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Highlights: Parliament debates $33b Fortitude Budget for Covid-19 measures
PUBLISHED
10 HOURS AGO
Several Cabinet ministers speak on the proposed supplementary Budget, which Deputy Prime Minister and Finance Minister Heng Swee Keat unveiled on May 26.
19:45
Parliament adjourned till 10am tomorrow; Key highlights from today's debate
Thank you for following our live coverage of the debate on the Fortitude Budget. Parliament has been adjourned until tomorrow, when it sits again at 10am. Here are the key highlights from today:
Labour MP Patrick Tay calls on Govt, firms to root out workplace 'horror stories'
Safe management measures in workplaces need to be fine-tuned, say MPs
Workers' Party MP Sylvia Lim questions NTUC's involvement in administering SIRS
Essential service workers should enjoy better wage growth, says Zainal Sapari
Singapore can build an economy of skilled workers beyond PMET jobs, says NMP Walter Theseira
Satellite career centres may be set up in all 24 towns to help job seekers, says Josephine Teo
More than 10,000 workers matched with new jobs by NTUC Job Security Council
More jobs in digital sector; businesses to receive bonus for digital solutions, says Iswaran
Allow some non-contact sports to resume, says Lee Bee Wah
Digitalisation no longer an 'optional extra' but a critical necessity, says Iswaran
19:35
Relax constitutional requirement for balanced budget over term of government: Saktiandi Supaat
Mr Saktiandi notes that the Government is required to maintain a balanced budget over each term of government under the Constitution.
“Elections will likely take place soon and the ‘new’ government will have less fiscal room in the new term under current fiscal rules,” he says.
If the crisis or its after-effects drags into 2021 with no improvements, or Singapore faces other shocks, the fiscal constraint may be overly tight. The Government can continue tapping fiscal reserves but runs the risk of depleting its “war chest”.
Mr Saktiandi suggests that the constitutional requirement of a balanced budget over the term of government could be relaxed to expand fiscal room and options.
He also asks if it is possible that during such a crisis, the Government can borrow from the bond market to fund fiscal spending.
Given that Singapore is rated AAA by international credit rating agencies, it can tap the bond market at record low interest rates.
“This may be a more optimal fiscal option than further running down fiscal reserves and liquidating assets when markets are down. The financing costs of debt are exceptionally low, while the longer-term return on reserve assets will likely be much higher,” says Mr Saktiandi.
19:25
Defer income tax, introduce tax credits or rebates, suggests Saktiandi Supaat
Mr Saktiandi Supaat (Bishan-Toa Payoh GRC) asks if the Government could further defer the income tax filing deadline, which had been previously extended to May 31, as the pandemic and its impact is a developing situation.
He also asks if there could be tax credits or rebates, which would go a long way to help the sandwiched middle-income households, and those with breadwinners aged 40 and above.
Mr Saktiandi also notes that with social distancing measures, social services here are stretching their limited resources to cope with a rising number of cases, and social workers can also suffer from burnout at this time.
He asks how the Government is working with the social sector to ensure the agencies are equipped with the necessary resources to help their clients through the crisis.
ST PHOTO: KUA CHEE SIONG
19:18
Covid-19 is a time for Our Singapore Conversation to continue: Cheryl Chan
The Government has listened and made adjustments through the last few Budgets, says Ms Cheryl Chan (Fengshan), which she associates with the Our Singapore Conversation national movement that started in 2012.
But it is pertinent for Singapore to continue this conversation and look at how to approach such resolutions through a “whole of society involvement”. She cites some examples:
19:06
Decisive push towards a digital future including jobs, inclusion: Iswaran
The Government will seize the moment to make a decisive push towards a digital future, says Minister for Communications and Information S. Iswaran. This will have three thrusts:
Digital opportunities for workers. Mr Iswaran says the ICT sector expanded by 3.5 per cent, with 1,100 new jobs in the first quarter of this year, but jobs will still be hard to come by now. That is why the Government is partnering with the private sector in these ways:
Finally, a concerted push for a digital future. Mr Iswaran says that under IMDA, the new SG Digital Office will mobilise 1,000 digital ambassadors to transform Singapore’s economy and communities. https://str.sg/JPJW
PHOTO: GOV.SG
18:45
Consider incentives to get more senior citizens to adopt digital solutions: Tin Pei Ling
Ms Tin says she welcomes the creation of the SG Digital Office and 1,000 digital ambassadors. She adds that she has been working with the grassroots organisations to champion digital readiness for seniors and low-income families.
