Economy & business — Topics

7 May 2024

Support for Employers and Employees Affected by Requirement for Companies to Fairly Consider Flexi-work Requests

The Ministry of Manpower introduced the Tripartite Guidelines on Flexible Work Arrangement Requests, effective 1 December 2024, requiring employers to fairly consider formal FWA requests based on business grounds, with a two-month decision timeframe and internal dispute resolution through TAFEP and unions for unresolved cases.
To support implementation, TAFEP and IHRP will provide resources, briefings, and training, especially for SMEs, with grants available for adoption costs; the government emphasizes that FWAs are not solely work-from-home and aim to balance productivity, business needs, and employee well-being.
Concerns about reduced competitiveness, offshoring, and impact on mid-career PMETs were addressed by noting that global trends in remote work exist regardless, and the focus is on upskilling workers to maintain Singapore's edge, with FWAs seen as a tool to attract talent and optimize the local workforce.

Summary written by AI

Overview Original source

3 Apr 2024

Source and Quantity of Non-Government Funding for SPH Media Trust

Hazel Poa asked whether SPH Media Trust has raised funding from non-government sources and, if so, how much.
The Minister responded that government funding supports SMT's talent, technology, and vernacular capabilities.
SMT may independently raise funding from other sources based on its business decisions and operating needs.
Detailed financial information is available from ACRA (Accounting and Corporate Regulatory Authority).

Summary written by AI

Overview Original source

3 Apr 2024

Costs of HDB Green Towns Programme and its Effects on Service and Conservancy Charges for Residents

Hazel Poa asked for the fixed and recurring costs of the HDB Green Towns Programme components and whether residents would bear these costs through higher service and conservancy charges.
Desmond Lee explained that rooftop solar panels are financed, installed, and maintained by vendors at no cost to Town Councils, with any excess energy fed back to the grid and potential savings on common service electricity bills.
Smart LED lighting costs are borne by Town Councils, but these lights can cut energy use by up to 60% compared to conventional LEDs.
EV charging points are installed and maintained by operators, with costs recovered directly from users and not from Town Councils.
The overall programme aims to reduce energy consumption by 15% by 2030, and Town Councils may review service and conservancy charges based on their financial sustainability, but the initiatives are designed to lower operational costs.

Summary written by AI

Overview Original source

3 Apr 2024

Data on Monthly Payout Claims under CareShield Life and Possible Improvements

Liang Eng Hwa asked about the range of monthly payouts under CareShield Life since its start and whether the premium-to-claim economics can be improved.
CareShield Life payouts began at $600 per month in 2020, rise by 2% yearly until 2025, and a 2024 claimant gets $649 monthly with premiums suspended while severely disabled.
The scheme is not-for-profit, with premiums set actuarially and based on lifetime principles where young policyholders pay upfront and claims occur later, making a current premium-to-claim ratio assessment inappropriate.
An independent council reviews and recommends premium and payout changes under a sound actuarial framework.

Summary written by AI

Overview Original source

3 Apr 2024

Impact of Tourism Development Fund on Worker Training and Job Placement and Projected Number of Jobs Created

Ms See Jinli Jean queried the Ministry for Trade and Industry on worker training, job placement, and job projections under the Tourism Development Fund (TDF) for 2022-2023.
Minister Gan Kim Yong reported that since 2020, over 900 workers from Hotels, MICE, Attractions, Travel Agencies, and Cruise sectors were trained via TDF in areas like sustainability and events management.
The recent TDF top-up will increase training opportunities in leadership, technology, sustainability, and partnership building, alongside other initiatives like Career Conversion Programmes and SkillsFuture support.

Summary written by AI

Overview Original source

3 Apr 2024

Assessing CDC Voucher Impact and Potential Reforms Based on Equity and Individual Needs

MP Gerald Giam raised concerns about CDC vouchers being issued per household, questioning their impact on extended families, subtenants, and those with greater needs, as well as exploring an individual basis for issuance.
The Ministry of Finance responded that other schemes provide individual support to help larger households and confirmed that co-tenanted households can seek assistance at Community Centres to claim vouchers.
The government committed to ongoing reviews of measures to better support Singaporeans based on equity and individual needs.

Summary written by AI

Overview Original source

3 Apr 2024

Maximum Allowable Interest Rates and Late Payment Fees for Bank and Non-bank Financial Institution Loans in Singapore

Member of Parliament He Ting Ru inquired whether there are maximum interest rates and late payment fees for bank and non-bank loans, what they are, and if not, whether MAS should introduce such limits.
Lawrence Wong, for the Prime Minister, stated that interest rates and fees are commercial decisions influenced by market competition and risks, and MAS expects financial institutions to deal fairly and disclose key loan cost information.
MAS requires clear disclosure of charges for credit cards and property loans, including fee projections and rate explanations, to help borrowers understand their obligations.
The government emphasizes financial education through MoneySense, encouraging responsible credit use and informed borrowing decisions.
MAS considers transparent disclosure and financial literacy complementary measures to mitigate consumer over-indebtedness.

