Economy & business — Topics

16 Oct 2012

Acceptance Rate of National Wages Council's Wage Increase Recommendation

The Acting Minister for Manpower reported that the National Wages Council’s $50 wage increase recommendation for low-wage workers is being tracked, with early employer feedback indicating general support, though full adoption data will be available next year, and Division 4 civil servants received a $60 increase.
The Minister affirmed compliance with International Labour Organization Convention No 94, stating public contractors must meet local labor standards and are subject to audits, while noting a follow-up question on pre-tender contract clauses would be addressed separately.
Members raised additional concerns about industry wage benchmarking, immediate support for low-wage workers, and using government procurement to improve wages, with the Minister highlighting measures like Workfare, sector-specific accreditation for cleaning and security, and long-term education investments.

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16 Oct 2012

Future Jobs for Professionals, Managers and Executives (PMEs)

The government aims to create future PME jobs by attracting high-value industries, restructuring existing sectors, and maintaining a diversified economy, with PME employment expected to grow to 40% by 2030.
To equip PMEs with relevant skills, Singapore emphasizes pre-employment education aligned with industry needs and provides strong continuing education and training (CET) support through programs like STEP and CaliberLink.
The government offers various initiatives to assist mature PMEs, including subsidized training, part-time degree subsidies, and career support services, while recognizing that career progression is not solely dependent on paper qualifications.
The Acting Minister is open to exploring further suggestions, such as a national PME capability fund and a taskforce for unemployed PMEs, to enhance support for PME career resilience and employability.

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15 Oct 2012

Building, Architecture and Engineering Graduates

Over the past three years, local universities produced more than 1,100 graduates in building, architecture, civil engineering, and related fields, with an estimated half entering the construction industry.
The government is collaborating with industry partners and offering scholarships, such as the BCA-Industry Built Environment Scholarship, to attract local talent into construction and other strategic sectors.
Initiatives like Learning Journeys, career fairs, and internships are being used to reach out to students and encourage participation in the construction industry.
Support for Continuing Education and Training is available through schemes like the Workforce Training and Upgrading Scheme and Skills Development Fund, with courses provided by organizations like the BCA Academy.

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15 Oct 2012

Singapore's Plan as an International Aviation Hub

Asst Prof Tan Kheng Boon Eugene raised concerns about the impact of the Qantas-Emirates alliance on Singapore's aviation hub status and how Singapore plans to respond to advances in long-range aircraft that could reduce transit needs.
Lui Tuck Yew noted that the Qantas-Emirates partnership affects a small portion of Changi's flights and passenger traffic, with other airlines expected to fill gaps, while Singapore will work to strengthen connectivity and service quality.
The government is committed to maintaining competitiveness through expanded air services agreements, collaboration with airlines, and long-term infrastructure projects like the new Terminal 5 to support Changi's growth as a global hub.

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15 Oct 2012

Fines Imposed on Licensed Moneylenders

Chen Show Mao requested data on the number and average amount of fines imposed on licensed moneylenders from 2009 to 2011 and from January to September 2012.
K Shanmugam responded that no fines were imposed in 2009 and 2010 as no licensed moneylenders were convicted in court.
In 2011, three licensed moneylenders were convicted for 38 counts of offences and fined an average of $6,605 per count.
From January to September 2012, four licensed moneylenders were convicted for 12 counts of offences and fined an average of $6,500 per count.

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15 Oct 2012

Licensed Moneylenders

Chen Show Mao asked the Minister for Law about the number of licensed moneylenders as of 30 September 2012 and 31 December 2011.
K Shanmugam responded that there were 249 licensed moneylenders as of 31 December 2011.
K Shanmugam also stated that there were 226 licensed moneylenders as of 30 September 2012.

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15 Oct 2012

Stabilising Pricing of Public Housing

Sitoh Yih Pin asked how HDB plans to stabilize public housing prices amid rising open market costs.
Khaw Boon Wan attributed price increases to temporary supply-demand mismatch, global liquidity, low interest rates, and strong economic growth, with government measures showing signs of stabilization.
Resale price growth has slowed from 14.1% in 2010 to 3.9% in the first three quarters of this year, though quarterly growth remains at 1.3% with a recent uptick.
Demand-side measures include MAS rules on loan tenures to encourage financial prudence, while supply-side efforts involve ramping up BTO flat construction into 2013 to meet housing needs.
The government continues to monitor the market closely, acknowledging that it is not yet out of the woods despite progress toward stabilization.