She notes that seniors who are digital converts are well-placed to help other seniors. “If we can leverage them more actively and allow them to earn an extra allowance, I believe we will see better results,” says Ms Tin.
She asks the Government to consider offering a “digital conversion bonus” for seniors, such as a digital wallet with e-cash vouchers to incentivise seniors.
ST PHOTO: WANG HUI FEN
18:40
Necessary to draw on reserves, but ensure enough for future generations: Tin Pei Ling
MacPherson MP Tin Pei Ling brings up her concern on whether there is enough in the country’s reserves for future generations.
She notes that Singapore is among the top countries in terms of relief given per citizen or permanent resident, at $23,225 per capita. While a coarse estimation, the figures give a good sense of the Government’s determination in supporting Singaporeans and the country through this crisis, she says.
Given that this is Singapore’s third time dipping into the reserves this year, Ms Tin asks how many more packages would be needed, and how much more reserves need to be used. She adds that she believes it necessary to draw on the reserves to weather the current storm.
But Ms Tin asks if there is a “red line” beyond which the Government would not draw further from the reserves, and how to balance sustaining help to those in need and not depleting the “pot of gold” for future generations.
“We have a duty to use this pot of gold wisely and make sure that we put back what we took once we can, so that our children and their children will continue to have this asset to fall back on when they face the crisis of their generation.
“Will the Government assure us that it will do so? How does it plan to do so?” asks Ms Tin. https://str.sg/JPJr
ST PHOTO: GIN TAY
18:31
Covid-19 is a storm that Singapore can weather by gearing up properly: Josephine Teo
Manpower Minister Josephine Teo opens her speech by likening Singapore’s job market to the weather, where certain sectors have experienced a downpour even as others are starting to brighten up.
She also shared an anecdote about how she and her husband changed their approach to storms: "Bad weather is something my husband and I learnt to embrace. On our travels, we like to go hiking. When we were younger, we used to fret whenever the weather turned bad. Later, we learnt a saying that is popular among Scandinavians, that 'there’s no such thing as bad weather, only unsuitable clothing.'”
To gear up for the storm, part of the answer comes in the Budget schemes to cushion the impact on the labour. There is now a window of opportunity to organise and open more pathways to jobs, she says. Providing updates on engaging employers and supporting job seekers, Mrs Teo says:
18:13
Some self-employed persons who do not meet SIRS criteria may not be able to survive without two to three months of income: Lim Biow Chuan
Another MP raises the concerns of those who are self-employed. Mountbatten MP Lim Biow Chuan says that some of his residents who are self-employed but not eligible for the Self-Employed Person Income Relief Scheme have emailed him.
One is a divorced licensed estate agent with four children and a wheelchair-bound mother to care for, he says.
Mr Lim highlights that some self-employed persons may not have the ability to survive two to three months without income, even if they had a higher income last year, or live in a home with a higher annual value of more than $21,000.
He urges the Government to raise the income cap criteria for the scheme, and remove the housing value criteria.
18:07
‘Too much, too little and too late’? Never too much for citizens, says Alex Yam
Mr Alex Yam (Marsiling-Yew Tee GRC) starts by quoting a 1978 pop duet by Johnny Matthis and Deniece Williams, “Too Much, Too Little, Too Late”, which spent 18 weeks on the charts - the same amount of time Singapore has endured the pandemic.
He notices that these words - too much, too little, too late - have been a theme throughout discussions on Singapore’s response to Covid-19.
For example, some criticise the amounts given to big companies, saying it's too much, while too little is given to others, too late, or if too much or too little of the reserves are being spent.
Others have been discussing the high number of infections among migrant workers, either that there have been too many tests done, or too little done to help workers in the past.
He urges the Deputy Prime Minister to reassure the House and Singaporeans that Singapore really has not spent too much in fighting Covid-19.