Summary written by AI

Overview Original source

3 Apr 2024

HDB's Considerations for Housing Loan Applications and Loan Quantums

HDB assesses housing loan applications based on job stability, CPF contributions, monthly cash savings, and guidelines including a maximum loan tenure of 25 years, a loan-to-value limit of 80%, a maximum Mortgage Servicing Ratio of 30%, and an interest rate floor of 3.0%.
The HDB Flat Eligibility (HFE) letter provides upfront clarity on eligibility for flat purchases, CPF housing grants, and HDB loans, using an assessment of average monthly incomes over the past 12 months at the time of HFE application to ensure consistent and fair evaluation.
Reassessments due to changes in circumstances, such as increased earnings, may affect loan and grant amounts, so income and grant assessments are aligned at a single point in time; couples with deferred income assessment may have evaluations closer to key collection and benefit from reduced downpayment schemes.

Summary written by AI

Overview Original source

3 Apr 2024

Co-operative Societies (Amendment) Bill

The Bill allows co-operative societies to pay dividends and honoraria from their reserves, subject to the Registrar’s approval, providing greater operational flexibility while requiring safeguards such as member and regulatory approval to ensure prudent financial management.
Several MPs raised concerns about governance, administrative burdens, and the need for differentiated approaches for co-ops of varying sizes, prompting the Ministry to outline existing support measures, including grants, training, and potential centralised services, while committing to further study on issues like dividend caps and advertising for credit co-ops.
The debate highlighted the importance of co-ops in Singapore’s socio-economic landscape, with emphasis on enhancing transparency, accountability, and member engagement, and the Ministry’s ongoing efforts to strengthen the sector through legislative updates and capacity-building initiatives.

Summary written by AI

Overview Original source

3 Apr 2024

Differences in Employment and Salary Outcomes for Graduates from Different University Courses

The Minister of State explained that arts, design, and media (ADM) graduates have stable employment but lower starting salaries compared to peers in sectors like engineering and business, due to market demand and a higher proportion of freelancers, while the government supports this through initiatives like the Our SG Arts Plan and partnerships with agencies like Dsg and IMDA.
Health sciences graduates saw a 6% salary increase in 2023, higher than the average, and the Ministry of Health works with healthcare clusters to review salaries and provide funding support to ensure competitiveness, with a focus on community care sectors and salary guidelines.
Nominated MP See Jinli Jean asked about integrating arts graduates into growth industries like tourism and entertainment, and bridging health sciences graduates with opportunities from Healthier SG, to which the Minister replied that ADM graduates already work in diverse fields like PR and marketing, and MOE will collaborate with MOH to update curricula and skills frameworks for better opportunities.

Summary written by AI

Overview Original source

3 Apr 2024

Monetary Authority of Singapore's Regulatory Oversight of Central Depository and its Obligations towards Individual Customers

MAS licenses the Central Depository (CDP) and requires it to treat customers fairly, providing support channels for those less digitally literate, including in-person assistance and appointment booking.
CDP has enhanced non-digital services such as self-help booths, priority assistance for elderly customers, and options for physical notices, though MAS continues to monitor service adequacy.
The government maintains a digital-first but not digital-only approach, ensuring customers can request physical correspondence and receive help to resolve issues like account suspensions.

Summary written by AI

Overview Original source

3 Apr 2024

Update on Transition Framework for Carbon Tax

The Government introduced a carbon tax transition framework in January 2022 to help emissions-intensive and trade-exposed companies adjust, with transitory allowances based on efficiency benchmarks or decarbonisation plans, while the remaining emissions are taxed at the prevailing rate, and allowances are reviewed periodically.
The Economic Development Board has engaged over 20 companies in sectors like chemicals and electronics, with more to be included, and the government plans to release aggregated allowance data later while protecting commercial sensitivities.
The Energy Efficiency Fund has approved 90 projects worth $3.4 million and was recently enhanced into the Energy Efficiency Grant from April 2024 to support more companies.
The framework is designed to spur decarbonisation without undermining Singapore’s 2050 climate targets, but specific impacts will be clearer in about a year as the framework develops and international benchmarks evolve.

Summary written by AI

Overview Original source

2 Apr 2024

Implementation of Sustainable Aviation Fuel Mandate and Levies for Business Aviation Flights

Chua Kheng Wee Louis asked the Minister for Transport whether business aviation flights must use 1% Sustainable Aviation Fuel (SAF) from 2026 and pay SAF levies, and the basis for the levy.
Chee Hong Tat confirmed the SAF levy will apply to all flights departing Singapore from 2026, including business aviation flights.
The debate centered on the mandate's scope and justification for imposing levies on business aviation, with a focus on ensuring consistent application across all flight types.

