Economy & business

5,376 debates and bills about economy & business

10 Sep 2012

Data on Business Costs

Inderjit Singh requested data on the trend of business costs, specifically labour and rental costs over the last five years, and whether these trends threaten SME viability.
Lim Hng Kiang reported that from 2007 to 2011, labour costs rose 3.5% annually and factory rentals grew 7.3%, but firms adapted by improving productivity, leading to more moderate unit labour cost growth.
The Minister acknowledged rising business costs and highlighted government programmes to support competitiveness, stating that SMEs that restructure and boost productivity can remain viable in Singapore’s economy.

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10 Sep 2012

Funds Given to Community Committees Supported by People's Association

Mr Png Eng Huat asked for details on the number, staffing, and annual funding from 2005 to 2011 for Citizens' Consultative Committees, Community Club Management Committees, Residents' Committees, and Neighbourhood Committees under the People's Association.
As of 31 July 2012, there were 87 Citizens' Consultative Committees, 106 Community Club Management Committees, 567 Residents’ Committees, and 128 Neighbourhood Committees.
Each Constituency Office has one People's Association staff supporting three to four committees, in addition to their core duties in managing community club operations and organizing programs.
From 2005 to 2011, the average annual grant funding was $152,872 per Citizens' Consultative Committee, $46,114 per Community Club Management Committee, $9,457 per Residents’ Committee, and $4,043 per Neighbourhood Committee.

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10 Sep 2012

Mapping ITE and Polytechnic Curricula to Industry Demands

The Ministry of Education collaborates annually with manpower agencies and post-secondary institutions to align course offerings with the economy’s future needs.
Polytechnics and ITE ensure their curricula meet industry demands through advisory committees with industry leaders, resulting in high employment rates for graduates.
Over 87% of ITE graduates are employed within six months, with many working in local companies, though specific data on SME employment is unavailable.
Despite strong local graduate readiness, a current shortage of workers is addressed through controlled foreign worker intake.

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10 Sep 2012

Qualifying Criteria for Non-profit Anchor Pre-school Operators

The criteria for non-profit anchor pre-school operators include being a not-for-profit body with no religious affiliation and a minimum paid-up capital of $5 million; only PCF and NTUC met these when the scheme started in 2009.
The two anchor operators have expanded to 196 centres with fees below market median and higher teacher qualifications, while also helping uplift industry standards through initiatives like the SPARK accreditation.
The government is reviewing the scheme to enhance quality at existing centres and extend support to more operators beyond PCF and NTUC.
While five operators initially applied, only PCF and NTUC qualified; no details were provided on how many non-selected applicants were voluntary welfare organisations or private operators.

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10 Sep 2012

Factors in Determining Foreign Worker Dependency Ratios for Industries

The Government determines Dependency Ratio Ceilings (DRCs) based on quantitative and qualitative factors such as the sector’s skill needs, local worker availability, and the willingness of Singaporeans to take certain jobs, with varying DRCs across industries like construction and services.
To protect Singaporean employment and career advancement, the DRC is complemented by other measures, including increasing Foreign Worker Levies and imposing salary and qualification criteria on S Pass holders, to level the playing field and encourage productivity over labour reliance.
The Government balances business needs for foreign talent with safeguarding local interests, noting that over 90% of polytechnic and university graduates found jobs within six months and overall unemployment remains low, indicating that a thriving business environment is key to good opportunities for Singaporeans.

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10 Sep 2012

Revenues Generated from Formula One Grand Prix Races since 2008

Gan Thiam Poh requested an annual and total breakdown of direct and indirect revenue generated by the Singapore Formula One Grand Prix from 2008 to date.
S Iswaran, representing the Minister for Trade and Industry, stated that over the last four years, the F1 race attracted more than 150,000 international visitors who spent over $560 million, averaging more than $140 million per race weekend.
The race has broadened Singapore’s tourism reach, particularly from non-traditional markets like Germany, and cumulatively attracted over 360 million television viewers worldwide, enhancing Singapore’s global image.
Local businesses benefit, with over 80% of race organisation work subcontracted to local SMEs and more than 9,000 corporate attendees annually, creating a premier networking platform.

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10 Sep 2012

Contract Variation to Allow for Immediate Wage Increase for Cleaners Hired to Work at Government Agencies

Zainal Sapari asked the government to direct ministries and statutory boards to vary their cleaning and security contracts to grant at least a $50 salary increase for workers earning below $1,000 monthly, as recommended by the National Wages Council.
Tharman Shanmugaratnam explained that the government does not typically dictate wages in contractor agreements, and that contract variations must be mutually agreed upon, which can be complex and may be seen as unfair to unsuccessful tenderers.
He noted that the government will require public sector tenders from next year to engage only accredited cleaning and well-graded security companies, which are expected to maintain better standards and offer progressive wages.
The government is also working with tripartite partners to enhance accreditation and grading schemes to improve standards, skills, and wages for workers in these sectors.
For existing contracts, the government is collaborating with NTUC to encourage contractors to adopt the National Wages Council’s recommendations to reward workers for productivity gains.

