Economy & business — Topics

14 Apr 2014

Reviewing Job Structure for Taxi Drivers

Tan Su Shan questioned whether the Ministry of Transport will collaborate with taxi operators to restructure taxi drivers' jobs to enable employer CPF contributions.
Lui Tuck Yew explained that taxi drivers currently prefer self-employment, making them responsible for their own CPF contributions.
A Drive-and-Save Scheme was introduced in 2011 where taxi companies co-contribute $15 to drivers' Medisave accounts if the drivers contribute at least $15 themselves.

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14 Apr 2014

Terms and Rates Offered to Tenants of LaunchPad @ one-north

Zaqy Mohamad asked about the rental terms and rates for tenants at LaunchPad @ one-north and how they compare to those at Block 71 Ayer Rajah Crescent.
JTC's rentals for Block 71, effective since April 2014, range from $20.00 to $27.00 per square metre per month, and these rates will apply uniformly to all units in the new Blocks 73 and 79 upon completion.
Tenants who signed agreements before April 2014 paid lower rates of $15.07 to $18.80 per square metre per month, but upon renewal, they will transition to the new rates, with phased increases for those facing significant rent hikes.
The LaunchPad is focused on start-ups incorporated for less than five years, with tenancy terms of three years and one additional renewal term available for eligible companies.

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14 Apr 2014

Net Investment Returns Contribution

Gerald Giam asked the Deputy Prime Minister and Minister for Finance about the percentage of Net Investment Returns Contribution (NIRC) from GIC, MAS, and Temasek Holdings that is contributed to the Budget over the last five years, noting that NIRC comprises up to 50% of the Net Investment Returns (NIR) on the net assets managed by GIC and MAS and up to 50% of the investment income from other assets including Temasek.
Tharman Shanmugaratnam explained that the NIRC framework allows sustainable use of reserves for budgetary spending, with the Government typically budgeting to take 50% of the NIRC at the start of each Financial Year, though actual amounts may vary due to fiscal position and outturn differences.
From FY2009 to FY2013, actual NIRC taken in was close to the maximum 50%, averaging slightly above 47%, and the Government expected to take the full 50% in FY2014 given an anticipated budget deficit.
The NIRC supplements the Budget by $7 billion to $8 billion annually, reflecting a prudent approach to fiscal spending focused on achieving outcomes rather than exhausting available resources.
Over the long term, NIRC remains a crucial revenue source as government spending needs grow, necessitating disciplined spending to ensure sustained benefits from reserve returns.

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14 Apr 2014

Illegal Moneylending Cases

Between 2009 and 2013, arrests for unlicensed moneylending and related harassment offences doubled from 965 to 1,953, while reported cases fell by 55.5% from 18,649 to 8,306, with community support noted as a key factor.
Loan sharks are using more sophisticated methods, such as masquerading as licensed moneylenders and advertising via email and SMS, with authorities taking action by terminating phone lines and penalizing licensed moneylenders who violate advertising rules.
There were two cases where licensed moneylenders were involved in illegal moneylending, resulting in criminal sentences, licence revocations, and forfeiture of security deposits.

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14 Apr 2014

Organising Singapore Day

Ms Faizah Jamal queried the cost, attendee numbers, and eco-friendly measures for Singapore Day 2014 in London, referencing the PSTLES initiative.
Teo Chee Hean responded that the event had a $4.4 million budget, over 9,000 attendees, and 182 personnel from Singapore were involved, with costs close to budgeted amounts.
He noted that Singapore Day follows strict park environmental regulations, recycles portable items, and that future events will continue addressing sustainability in line with green procurement efforts.

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14 Apr 2014

Improving Usage of Productivity and Innovation Credit

The Government monitors PIC claim distribution across qualifying activities and adjusts the scheme based on business feedback, such as allowing costs for in-licensing IP rights to qualify for PIC benefits.
Additional schemes like SPRING Singapore's Innovation & Capability Voucher and Capability Development Grant, along with Centres of Innovation, provide targeted support for SMEs to enhance innovation capabilities.
A*STAR Research Institutes offer technical assistance and expert secondment, while the DesignSingapore Council provides grants for design-related innovation projects.

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14 Apr 2014

Geographical Indications Bill

The bill establishes a Geographical Indications Registry to register and protect terms like "Champagne" or "Bordeaux" that indicate a product's quality linked to its geographic origin, aiming to enhance consumer confidence and business rights.
It extends enhanced protection for all registered GIs beyond wines and spirits, and introduces improved border enforcement measures to prevent the import and export of infringing goods.
The changes will be implemented in stages to align with the EU-Singapore Free Trade Agreement, minimizing disruption to local businesses while ensuring Singapore meets its international trade commitments.

