Economy & business — Topics

9 Jan 2024

Limit Charges on Cashier's Orders to Assist Elderly and Digitally Illiterate Who Withdraw Their Own Savings in Cashier's Orders

Mr Don Wee questioned whether MAS should cap bank charges on cashier's orders for self-use withdrawals and what support exists for elderly and digitally illiterate individuals who may need to pay these fees.
The Prime Minister explained that cashier's orders are for large transactions, involve processing costs, and have fees of $3–$15; MAS does not set fee limits but requires banks to disclose fees and deal fairly with customers.
Some major banks waive fees for the first cashier's order payable to the account holder's own name, while others may waive fees upon request from customers facing financial difficulties, including lower-income elderly.
Alternatives like free ATM or internet banking transfers exist for moving funds between banks, offering cost-free options for those who can use them.

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9 Jan 2024

Assessment of Maintenance Fee Proposed by Condominium Developer

Melvin Yong questioned the criteria the BCA uses to approve proposed maintenance fees, whether advertised fees require BCA approval, and what safeguards exist if eventual fees are much higher than marketed.
Desmond Lee explained that maintenance costs vary by development, developers set fees based on projected costs, and the Commissioner of Buildings (under BCA) approves them before collection, verifying they are reasonable and backed by vendor quotes.
He noted that after the first AGM, the management corporation takes over, allowing unit owners to collectively decide on services and fee adjustments, providing a safeguard against significant increases.

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9 Jan 2024

Successful Applicants for Startup SG Founder Programme Who Are Persons with Disabilities

Ong Hua Han asked for the number of successful Startup SG Founder applicants with disabilities over the past three years and whether Enterprise Singapore would work with mentor partners to increase this number.
Gan Kim Yong stated that the scheme evaluates applicants based on business plan merit and team eligibility, without requiring disclosure of disability status.
He confirmed that persons with disabilities are welcome to apply, but did not provide specific numbers on past successful applicants.

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9 Jan 2024

Impact of Subsidy Recovery Regime on Prices of non‐PLH Flats in Same Area and Prospect of Subsidy Priced into Selling Price of Resale PLH Flats

Minister Desmond Lee explained that the Prime Location Public Housing (PLH) model uses additional subsidies and a subsidy recovery rate (8% for December 2023 BTO) to keep flats affordable, with resale proceeds partially returned to HDB to maintain parity with other buyers.
The impact on non-PLH flat prices near PLH developments depends on market factors like supply, demand, and buyer preferences, with the broader resale market expected to remain stable due to diverse housing options and continued new flat supply.
Resale PLH flat prices are moderated by tighter ownership conditions, such as a 10-year minimum occupation period and eligibility rules for buyers, which may deter sellers from pricing the subsidy recovery into their asking prices.
HDB will monitor the housing market and review policies as needed to ensure affordability and inclusivity in prime location public housing.

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9 Jan 2024

Possible Breach of Disclosure Rules for Listed Companies by Cord Blood Banking Firm for Issues Related to Irregular Storage Temperatures

Hany Soh asked the Prime Minister whether MAS is investigating a cord blood banking firm for failing to disclose issues related to storage temperature irregularities and audits before 30 November 2023.
The Prime Minister’s office explained that under the Securities and Futures Act and SGX listing rules, companies must timely disclose material information, and non-disclosure may be a breach if intentional, reckless, or negligent.
SGX Regulation posed queries to Cordlife Group Limited on 6 December 2023 after the company made announcements about operational impacts and is reviewing the responses to assess potential breaches before referring the matter to MAS.

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9 Jan 2024

Statistics on Singapore’s GDP Produced by Singaporeans and Companies Owned by Singaporeans

Leong Mun Wai asked the Ministry for Trade and Industry whether statistics could be provided on Singapore’s GDP produced by Singaporeans and Singaporean-owned companies in 2022, as well as the total taxable income attributable to them.
The Department of Statistics does not compile data on GDP produced specifically by Singaporeans or Singaporean-owned companies.
For the Year of Assessment 2023, Singaporeans accounted for about 62% of total assessable income under personal income tax.
Statistics on assessable income from Singaporean-owned companies are unavailable as the Inland Revenue Authority of Singapore does not track corporate taxpayers by ownership status.