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15 Oct 2012

Amount of Government Grants Received by Media Production Houses

Janice Koh asked for the current number of active independent media production houses in Singapore, the number receiving government grants for film and television projects over the last five years, and the total grant amounts each year.
Assoc Prof Dr Yaacob Ibrahim stated that in 2010, there were 590 companies engaged in film and video-related services in Singapore.
He noted that from 2007 to 2011, about 130 independent production companies produced MDA-supported Public Service Broadcast and non-PSB television and film projects.
Over that five-year period, the MDA disbursed about $235 million to these companies for locally-produced PSB television programmes and industry film and television projects.
The response did not provide a breakdown of grant amounts per year or a detailed list of companies receiving grants annually.

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15 Oct 2012

Number of Companies Benefiting from National Productivity Fund

Gan Thiam Poh asked the Minister for Trade and Industry how many companies have benefited from the National Productivity Fund.
Lim Hng Kiang stated that the NPF supports productivity and education initiatives over a 10-year period from 2010.
He noted that about $950 million has been committed to productivity programmes.
He confirmed that approximately 5,700 companies have benefited from these programmes so far.

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15 Oct 2012

Number of Singapore Residents Declared as Property Traders

Mr Lim Biow Chuan asked how many Singapore residents have been declared as property traders in the last five years and whether they were informed before being taxed on their income.
Tharman Shanmugaratnam explained that Singapore taxes only income gains from property trading, not capital gains, and IRAS determines taxability based on facts like holding period and frequency of sales.
In the past two years, only 201 individuals and 39 companies were taxed on property disposal gains, representing a tiny fraction of total taxpayers.
IRAS does not specifically track individuals declared as property traders but assesses taxability case by case and informs taxpayers after review.
Taxpayers can apply to IRAS for an advance ruling before selling properties to determine if gains are taxable.

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15 Oct 2012

Review of Public Sector Procurement Policies

Mr Patrick Tay questioned whether the review of public sector procurement policies would affect the Best Sourcing initiative by possibly moving away from awarding tenders to the lowest bidder.
Deputy Prime Minister Tharman Shanmugaratnam assured that the review will not detract from the Best Sourcing initiative, which evaluates bids on both quality and price for value for money.
The government procurement system is based on transparency, open competition, and prudence, with all procurements subject to checks and balances.

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15 Oct 2012

Ex-gratia Payments for Government Pensioners

Asst Prof Tan Kheng Boon Eugene raised concerns about the rising cost of living and asked if the Government would provide more regular and substantive ex-gratia payments to low-pension government pensioners.
Teo Chee Hean, for the Prime Minister, explained that government pensions are fixed, tax-exempt, and based on service length and pre-retirement salary.
The Government introduced the Singapore Allowance in 1974 to help pensioners with lower pensions cope with inflation, and it has been revised 11 times, with the latest update in 2011 setting the allowance at $260 and a gross monthly pension ceiling of $1,190.
The Government conducts regular reviews of the gross pension ceiling and will revise it as necessary.

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15 Oct 2012

Optimum Old-age Support Ratio

Pritam Singh sought the Prime Minister’s view on the old‑age support ratio needed to keep Singapore’s economy vibrant up to 2030 and on the projected numbers of non‑residents, PRs, and Singaporeans required to achieve a sustainable ratio.
Teo Chee Hean, responding for the Prime Minister, outlined a multi‑pronged approach to address a shrinking and ageing citizen workforce, including raising productivity, encouraging more residents to stay in the workforce, and using calibrated foreign manpower.
He noted that without immigration, the ratio would be about 2.1 working‑age citizens to each citizen aged 65 and above in 2030, but supplementing the population with immigrants and foreign workers would improve the overall old‑age support ratio.
The Government highlighted that there are no international targets for the old‑age support ratio, that a declining ratio would increase fiscal burdens and reduce care capacity for the elderly, and that a White Paper on Population would be released in January 2013 after public engagement.

