Economy & business

Yip Hon Weng asked about sectors with active hiring and wage growth and how new graduates are guided towards these opportunities. Tan See Leng responded that most sectors experienced hiring and wage growth in 2025, particularly in Financial and Insurance Services, Professional Services, and Information and Communications, which are suitable for new graduates. There were 14,200 PMET vacancies in these sectors, with real median income increases above the overall median growth of 4.3%. Institutes of Higher Learning offer Education and Career Guidance services, while new graduates can access career matching services and programs from Workforce Singapore, including career coaching and advisory services, as well as exploring opportunities on the MyCareersFuture portal.

Lee Hong Chuang asked about the government's plans to support Singapore's small and medium enterprises (SMEs) in developing advanced capabilities like manufacturing, digitalization, and artificial intelligence. Gan Kim Yong responded that the government has various initiatives to enhance SME productivity and competitiveness, including grant support for AI adoption through programs like SMEs Go Digital. The Partnerships for Capability Transformation grant aids collaborations between SMEs and larger enterprises to improve their capabilities. Other grants, such as the Enterprise Development Grant and Market Readiness Assistance Grant, help businesses innovate, upgrade, and internationalize. Additionally, government partners with Trade Associations and Chambers to offer advisory services and workshops for SMEs.

Gerald Giam Yean Song questioned the Minister for Manpower about the impact of corporate liquidations on workers over the past three years, including the number of affected workers, the total unpaid wages, and the relief provided through the short-term relief fund. Tan See Leng responded that the government prioritizes employee salary claims in liquidation cases and that measures are in place to support workers and ensure responsible business practices. From 2023 to 2025, approximately $600,000 was disbursed from the Short-Term Relief Fund to assist 260 workers experiencing unpaid wages due to liquidations. The Ministry of Manpower also provides job support services and encourages workers to improve their career resilience through various programs.

Melvin Yong Yik Chye questioned the Prime Minister about the effectiveness of current protective measures by the Monetary Authority of Singapore (MAS) against scams and potential plans for stronger safeguards for credit card issuers. In response, Gan Kim Yong emphasized a collective government effort to combat scams, highlighting ongoing collaborations between MAS and banks to enhance security measures. Key initiatives include the introduction of Money Lock accounts, discontinuation of SMS One-Time Passwords for high-risk transactions, and increased fraud surveillance. Despite a reported decrease in scam cases and losses, Gan Kim Yong urged vigilance, noting that the scam landscape continues to evolve.

Poh Li San raised concerns about the impact of new cross-border ride-hailing arrangements on Singaporean taxi and private hire vehicle drivers due to competition from Malaysian taxis with lower fares. Jeffrey Siow responded that enhancements to the Cross-Border Taxi Scheme aim to create fair competition by allowing only local taxis to pick up passengers from any point in Singapore, while foreign taxis must use designated points. Measures are being developed to increase the viability of cross-border trips for local drivers, and the Land Transport Authority will enforce regulations on illegal transport services. Fuel subsidies for Malaysian taxis remain a separate issue for Malaysian authorities.

David Hoe raised concerns about the acquisition of The Clementi Mall by a property firm and asked about the assessment of competition effects by the Competition and Consumer Commission of Singapore (CCS), as well as guidance for future mall acquisitions. The Senior Minister of State for Trade and Industry, Low Yen Ling, explained that tenancy mix is primarily driven by market demand and that CCS operates under a voluntary merger notification regime, allowing for self-assessment of potential competition concerns. Hoe also sought clarification on how CCS assesses competition beyond pricing, the basis for intervention, and what type of information would trigger CCS action; Low assured that public feedback is welcome and provided details on how residents can report concerns to CCS.

Shawn Loh asked about extending the highest tier of Silver Support to seniors over 80 in smaller HDB flats, given their potential depletion of CPF savings. Minister Tan See Leng explained that the Silver Support Scheme targets seniors with low lifetime wages and limited support, and those in smaller flats receive higher payments. Loh suggested merging flat types for more equitable support among neighbors, to which Tan acknowledged the feedback will be considered in future reviews while balancing fiscal sustainability. Tan expressed hope for a future where all Singaporeans can fully meet their retirement needs, reducing reliance on the Silver Support Scheme.

Assoc Prof Jamus Jerome Lim raised questions regarding the $140,000 CPF contribution threshold for the Silver Support Scheme and its relevance amidst rising cost-of-living challenges for seniors. Minister for Manpower Dr Tan See Leng explained that the criteria are periodically reviewed, noting significant enhancements made to the scheme since its implementation, including adjustments to eligibility thresholds and payout amounts. Shawn Loh emphasized the need for a fundamental review of the eligibility criteria for the Silver Support Scheme, arguing that the lifetime CPF contribution requirement may not accurately reflect the needs of today's seniors. Dr Tan agreed that continuous reviews are necessary to ensure adequate support for elderly Singaporeans, while balancing fiscal sustainability.

Yip Hon Weng raised questions regarding the revised 2035 targets for fiber and protein production, asking how they compare to the previous "30 by 30" targets and how the Ministry will ensure these targets are sustainable. He Ting Ru inquired about the rationale behind the new targets, the measurement of food security, and the implications of extending deadlines due to challenges. Senior Minister of State Zaqy Mohamad explained that the Singapore Food Story has evolved to prioritize food resilience through local production and diversification while emphasizing the need for capability building in farming. Additional concerns were raised about job creation for local farms, potential impacts on food prices, and the government's support for farms transitioning to meet new targets. The Ministry aims to enhance local food production viability through technology, grants, and connecting farmers with retailers, while maintaining free market principles without imposing quotas.