“I believe that we can never do too much for our citizens during this crisis. Better too much than too little,” he says.
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Highlights: Parliament debates $33b Fortitude Budget for Covid-19 measures
PUBLISHED
10 HOURS AGO
Several Cabinet ministers speak on the proposed supplementary Budget, which Deputy Prime Minister and Finance Minister Heng Swee Keat unveiled on May 26.
19:45
Parliament adjourned till 10am tomorrow; Key highlights from today's debate
Thank you for following our live coverage of the debate on the Fortitude Budget. Parliament has been adjourned until tomorrow, when it sits again at 10am. Here are the key highlights from today:
Labour MP Patrick Tay calls on Govt, firms to root out workplace 'horror stories'
Safe management measures in workplaces need to be fine-tuned, say MPs
Workers' Party MP Sylvia Lim questions NTUC's involvement in administering SIRS
Essential service workers should enjoy better wage growth, says Zainal Sapari
Singapore can build an economy of skilled workers beyond PMET jobs, says NMP Walter Theseira
Satellite career centres may be set up in all 24 towns to help job seekers, says Josephine Teo
More than 10,000 workers matched with new jobs by NTUC Job Security Council
More jobs in digital sector; businesses to receive bonus for digital solutions, says Iswaran
Allow some non-contact sports to resume, says Lee Bee Wah
Digitalisation no longer an 'optional extra' but a critical necessity, says Iswaran
19:35
Relax constitutional requirement for balanced budget over term of government: Saktiandi Supaat
Mr Saktiandi notes that the Government is required to maintain a balanced budget over each term of government under the Constitution.
“Elections will likely take place soon and the ‘new’ government will have less fiscal room in the new term under current fiscal rules,” he says.
If the crisis or its after-effects drags into 2021 with no improvements, or Singapore faces other shocks, the fiscal constraint may be overly tight. The Government can continue tapping fiscal reserves but runs the risk of depleting its “war chest”.
Mr Saktiandi suggests that the constitutional requirement of a balanced budget over the term of government could be relaxed to expand fiscal room and options.
He also asks if it is possible that during such a crisis, the Government can borrow from the bond market to fund fiscal spending.
Given that Singapore is rated AAA by international credit rating agencies, it can tap the bond market at record low interest rates.
“This may be a more optimal fiscal option than further running down fiscal reserves and liquidating assets when markets are down. The financing costs of debt are exceptionally low, while the longer-term return on reserve assets will likely be much higher,” says Mr Saktiandi.
19:25
Defer income tax, introduce tax credits or rebates, suggests Saktiandi Supaat
Mr Saktiandi Supaat (Bishan-Toa Payoh GRC) asks if the Government could further defer the income tax filing deadline, which had been previously extended to May 31, as the pandemic and its impact is a developing situation.
He also asks if there could be tax credits or rebates, which would go a long way to help the sandwiched middle-income households, and those with breadwinners aged 40 and above.
Mr Saktiandi also notes that with social distancing measures, social services here are stretching their limited resources to cope with a rising number of cases, and social workers can also suffer from burnout at this time.
He asks how the Government is working with the social sector to ensure the agencies are equipped with the necessary resources to help their clients through the crisis.
ST PHOTO: KUA CHEE SIONG
19:18
Covid-19 is a time for Our Singapore Conversation to continue: Cheryl Chan
The Government has listened and made adjustments through the last few Budgets, says Ms Cheryl Chan (Fengshan), which she associates with the Our Singapore Conversation national movement that started in 2012.
But it is pertinent for Singapore to continue this conversation and look at how to approach such resolutions through a “whole of society involvement”. She cites some examples:
- The classification on which businesses are allowed to resume operations after the circuit breaker: for example while some companies can reopen, they are still affected by their suppliers which are not allowed to reopen
- Ensuring a mindset change post-recovery, in terms of digitalisation
- Gathering collective wisdom from different groups and industries to help transform the nation as a whole
19:06
Decisive push towards a digital future including jobs, inclusion: Iswaran
The Government will seize the moment to make a decisive push towards a digital future, says Minister for Communications and Information S. Iswaran. This will have three thrusts:
Digital opportunities for workers. Mr Iswaran says the ICT sector expanded by 3.5 per cent, with 1,100 new jobs in the first quarter of this year, but jobs will still be hard to come by now. That is why the Government is partnering with the private sector in these ways:
- The company-led training programme will be scaled up to place and train 3,000 Singaporeans in good tech jobs over the next two to three years
- The TechSkills Accelerator Mid-Career Advance programme will create 2,500 more such opportunities for mid-career professionals aged 40 and above.