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15 Oct 2012

Construction and Maintenance Costs for Gardens by the Bay

The final development cost for Gardens by the Bay is within the approved $1.035 billion budget, which excludes land costs but includes supporting infrastructure and was increased from the original $893 million due to construction cost rises and complex site conditions.
The annual operating cost is estimated at $53 million, with the government subsidizing half of the outdoor gardens' cost, while the rest will be funded through ticket sales, rentals, parking charges, and sponsorships.
While most of the Gardens is free to enter, the minister highlighted that a suite of ticket concessions for the Conservatories ensures affordability for all Singaporeans, noting that free access is a feature not commonly seen in other top gardens worldwide.

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15 Oct 2012

Measures to Ensure Businesses Benefit from F1 Night Race and Related Events

The Ministry of Trade and Industry highlighted that the F1 Singapore Grand Prix has generated significant economic benefits, including about $150 million in incremental tourism receipts per race, with roughly one-third of that amount going directly to retail and F&B sectors, which are largely SMEs.
To address short-term disruptions to businesses in the Marina Bay area during the race, government agencies have reduced the duration of road closures and are working with the race promoter to improve access, including via extended MRT operating hours and coordinated vehicle access for key personnel.
The government agencies and the race promoter are collaborating with local businesses to leverage the high visitor volume during the event and are open to further suggestions to help businesses, particularly SMEs, benefit more from the F1 race and related activities.

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15 Oct 2012

Plans for Sungei Road Market

Ms Faizah Jamal asked about the government's plans for Sungei Road Market and support for vendors affected by the Jalan Besar MRT Station construction.
Vivian Balakrishnan stated the area is zoned for residential and commercial development after the MRT station completes in 2016, with vendors given advanced notice to cease operations.
Vendors may bid for hawker stalls elsewhere, while agencies will assist those leaving the trade with job opportunities and financial aid.

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15 Oct 2012

Promotion of Singapore-produced Films and Television Projects

The Media Development Authority (MDA) promotes Singapore-produced films and television internationally through industry-level efforts like showcasing works at global festivals and facilitating distribution across multiple territories, with $5 million allocated annually for marketing support.
MDA supports co-productions via government treaties with countries including Australia, Canada, New Zealand, China, and Korea, having facilitated over 20 projects to help local companies secure international partnerships.
A revised copyright ownership framework for Public Service Broadcasting programmes ensures content creators retain rights, enhancing their ability to monetize works overseas through sales, licensing, and merchandising.
MDA assists over 150 local companies annually in participating in 40 regional and international events and organizes platforms like ScreenSingapore to boost exposure for Singaporean content.

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15 Oct 2012

Regulation of Taxi Fares

Lim Biow Chuan asked the Transport Minister about actions against taxi drivers overcharging beyond metered rates and whether regulating fares is a possible solution.
Lui Tuck Yew stated that taxi drivers must charge only company-set fares and LTA will take stern action, including fines, demerit points, suspension, or licence revocation for overcharging.
The Minister explained that taxi fares were deregulated in 2008 to allow market flexibility and argued that re-regulating fares would not prevent overcharging and would reduce market responsiveness.

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15 Oct 2012

Funds Disbursed to Help Singaporeans Earning Less Than $1,500

Deputy Prime Minister Tharman Shanmugaratnam explained that financial transfers are assessed on a household basis rather than individually, due to many schemes being household-based or dependent on household characteristics.
For 2010 and 2011, citizen households in the second lowest income decile received average annual transfers of $1,737 and $2,148 per capita, while the lowest decile received $2,549 and $2,923 per capita respectively.
The government could not provide year-to-date 2012 data as household composition and detailed disbursement information for that year were not yet available.

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15 Oct 2012

Financial Advisers (Amendment) Bill

The Financial Advisers (Amendment) Bill was introduced to amend the Financial Advisers Act, presented by Minister for Trade and Industry Mr Lim Hng Kiang.
The bill underwent its first reading in Parliament, with a second reading scheduled for the next available sitting.
The amendment aims to update regulatory frameworks for financial advisers within Singapore's legal system.

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