Economy & business — Topics

24 Mar 2016

Criteria for Disbursement of Opportunity Fund Grant to Schools

The Opportunity Fund Grant, introduced in 2006 and extended to polytechnics in 2013, provides disbursements to schools and institutions based on their number of Singapore Citizen students and the percentage of MOE Financial Assistance Scheme (FAS) recipients, with an annual total of about $23.5 million across all levels.
The grant can be used for overseas trips, enrichment programmes, and access to ICT, with schools having flexibility to decide specific programmes and student allocations, benefiting approximately 67,000 students yearly.
Funds are disbursed to schools and institutes of higher learning on a three-year cycle with annual adjustments, and the utilisation rate for the 2013–2015 cycle was about 80%.

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24 Mar 2016

Reviewing Grant for Families to Hire Foreign Domestic Workers for Care of Disabled Elderly

The Foreign Domestic Worker Grant provides a $120 monthly subsidy to households hiring helpers for seniors or moderately disabled individuals, with about 6,200 households receiving it in 2015 and total government spending reaching $20.6 million since 2012.
The government offers additional support through a reduced $60 concessionary levy and cash payouts for Pioneer Generation seniors, with no current plans to increase the grant or waive the levy further.
Eligibility for the grant requires the elderly person to be a Permanent Resident aged 65 or above, with the caregiver being a Singaporean; non-citizen foreigners do not qualify.
The government continues to monitor the grant’s adequacy and reviews other schemes like IDAPE and ElderShield to support families caring for elderly with disabilities.
Questions were raised about expanding the grant, such as waiving the levy for those over 80, but the response emphasized existing measures and ongoing reviews rather than immediate changes.

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24 Mar 2016

Monies Disbursed from Malay/Muslim Community Development Fund

Between 2013 and 2015, nearly $10 million was disbursed from the Malay/Muslim Community Development Fund to support community initiatives in education, youth, social assistance, and employability.
A total of 53, 51, and 62 Malay/Muslim organisations benefited from the fund in 2013, 2014, and 2015 respectively.
The Minister confirmed that mosques do not qualify directly for funding but can partner with eligible organisations to access the fund.
The Minister did not have the number of funding applications received for the three years but offered to provide the figures when available.

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24 Mar 2016

Foreign Worker Representation in Tech and IT Sector

Desmond Choo inquired about the current breakdown of foreign and local workers in the tech and IT sector and the efforts to prevent over-representation of foreign manpower and promote local participation.
The Minister for Manpower provided 2015 data showing a two-thirds resident to one-third work pass holder ratio in the ICT sector, highlighted a manpower shortage, and outlined a Sectoral Manpower Plan to support growth while developing a Singaporean core.
Multiple MPs raised concerns about "double weak" companies with weak Singaporean cores and asked for rigorous action, with the Minister confirming ongoing efforts and more details to be shared at the Committee of Supply.
A suggestion was made to balance punitive measures against "double weak" companies with incentives for "double strong" companies, to which the Minister agreed and promised announcements at the Committee of Supply.

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24 Mar 2016

Environmental Audits on Firms that Attract GIC or Temasek Holdings' Interest

Leon Perera asked whether the Ministry of Finance would require environmental audits for firms that GIC and Temasek Holdings invest in, particularly those linked to the haze problem.
The Senior Minister of State for Finance responded that the government leaves investment decisions to the management teams of GIC and Temasek, while monitoring overall portfolio performance.
Both GIC and Temasek stated they do not invest in companies causing the haze and support zero-burning policies for sustainable land clearance.
GIC and Temasek engage with their portfolio companies to promote responsible practices and certifications to maintain long-term investment value.
The government will continue monitoring the haze issue and take further steps if necessary.

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14 Mar 2016

Funding Given to Schools

Mr Png Eng Huat requested the lowest and highest funding amounts given to Primary, Secondary, and Independent schools from 2013 to 2015.
MOE explained that school funding is based on student needs, programmes, and enrolment, making direct comparisons between schools not meaningful.
Per capita funding increased from 2013 to 2015, with Primary rising from $8,500 to $9,700, Secondary from $11,400 to $13,400, and Independent schools from $14,100 to $14,700.
Specialised Independent schools like NorthLight and Crest Secondary received the highest support at $25,900 per capita in FY2015 to meet their students' specific needs.
The Government reaffirmed its commitment to invest in all schools to support holistic student development.

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14 Mar 2016

Extending Wage Credit Scheme

Louis Ng Kok Kwang proposed extending the Wage Credit Scheme beyond 2017 and increasing the government’s 20% co-funding due to the global economic slowdown.
The Wage Credit Scheme was originally introduced in 2013 to help businesses manage rising wage costs and share productivity gains with employees, with a 40% co-funding from 2013 to 2015.
The scheme was extended in 2015 to 2017 with a reduced 20% co-funding to encourage restructuring without creating dependency on government support.
The government has enhanced other schemes to support business restructuring and will continue to monitor conditions to balance short-term costs and long-term productivity goals.