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9 Jan 2024

Impact of End of Global Inflationary Surge and Turn in Electronics Cycle on Singapore's Recovery Prospects

Ms Mariam Jaafar questioned the Minister for Trade and Industry on the impact of the end of the global inflationary surge and a turnaround in the electronics cycle on Singapore's economic recovery and consumer confidence.
The Ministry of Trade and Industry and the Monetary Authority of Singapore projected GDP growth of 1.0% to 3.0% and inflation averaging 3.0% to 4.0% for 2024.
These projections account for global inflation trends and an anticipated recovery in the electronics cycle in the current year.

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9 Jan 2024

Checks on Storage Facilities and Operational Processes of Commercial Cord Blood Banking Service Providers

Chua Kheng Wee Louis asked about the frequency of checks on commercial cord blood banks, whether unannounced inspections occur regularly, and if compensation is expected when service claims are found lacking.
Ong Ye Kung stated that cord blood banks undergo scheduled inspections every two years and may face additional unannounced visits if concerns arise.
He added that consumers can seek recourse from providers based on their service contracts in cases of service lapses.

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9 Jan 2024

Statutes (Miscellaneous Amendments) Bill

The Bill proposes technical amendments to several Acts, including allowing the Registrar of Business Names to restore registrations cancelled for Medisave contribution non-compliance without a Ministerial appeal.
Amendments to the Property Tax Act grant discretion to the Chief Assessor and Comptroller to admit late objections and update Valuation Review Board procedures, aligning them with other tax boards for efficiency.
The Bill streamlines the Valuation Review Board by removing outdated references, moving procedural provisions to subsidiary legislation, and allowing a one-member coram for certain hearings.
The amendments aim to enhance flexibility and timeliness in resolving tax appeals and ensure consistency across Singapore's tax legislation.
The Bill was read a second time, considered in Committee, and passed without amendment.

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9 Jan 2024

Significant Investments Review Bill

The Singapore government introduced the Significant Investments Review Bill to screen ownership and control of critical entities, aiming to protect national security while maintaining the country’s status as an open and attractive business hub.
The bill’s key features include designating specific entities for oversight, requiring notification and approval for changes in ownership or control above certain thresholds, and granting the minister powers to issue remedial directions or even step-in rights for national security reasons.
Several MPs raised concerns about the broad definition of “national security,” potential impact on foreign investment, transparency, and the limited judicial review provisions, while the minister emphasized a calibrated, targeted approach and the establishment of a dedicated office to engage stakeholders.

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9 Jan 2024

Prevention of Proliferation Financing and Other Matters Bill

The bill amends several existing acts, including the Precious Stones and Precious Metals Act and the Legal Profession Act, to strengthen measures against the financing of weapons of mass destruction proliferation.
It introduces new requirements for designated entities to conduct customer due diligence and report suspicious activities related to proliferation financing.
The legislation also includes consequential amendments to the Corruption, Drug Trafficking and Other Serious Crimes Act to align with international standards.
The bill was presented by Senior Parliamentary Secretary Ms Rahayu Mahzam on behalf of the Minister for Law and is scheduled for a second reading in the next parliamentary sitting.

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22 Nov 2023

Reason Behind Delay in Lifetime Retirement Investment Scheme Rollout

Leong Mun Wai asked why the Lifetime Retirement Investment Scheme, proposed in 2016, has been delayed and when it might be launched.
Tan See Leng cited global headwinds like inflation and tighter monetary policies that have slowed growth and increased market stress.
The government is revising planning assumptions to balance risk and return to protect CPF members' retirement savings.
Officials will share updates on the timeline once preparations are complete.

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22 Nov 2023

Statistics on Ex-offenders Benefiting From Uplifting Employment Credit

Murali Pillai asked the Minister for Manpower for statistics on the number of employers and ex-offenders who have benefited from the Uplifting Employment Credit (UEC) since its implementation in April 2023.
The Minister for Manpower, Tan See Leng, stated that the requested data is not available because the UEC was only introduced in April 2023, with the first payout scheduled for May 2024.
The number of ex-offenders supported can only be computed closer to the payout date as the scheme is still open for applications.
Since the UEC's introduction, Yellow Ribbon Singapore has been actively raising employer awareness of the credit.