Summary written by AI

Overview Original source

2 Apr 2024

Statistics on Government Expenditure on Public Healthcare, Subsidised Medical Care for Citizens, PRs and Foreigners, and Healthcare Spend by Government and Individuals

Hazel Poa requested a three-year breakdown of public healthcare expenditure on drugs, manpower, medical technology, research, administration, and real estate, with the Minister for Health providing available financial year data in tables.
Hazel Poa sought the total government expenditure on subsidized medical care for Singapore citizens, permanent residents, and foreigners over the last three years, which the Minister addressed with tabulated figures.
Hazel Poa asked for the percentage of healthcare expenditure paid by the government, employers, MediSave, MediShield, and individuals from 2021 to 2023, broken down by citizenship status, with the Minister responding using available data tables.

Summary written by AI

Overview Original source

2 Apr 2024

Number of Working Years Required to Recover Cost from Recipients of Government Tuition Grants for Polytechnic and University Studies

Assoc Prof Jamus Jerome Lim asked the Minister for Education for the estimated number of years a Tuition Grant recipient for polytechnics or universities must work and pay taxes to recover the grant's cost.
Minister Chan Chun Sing explained that the Tuition Grant Scheme supports international students by covering part of their school fees, with recipients paying higher fees than Singaporeans and contributing to the learning environment.
In return for the grant, recipients are bonded to work in Singapore for three years after graduation, contributing to the economy, with some becoming Permanent Residents or naturalized citizens.
Those who leave Singapore still contribute through global networks formed from friendships and economic links.
The minister noted that the contributions of Tuition Grant recipients are both qualitative and quantitative.

Summary written by AI

Overview Original source

2 Apr 2024

Data on Total Fees Paid by and Total Subsidies Given to Local and International Students in Local Universities

Hazel Poa requested the total fees paid and subsidies given to local and international students at local universities in 2023.
Chan Chun Sing explained that international students pay higher tuition fees than Singapore citizens, but the Ministry of Education does not collect data on total fees paid by students.
The MOE noted that its $2.65 billion budget for Autonomous Universities in FY2024 primarily supports Singapore citizens, with international students receiving lower subsidies and constituting about 10% of the undergraduate population.

Summary written by AI

Overview Original source

2 Apr 2024

Data on Profitability of Companies in Singapore Over Past Three Years

Desmond Choo asked the Minister for Trade and Industry about the proportion of profitable companies in Singapore over the last three years and how their profitability has changed.
Gan Kim Yong responded that, on average, 66% of firms were profitable from 2020 to 2022.
He added that the median profitability rate, measured as profits divided by revenue, remained stable at around 17% during the same period.

Summary written by AI

Overview Original source

2 Apr 2024

Companies Being Re-domiciled to Singapore and Related Risks to Singapore's Reputation with Major Trading Partners

Gerald Giam asked whether the Ministry tracks companies that re-domicile their headquarters to Singapore and if this poses reputational risks with trading partners, and what measures are taken to mitigate such risks.
Minister Gan Kim Yong responded that the government does not track whether companies have re-domiciled their headquarters to Singapore but welcomes legitimate businesses and maintains Singapore’s reputation through strict enforcement of laws and adherence to international obligations.
The government emphasizes its commitment to being a stable and trusted hub by acting against violators and working closely with partners, which helps attract diverse businesses while upholding the country’s standing.

Summary written by AI

Overview Original source

2 Apr 2024

Showcasing Products by Local Visual Asset Creators and Artists, and Boosting Their Economic Opportunities

MP See Jinli Jean asked the Ministry for Trade and Industry about showcasing Singaporean visual asset creators' products on heartland business platforms and plans to boost their economic opportunities.
Minister Gan Kim Yong highlighted that agencies like DesignSingapore Council, Enterprise Singapore, National Arts Council, and National Heritage Board already collaborate with local creators to showcase their work through events and platforms such as "Rasa Gombak Day Out", Craft X Design, Singapore Design Week, and FIND – Design Fair Asia.
These initiatives enable local visual asset creators to present their work to potential clients, including local and global brand owners, thereby enhancing their economic opportunities.

Summary written by AI

Overview Original source

2 Apr 2024

Plans to Develop and Improve Diplomatic Staff in Countries Important to Singapore's Economic Development

The Ministry of Foreign Affairs provides continuous professional training and development for diplomatic staff through the MFA Diplomatic Academy, including briefings and workshops on economic, finance, and trade issues.
Officers are seconded to and from relevant Government agencies to deepen their understanding of whole-of-Government priorities and facilitate cross-pollination of ideas.
Before overseas postings, officers receive briefings from finance, economic, and trade agencies and work closely with experts from MTI, EDB, ESG, and MAS to uphold Singapore's interests.
Diplomatic staff collaborate with EDB and ESG representations in key overseas markets on trade and investment issues to support Singapore's economic development.

Summary written by AI

Overview Original source