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14 Mar 2016

Singapore Startups Receiving Government Grants Exiting via IPO, Merger or Acquisition

Leon Perera asked the Minister for Trade and Industry (Industry) how many Singapore startups that received government grants successfully exited via IPO, merger, or acquisition from 2010 to 2015.
S Iswaran stated that from 2010 to 2015, SPRING and MDA supported 562 startups through various grants, with nine of those startups exiting successfully through an IPO, merger, or acquisition.
Perera also inquired if the exit rates as a percentage of funded startups are comparable to those in other startup hubs, but agencies lack equivalent data for such international comparisons.
The debate highlighted a low exit rate of nine out of 562 funded startups, indicating a small proportion of successful exits during the period.
The absence of comparative data underscores the challenge in benchmarking Singapore's startup ecosystem against other leading cities.

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14 Mar 2016

Basis of Yearly Medisave Claim Limits

The Ministry sets Medisave claim limits to ensure basic subsidised healthcare expenses remain affordable, considering government subsidies and MediShield Life, with regular reviews of these limits.
Under the Chronic Disease Management Programme, Singaporeans can use up to $400 per Medisave account annually for chronic disease treatment, with Flexi-Medisave providing an additional $200 for elderly patients at public institutions and participating GP clinics.
The Ministry balances ongoing chronic treatment needs with future healthcare savings, hence does not support fully funding all chronic illness bills with Medisave to prevent premature depletion, but offers alternatives like family member Medisave or Medifund for those facing difficulties.

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14 Mar 2016

Companies Benefiting from Flexi-Work Arrangements Incentive under Work-Life Grant

Assoc Prof Daniel Goh Pei Siong asked the Minister for Manpower about the number of companies, SMEs, and employees benefiting from the Flexi-Work Arrangements Incentive under the Work-Life Grant.
Lim Swee Say reported that flexible work arrangement (FWA) adoption by employers with 25+ employees rose from 28% in 2008 to 47% in 2014, and the FWA Incentive received 224 applications by December 2015, with 95% from SMEs.
A quarter of applicants have claimed the incentive, covering about 900 Singaporean employees, with SMEs typically taking a year or more to track FWA utilisation.

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14 Mar 2016

Companies Benefiting from Developmental Grant under Work-Life Grant

Assoc Prof Daniel Goh Pei Siong asked how many companies have benefited from the Developmental Grant under the Work-Life Grant, how many were SMEs, and how many have formalised flexi-work arrangements.
Lim Swee Say noted that flexible work arrangements have steadily increased among employers, with the grant launched to help cover implementation costs.
From April 2013 to December 2015, there were 325 applications for the grant, with about 95% from SMEs.
So far, 39 companies have formalised flexi-work arrangements and claimed the grant, with more expected in 2016.

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14 Mar 2016

Long-term Viability of Shops in HDB Heartlands

The Minister highlighted that HDB shops serve an integral role in providing convenience to residents, with a 2013 survey indicating over 80% of shopkeepers intended to continue their business and the proportion has been rising since 2007.
The Revitalisation of Shops scheme, introduced in 2007, aims to enhance the vibrancy and competitiveness of HDB shops.
Rents for HDB shops are set through open bidding for new tenancies and adjusted to prevailing market rents at renewal, assessed by licensed valuers based on comparable premises and factors like location, size, and age.
HDB offers tenancy periods of one to three years for flexibility, and assistance measures are in place to help stagger rental increases.

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14 Mar 2016

Measures to Limit Price Hikes in Motorcycle COEs

Mr Zainal Sapari questioned the percentage of motorcycles registered under the Open Category COE in 2015 and proposed increasing supply or allowing five-year renewals to curb price hikes.
Minister Khaw Boon Wan clarified that no motorcycles used Open Category COEs in 2015 and explained that the COE system aims to manage vehicle growth through market pricing, not to artificially lower prices.
The Minister noted that five-year COE renewals for motorcycles are already permitted if the vehicles are deregistered afterward, indicating existing flexibility in the system.

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14 Mar 2016

Economic Expansion Incentives (Relief from Income Tax) (Amendment) Bill

The Bill amends the Economic Expansion Incentives Act to allow the maximum tax relief period for Pioneer Certificates and Development and Expansion Incentives to apply per qualifying activity rather than per company, encouraging more economic activities in Singapore.
The Minister for Trade and Industry outlined that these changes align with Budget 2015 and a regular review of the tax incentive regime to keep it competitive and relevant.
Mr Louis Ng supported the Bill but sought greater clarity on the criteria for approving Pioneer and DEI certificates and suggested improvements to help SMEs and startups access these incentives.
The Minister responded that criteria are published on the EDB website and assessed based on economic contributions, and noted that while SMEs may not typically qualify for these large-scale incentives, other government programmes support their growth.

