to improve operational efficiency and reduce reliance on manpower.
STB is pursuing additional plans to boost productivity across the tourism sector, including the Travel Agent Roadmap to address manpower constraints and low technology adoption in the travel agent industry, while continuing to collaborate with industry partners to build tailored capabilities.

Summary written by AI

Overview Original source

3 Apr 2017

Estimated Incremental Cost to Extend Health Subsidies to Long-Term Visit Pass Holders for FY2017/2018

Leon Perera queried the estimated incremental cost of extending health subsidies to all Long-Term Visit Pass (LTVP) holders for FY2017/2018.
Health Minister Gan Kim Yong stated that subsidies are differentiated by citizenship status, with only Singapore Citizens, Permanent Residents, and LTVP+ holders eligible for subsidies.
The Minister explained that LTVP holders do not currently receive healthcare subsidies and that computing the incremental cost is not meaningful as there is no plan to extend subsidies to them.
The response emphasized that any cost estimate would require assumptions about the number of LTVP holders, their healthcare needs, and subsidy levels, which are not available.
The debate highlights the government's policy to maintain subsidy differentiation based on residency status without plans to expand eligibility to all LTVP holders.

Summary written by AI

Overview Original source