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14 Apr 2014

Accounting and Corporate Regulatory Authority (Amendment) Bill

The Bill introduces a new regulatory regime for corporate service providers, requiring them to register as filing agents and qualified individuals, and imposing customer due diligence and transaction monitoring obligations to combat money laundering and terrorist financing in line with FATF standards.
ACRA will be granted enhanced enforcement powers, including the ability to impose sanctions such as censure, suspension, or financial penalties on non-compliant filing agents and qualified individuals, and the composition fine limit will be raised to align with other legislation.
The amendments clarify and strengthen ACRA’s powers, including protecting its name and acronym, allowing officers to examine persons and enter premises for investigations, and ensuring collected monies are paid into the Government Consolidated Fund.
A transition period is provided for existing corporate service providers, with support measures such as outreach programmes, waived registration fees, and guidelines from a working group including professional bodies like ISCA to aid compliance.

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14 Apr 2014

Helping SMEs Manage Rental Costs

The Minister of State for Trade and Industry outlined the government's efforts to moderate rental costs for SMEs by ensuring a stable property market and increasing the supply of industrial and retail space, with over 500,000 sqm of factory space and 145,000 sqm of shop space planned annually for the next three years.
Tax rebates were previously provided during economic downturns but are not currently deemed necessary as rentals are expected to moderate, and the government is monitoring the situation for future needs.
REITs were noted to own a minority share of rental spaces and typically charge higher rents due to location and asset enhancements, while the government plans to publish more comprehensive rental data to increase transparency and help SMEs make informed decisions.
Concerns were raised by MPs about rising rental costs and the need for more direct leasing options from agencies like JTC and HDB, with the government confirming ongoing coordination through the SME Workgroup to address rental issues and improve data transparency within the year.

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14 Apr 2014

GST Offsets for Low-income Households

Gerald Giam asked if the government would consider fully offsetting GST for the lowest 20% of households even without one-off Special Payments, and what percentage of their GST was offset last year.
The Senior Minister of State for Finance stated that without special payments, the lowest-income households had about half their GST offset, and with special payments, over 90% was covered, noting that other subsidies also reduce their overall tax burden.
The government explained that the GST Voucher Scheme is part of a broader progressive system designed to provide permanent support, but it is not intended to fully offset GST on its own, as support is delivered holistically across various areas.

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14 Apr 2014

Tuition Fee Increases at Tertiary Institutions

Ms Tin Pei Ling raised concerns about rising costs at tertiary institutions and their impact on student fees and household affordability, while Minister Heng Swee Keat explained that tuition fee increases have been modest (averaging 1–1.6% annually) compared to cost growth (around 4% per year) and that subsidies cover 75–85% of education costs.
The government is enhancing financial assistance from AY2014, including raising bursary eligibility and amounts, which will help cover most or all costs for students from lower-income households and provide interest-free loans for others.
Starting AY2014, polytechnics will adopt a cohort-based fee system, giving students fee certainty for their entire course, while universities continue to manage costs to keep tertiary education affordable and competitive.

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14 Apr 2014

Free Movement of Professionals under ASEAN Economic Community Goal

Mr Yee Jenn Jong asked about the status of negotiations on free movement of professionals under the ASEAN Economic Community and safeguards for Singapore PMETs, to which the Second Minister replied that Singapore's commitments under the ASEAN Agreement on the Movement of Natural Persons are limited to intra-corporate transferees with specific criteria and duration, and subject to Singapore’s Employment Pass regime and the Fair Consideration Framework.
The Minister highlighted that allowing selected skilled labour from ASEAN helps fill skill gaps without compromising local job opportunities, while also facilitating Singaporean PMEs to gain regional experience, with the government continuing to support job readiness through education and training programs.
In a supplementary question, Mr Yee expressed concern about potential violations of bilateral trade pacts due to loosely worded agreements, to which the Minister assured that officials are careful in wording agreements and are clear about Singapore's obligations.

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14 Apr 2014

Impact of Annexation of Crimea on Bilateral Trade between Singapore and Russia

Gan Thiam Poh asked whether Russia's annexation of Crimea would affect Singapore-Russia bilateral trade and the extent of the impact.
The Senior Minister of State for Trade and Industry replied that in 2013, bilateral trade with Russia was only 0.7% of Singapore's total global trade.
The Minister noted it was too early to determine if developments in Crimea would impact trade between the two countries.