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10 Sep 2012

Proposal for Transforming the Childcare Sector

Mr Yee Jenn Jong proposed transforming childcare into a public good with fair contestability, arguing that Anchor Operators receive disproportionate support leading to high fees and market distortion, and suggesting the government manage rents and allow all operators to compete for sites to lower costs and maintain quality.
Minister of State Halimah Yacob defended the current tiered support system, highlighting government efforts to increase accessibility, affordability, and quality through subsidies, grants, and the Anchor Operator scheme, which aims to serve low-to-middle-income families.
The debate underscored tensions between market-driven diversity and state intervention, with Mr Yee warning against policies that could stifle competition and innovation, while the government emphasized its commitment to continuous improvement and careful consideration of feedback.

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10 Sep 2012

Central Provident Fund (Amendment) Bill

The Bill expands the Minimum Sum Topping-Up (MSTU) Scheme to include parents-in-law and grandparents-in-law as eligible recipients and simplifies the process by merging various top-up channels into one streamlined scheme.
It refines the CPF housing refund policy to require members aged 55 and above to refund the principal amount plus interest (P+I) when selling property, ensuring equitable distribution among co-owners and aligning refunds with actual CPF usage.
A minimum age of 16 years is introduced for making CPF nominations, bringing it in line with the Employment Act, while ensuring past nominations by minors remain valid.

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10 Sep 2012

Goods and Services Tax (Amendment) Bill

The GST (Amendment) Bill introduces GST exemption for investment-grade gold and precious metals to support Singapore’s development as a gold trading hub, along with a new scheme to ease cash flow for refiners and consolidators.
The Bill extends GST zero-rating for financial services related to goods located outside Singapore and clarifies conditions for granting GST remissions to prevent abuse.
It expands the Temporary Removal Scheme to cover goods removed for repair, conservation, and restoration, and allows GST zero-rating for repair services performed outside approved warehouses.
The Bill includes technical amendments to align zero-rating provisions and standardize text for existing GST schemes without changing policy.
Nominated MP Teo Siong Seng supported the Bill but urged additional incentives for the local jewellery industry to complement Singapore’s ambitions as a gold trading hub.

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10 Sep 2012

Singapore's Pull-out from 2013 Venice Biennale

The Minister explained that Singapore withdrew from the 2013 Venice Biennale after a review found that participation cost over $850,000 per edition, with only 20% of funds directly benefiting artists, while the National Arts Council seeks to reallocate resources to support more local artists and platforms.
The NAC plans to reinvest in strategic initiatives such as international residencies, local biennales, and support for artists selected for the Biennale’s curated section, aiming to maximize benefits for the wider visual arts community amid limited public funds.
Nominated Member Janice Koh questioned the decision’s impact on Singapore’s international profile and requested a reconsideration, but the Minister defended the pause as necessary for a long-term strategy, citing mixed feedback from the arts community and the need to re-enter the Biennale with greater impact in the future.

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10 Sep 2012

Funding Sources for Malay/Muslim Organisations

The primary funding for Malay/Muslim organisations (MMOs) comes from the Mosque Building and Mendaki Fund (MBMF) collected via CPF, with specific allocations to Mendaki, AMP, and other MMOs, and the remaining funds supporting mosque building and madrasah education.
The government provides dollar-for-dollar matching grants for donations raised by MMOs, capped at $4 million annually, with the funds managed through the Malay/Muslim Community Development Fund (MMCDF) to support projects in education, youth, family, and employability.
A review of the funding policy, which has been in place since 2001, will be conducted to ensure funds align with evolving community priorities, with project proposals reviewed by a committee to ensure alignment with Mendaki's objectives.
Beyond funding, MMOs are supported through policy forums for information sharing and training programmes, such as a youth counsellor training initiative, while leadership renewal is encouraged through long-term planning and attracting young talent.
The Minister emphasized that MMOs are independent, and while the government cannot dictate leadership renewal, it encourages these organisations to foster continuous leadership development in line with societal trends.

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10 Sep 2012

Review of Singapore Interbank Offered Rate-setting Regime

Dr Lily Neo and Ms Tan Su Shan asked how SIBOR is set, its robustness, governance, risk of rigging, and its appropriateness as a loan pricing benchmark, alongside concerns about the LIBOR system's impact on Singapore.
Senior Minister Lawrence Wong explained that SIBOR is set by 12 banks via the Association of Banks in Singapore, using a process similar to LIBOR, with improvements since 2009 including governance reviews and outlier exclusion, but MAS is conducting further fundamental reviews.
Wong noted that MAS has directed banks to verify rate-submission integrity and is working with ABS to strengthen SIBOR’s resilience, considering transparency, actual borrowing data, and international developments, while acknowledging that changes will affect lenders and borrowers.

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