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14 Mar 2016

Use of CPF Retirement Account Savings for Diploma and Degree Courses

Miss Cheng Li Hui proposed allowing parents to use their CPF Retirement Account (RA) savings for their children's full-time subsidised tertiary education, citing later marriages and the need to support children's education during parents' retirement years.
The Minister for Manpower, Mr Lim Swee Say, outlined existing CPF Education Scheme rules that permit using Ordinary Account (OA) savings for education and noted that RA funds can be used for education if members have property pledges or are still working, but emphasised that doing so may compromise retirement adequacy.
The Minister highlighted that alternative financing options such as student loans, bursaries, and education assistance schemes are available, and argued that allowing RA use for education could conflict with the CPF's primary objective of securing retirement savings.
In response, Miss Cheng Li Hui argued that the government should permit RA usage with repayment obligations, especially for lower- and middle-income families who may not secure sufficient loans, while the Minister reiterated that the government's education loan schemes already cover full tuition and living costs.
The debate concluded with a focus on balancing the importance of education investment with the need to protect retirement adequacy, without a clear consensus on relaxing RA withdrawal rules for educational purposes.

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14 Mar 2016

Revisions to Road Usage Charges and COE System with New Island-wide ERP System

Er Dr Lee Bee Wah raised concerns about the new island-wide ERP system, specifically whether it would charge based on office hours, if road tax and COE might be adjusted to offset costs, and implications for transport and delivery businesses.
The Minister for Transport clarified that the new ERP system aims to price only congested roads using distance-based charges for fairness, but it is too early to assess impacts on motorists or policy adjustments.
The Minister emphasized that the system’s technology supports congestion pricing but did not commit to reviewing road tax or COE, nor address specific sector concerns raised by the Member.

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14 Mar 2016

HDB Loans for Second- and Third-time Flat Buyers

The Minister for National Development explained that HDB generally limits concessionary loans to two per buyer to meet life-cycle needs and stabilize the resale market, but may consider a third loan case-by-case for households unable to secure bank financing.
Saktiandi Supaat asked whether HDB would allow second- or third-time buyers to take HDB loans if they cannot qualify for bank loans and if the policy could be reviewed to assist this group.
The Minister shared that last year, HDB provided about 900 third loans, with 75% on non-concessionary terms and 25% concessionary, emphasizing that HDB remains flexible while ensuring households do not over-stretch financially.

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1 Mar 2016

Actions by CASE against Errant Vendors and Retailers

From 2005 to 2015, CASE filed six injunction applications against errant vendors, all of which resulted in Courts issuing orders to restrain unfair practices.
CASE uses injunctions as a last resort, after mediation and voluntary compliance agreements, which resolved most cases without court action.
Over the same period, CASE facilitated about 1,700 mediation cases and entered into 17 voluntary compliance agreements with errant retailers.

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1 Mar 2016

Locations of ATMs

Dr Tan Wu Meng questioned the Prime Minister about MAS measures to ensure banks have enough ATMs in HDB precincts so residents do not have to travel far to find one.
Lawrence Wong on behalf of the Prime Minister responded that Singapore has over 2,700 ATMs, with more than 2,300 run by local banks, providing almost four ATMs per square kilometre, comparable to cities like Hong Kong and Sydney.
Banks consider factors like foot traffic and cash demand when placing ATMs, often locating them at high-density areas such as MRT stations, town centres, and food centres.
Banks also partner with retailers and SingPost for cash-back and cash deposit/withdrawal services, offering additional convenience for daily transactions.
MAS will continue to monitor banks to ensure adequate access to ATM services across Singapore.

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1 Mar 2016

Take-up rates of Schemes that Encourage SMEs to Hire Fresh Graduates and Interns

The SME Talent Programme (STP) co-funds internships, sponsorships, and training for students from ITEs, polytechnics, and universities, with 155 job matches and over 700 internships in 2015, benefiting 192 enterprises, up from 116 in 2014.
The SkillsFuture Earn and Learn Programme (ELP) started in April 2015 and had placed 144 individuals in 55 companies across 12 sectors by December 2015, with about half of these companies being SMEs.
The ELP provides work-study opportunities, skills deepening, competitive salaries, and career pathways for fresh graduates, and it will expand to more sectors in 2016.
SPRING will collaborate with trade associations, chambers, universities, polytechnics, and ITEs to increase talent flow to the SME sector.

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