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14 Apr 2014

Business Opportunities for Smaller Local Companies

The government introduced and expanded the Partnerships for Capability Transformation (PACT) programme to incentivize large companies to partner with smaller ones, co-innovate, and help SMEs meet global standards, with over 40 large organizations signed up for projects benefiting more than 300 smaller companies.
The Global Company Partnership (GCP) grant supports joint overseas ventures between large and small companies to share costs and access new markets, including prototyping, market testing, and technology acquisition.
Members raised concerns about payment terms and contract conditions for SMEs working with larger firms, and the need to better facilitate collaborations between companies with varied interests.
Government agencies like SPRING, A*STAR, and IE are working to resolve issues, facilitate partnerships, and review programmes to encourage consortiums for overseas projects, leveraging government-to-government relations for larger opportunities.

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14 Apr 2014

Partnership with Local Companies for Government Projects

Teo Siong Seng asked if the Government could require key infrastructure projects to partner local companies to help them build expertise and overseas track records, but the government replied that WTO and Free Trade Agreement rules prohibit such conditions in public procurement.
The government instead supports local firms through funds like the Construction Productivity and Capability Fund, IE Singapore’s Global Company Partnership framework, and Clifford Capital for financing overseas projects.
Teo raised concerns about foreign companies bidding low in Singapore while restricting Singaporean firms overseas, questioning the fairness of WTO rules, and asked about schemes for government-linked companies to partner smaller firms overseas.
The government acknowledged the dual nature of WTO membership—opening markets while creating challenges—and encouraged further dialogue on specific support measures for local companies.

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14 Apr 2014

Higher Viewer Subscription Charges for Broadcast of World Cup and Sports Programmes

Members of Parliament raised concerns about the high subscription charges for broadcasting the World Cup and other sports programmes, questioning the accessibility for Singaporeans and the effectiveness of existing regulatory measures like cross-carriage and the anti-siphoning list.
The Senior Minister of State explained that Singapore is a "price-taker" due to global increases in sports content rights costs and its small market size, and defended the cross-carriage policy for expanding channel availability without directly regulating prices.
The Ministry acknowledged the need for ongoing reviews of policies, including the anti-siphoning list and cross-carriage measures, but emphasized the challenge of balancing consumer interests with the commercial realities of high-cost, exclusive sports content.

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13 Mar 2014

Plant Varieties Protection (Amendment) Bill

The Plant Varieties Protection (Amendment) Bill expands protection to all plant genera and species, aligning with Singapore’s UPOV Convention obligations and encouraging investment in new plant R&D.
The amendment allows IPOS to outsource technical examinations of plant varieties to other qualified authorities, enhancing efficiency and expertise beyond the current AVA-only system.
Operational changes include enabling the Registrar to delegate functions to qualified persons and adopting an outsourcing model similar to international practices.

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13 Mar 2014

Supplementary Supply (FY 2013) Bill

The Deputy Prime Minister and Minister for Finance moved the Second Reading of the Supplementary Supply Bill to authorize additional expenditure for FY 2013 beyond the original Supply Act.
The additional sums were presented as Supplementary Estimates approved by Parliament as Command Paper No. 2 of 2014.
The Bill was passed in accordance with constitutional provisions for supplementary appropriations.
The Second Reading was agreed to by the House and the Bill was read a second time.
The Third Reading was moved and agreed to, and the Bill was passed.

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13 Mar 2014

Supply Bill

The Deputy Prime Minister and Minister for Finance introduced the Supply Bill to authorize government expenditures from the Consolidated Fund and Development Fund for the financial year 1 April 2014 to 31 March 2015, as required by the Constitution.
The Bill included Heads of Expenditure and sums approved in the Main and Development Estimates, with details provided in the Schedule and Command Paper No. 1 of 2014.
The Bill was read a second time, and after agreement, it was read a third time and passed, empowering the Minister to issue warrants for the authorized expenditures.

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13 Mar 2014

Estimates of Expenditure for the Financial Year 1 April 2014 to 31 March 2015

The Parliament began its Committee of Supply debate for the 2014-2015 financial year, chaired by the Speaker.
The session focused on the estimates of government expenditure for the period from 1 April 2014 to 31 March 2015.
The debate proceeded under standard parliamentary procedures as the first allotted day for consideration of the estimates.

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