Abdul Muhaimin Abdul Malik asked about the subletting of HDB shops by foreign buyers and the potential imposition of Additional Buyer's Stamp Duty (ABSD) on these commercial properties. Chee Hong Tat reported that less than 1% of the 8,500 privately-owned HDB shops are owned by foreigners and that there is no requirement for owners to report subletting. The ABSD is intended to regulate demand for residential properties, and there are no current plans to apply it to commercial properties, including HDB shop units.

Diana Pang Li Yen questioned the fairness of the 15-month cooling period policy, highlighting discrepancies between high-value HDB flat sellers who can immediately buy again and private property sellers who face restrictions. Chee Hong Tat explained that the policy aims to moderate demand for HDB resale flats and prioritize access for first-time buyers and those with urgent housing needs. He noted a significant increase in private property owners buying HDB flats before the policy was implemented, leading to higher cash-over-valuation amounts. Seniors buying smaller flats are exempt from this cooling period, and HDB reviews appeals on a case-by-case basis, with about 25% of appeals granted. The government plans to monitor the market and may remove the cooling period in the future.

Chua Kheng Wee Louis asked the Minister for Education about the status of the one-off SkillsFuture Credit top-up expiring on 31 December 2025, specifically regarding the number of eligible Singaporeans who have not utilized it and those who have partially or fully utilized it. He also inquired about the total unutilized amount and how the Ministry plans to redeploy those funds. Desmond Lee responded that the utilization data will be available in February 2026.

Jackson Lam asked about the cost and energy intensity of desalinated water compared to NEWater and imported water over the past five years, the expected changes with a sixth desalination plant, and how the government plans to balance water security with affordability. Grace Fu Hai Yien responded that desalinated water is currently more energy-intensive and costly than NEWater and imported water but is essential for weather resilience. The sixth desalination plant will utilize advanced technologies to potentially reduce production costs, and investments in water infrastructure are necessary to meet growing demand. Water conservation efforts are also key to managing demand and minimizing costs.

Kenneth Tiong Boon Kiat questioned the impact of the recent merger of Singapore's largest private nursing home operators on market share, government funding, and safeguards against price increases. Ong Ye Kung responded that the merged operators will hold approximately 10% of the nursing home market, and the merger was deemed not to significantly reduce competition. The government funds capital costs for nursing home development through the Build-Own-Lease model, encouraging diverse operator participation and ensuring that government operating subventions are allocated based on subsidized market share.

Valerie Lee requested statistics on the origin of retail shops in Singapore and measures to support local businesses competing with financially strong overseas chains. Gan Kim Yong provided a breakdown of registered retail businesses by ownership as of January 2026. Enterprise Singapore offers various grants to help local retailers improve productivity, transform, and expand, including the Productivity Solutions Grant and Market Readiness Assistance Grant. Targeted programs like the Retail Maverick Challenge and Design Orchard Retail Singapore support local innovation and provide retail exposure for local design brands. The Government aims to collaborate with industry stakeholders to further assist local retailers.

Sylvia Lim requested information on the number of court applications filed by the Competition and Consumer Commission of Singapore (CCS) related to unfair practices under the Consumer Protection (Fair Trading) Act over the last two years. Gan Kim Yong responded that between 2024 and 2025, CCS resolved 11 cases of unfair practices without court action. Additionally, CCS filed one court application against two immigration consultancy businesses for unfair trade practices during the same period. More details on this case are available on the CCS website.

Kenneth Tiong Boon Kiat raised concerns about the underutilization of digital warehouse receipts for financing critical minerals in Singapore, despite amendments to the Electronic Transactions Act. He also asked about plans to operationalize section 16Q of the Act for accrediting trusted issuers and how Singapore's metal warrant financing framework compares to those in Dubai and the UK. Gan Kim Yong explained that most critical minerals are financed through the London Metal Exchange (LME), noting that banks recognize LME's digital receipts as collateral. He mentioned that some companies use non-LME warehouses due to lower costs, which issue physical receipts instead. He concluded that Singapore's metal financing framework is similar to international systems, and accreditation for trusted issuers will be considered if market interest grows.

Gerald Giam inquired about Singapore's assessment and plans regarding trade and tourism opportunities with Timor-Leste following its ASEAN accession in 2025. Gan Kim Yong stated that Timor-Leste is working on implementing its ASEAN membership roadmap, which will require fulfilling various obligations and domestic reforms. In 2024, trade between Singapore and Timor-Leste totaled $89.9 million, with direct flights starting that year and 3,668 visitors recorded. Singapore is committed to supporting Timor-Leste's ASEAN integration through the eSTARS package, which focuses on programs to aid its economic development and enhance trade and tourism cooperation.

Lee Hui Ying asked the Prime Minister about the annual tax collected on tobacco product sales over the last three years and the rate of increase. Jeffrey Siow responded that information on tobacco duties collections can be found on the Singapore Customs website, and he provided details on annual revenue collections from tobacco duties for the past three financial years.

Ng Shi Xuan asked the Prime Minister about the structure of senior management incentives at Temasek Holdings and GIC in relation to long-term value creation, prudent risk-taking, and capital preservation. Jeffrey Siow responded that GIC and Temasek operate as commercial entities, and their senior management incentives are determined by their boards without government interference. Both organizations maintain remuneration frameworks that are competitive and encourage strong performance, while the government will evaluate their performance in meeting investment mandates after accounting for fees and expenses.