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22 Nov 2023

Data on Involuntarily Unemployed and Financial Impact of Unemployment Support Scheme on Taxpayer

Yip Hon Weng asked the Ministry for Manpower for accurate data on involuntarily unemployed individuals, the definition of a sufficient payout under the SkillsFuture unemployment support scheme, its estimated financial impact, funding sources, and potential tax implications.
The Minister for Manpower, Tan See Leng, responded that the ministry is still studying the parameters of the scheme and will announce more details later.

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22 Nov 2023

Considerations for Placing Cap on Private Hire Fares

Gan Thiam Poh proposed a fare cap on private hire cars to make them an attractive alternative to car ownership.
Chee Hong Tat, representing the Minister for Transport, explained that private hire fares are dynamically priced based on demand and supply, and capping them would distort market signals.
The Ministry argued that capping fares would reduce driver incomes, leading to fewer drivers during high demand and making it harder for commuters to secure rides.

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22 Nov 2023

Outlook of Tourism Industry in Next Eight Quarters

He Ting Ru asked about the number of new gazetted hotels, new hotel rooms, and the impact on tourism receipts over the next eight quarters.
Gan Kim Yong projected seven new hotels in 2024 and nine in 2025, adding about 3,300 new rooms—a 4.6% increase in room stock.
The new hotels will range from economy to luxury, offering more visitor options, but the effect on tourism receipts will depend on market conditions.

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22 Nov 2023

Impact of ERP 2.0 on Heavy Road Users and Measures to Prevent Operators from Transferring Costs to End Users

Dennis Tan inquired whether the Ministry of Transport has assessed the cost impact of ERP 2.0 on heavy road users like taxi, private hire, and delivery drivers, and if measures will be considered to prevent operators from passing costs to end users.
Chee Hong Tat, representing the Minister for Transport, noted that this issue was addressed in a previous parliamentary session on 6 November 2023, directing to an official report on ERP 2.0 system costs and outcomes.
The response did not provide new details but referenced existing documentation, indicating that the matter has been previously discussed without immediate new cost alleviation measures announced.

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22 Nov 2023

Regulation of Credit Bureau Companies Against Producing Inaccurate Credit Records

Lim Biow Chuan questioned how the Monetary Authority of Singapore (MAS) regulates credit bureaus to prevent inaccurate credit records, such as linking citizens to lawsuits against companies where they are only shareholders.
Lawrence Wong, for the Prime Minister, explained that MAS licenses credit bureaus and requires them to safeguard consumer information, with credit reports based on data from financial institutions and public records.
He clarified that credit reports only include litigation records if the consumer is a litigant in their personal capacity, not for lawsuits involving companies they merely own shares in.
Consumers can access, review, and dispute their credit reports, and MAS mandates bureaus to investigate and correct any errors within 10 business days.

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22 Nov 2023

Trend of Household and Individual Debts and Profile of Debtors

Over the past five years, household debt in Singapore increased by 5% in dollar terms but decreased as a percentage of GDP and relative to personal disposable income.
Non-performing loan ratios for housing and individual loans have remained low and stable, and granular data on debtors by age, income, or ethnicity is not collected by MAS but is available from the Credit Bureau Singapore.
To help debtors, measures include the Debt Consolidation Plan for unsecured debts, debt management guidance from Credit Counselling Singapore, and mortgage loan restructuring options with financial institutions.

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22 Nov 2023

Banking Solutions for Singaporeans with Frozen Bank Accounts on Law Enforcement Grounds to Receive E-payment of Salary and Government Support

The Singapore Police Force froze over 16,700 bank accounts in 2022 on suspicion of involvement in criminal activities, primarily scams, but does not track specifics such as the nationality of account holders or reasons other than scams.
Banks may offer restricted accounts with limited access to certain facilities but which still allow individuals to receive salaries and government support; however, they may decline new accounts for those deemed high-risk, such as those involved in serious crimes like terrorism financing.
Individuals with frozen accounts can apply to the Courts to withdraw money for reasonable living or legitimate expenses.

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