- Hawkers Go Digital will boost e-payment adoption among over 18,000 stallholders from hawker centres, wet markets, coffee shops and industrial canteens by mid-2021
- Digital literacy among seniors will be strengthened through the Seniors Go Digital Programme through coaching at libraries and CCs, and IMDA is working with telcos to offer better mobile plans
Finally, a concerted push for a digital future. Mr Iswaran says that under IMDA, the new SG Digital Office will mobilise 1,000 digital ambassadors to transform Singapore’s economy and communities. https://str.sg/JPJW
PHOTO: GOV.SG
18:45
Consider incentives to get more senior citizens to adopt digital solutions: Tin Pei Ling
Ms Tin says she welcomes the creation of the SG Digital Office and 1,000 digital ambassadors. She adds that she has been working with the grassroots organisations to champion digital readiness for seniors and low-income families.
She notes that seniors who are digital converts are well-placed to help other seniors. “If we can leverage them more actively and allow them to earn an extra allowance, I believe we will see better results,” says Ms Tin.
She asks the Government to consider offering a “digital conversion bonus” for seniors, such as a digital wallet with e-cash vouchers to incentivise seniors.
ST PHOTO: WANG HUI FEN
18:40
Necessary to draw on reserves, but ensure enough for future generations: Tin Pei Ling
MacPherson MP Tin Pei Ling brings up her concern on whether there is enough in the country’s reserves for future generations.
She notes that Singapore is among the top countries in terms of relief given per citizen or permanent resident, at $23,225 per capita. While a coarse estimation, the figures give a good sense of the Government’s determination in supporting Singaporeans and the country through this crisis, she says.
Given that this is Singapore’s third time dipping into the reserves this year, Ms Tin asks how many more packages would be needed, and how much more reserves need to be used. She adds that she believes it necessary to draw on the reserves to weather the current storm.
But Ms Tin asks if there is a “red line” beyond which the Government would not draw further from the reserves, and how to balance sustaining help to those in need and not depleting the “pot of gold” for future generations.
“We have a duty to use this pot of gold wisely and make sure that we put back what we took once we can, so that our children and their children will continue to have this asset to fall back on when they face the crisis of their generation.
“Will the Government assure us that it will do so? How does it plan to do so?” asks Ms Tin. https://str.sg/JPJr
ST PHOTO: GIN TAY
18:31
Covid-19 is a storm that Singapore can weather by gearing up properly: Josephine Teo
Manpower Minister Josephine Teo opens her speech by likening Singapore’s job market to the weather, where certain sectors have experienced a downpour even as others are starting to brighten up.
She also shared an anecdote about how she and her husband changed their approach to storms: "Bad weather is something my husband and I learnt to embrace. On our travels, we like to go hiking. When we were younger, we used to fret whenever the weather turned bad. Later, we learnt a saying that is popular among Scandinavians, that 'there’s no such thing as bad weather, only unsuitable clothing.'”
To gear up for the storm, part of the answer comes in the Budget schemes to cushion the impact on the labour. There is now a window of opportunity to organise and open more pathways to jobs, she says. Providing updates on engaging employers and supporting job seekers, Mrs Teo says:
- The SGUnited Jobs initiative will be scaled up to provide more than 40,000 jobs in 2020, with more public sector jobs brought forward
- 25,000 traineeships will be opened up for recent graduates and mid-career job seekers, with 1,000 organisations already offering more than 11,000 such opportunities
- The number of statellite career centres will be expanded to cover all 24 HDB towns https://str.sg/JPJM
- Heavy investment in continuing education and training, and SkillsFuture
- Industry transformation maps for the future growth of each sector
- Tripartism which allows Singapore to work in unison
PHOTO: GOV.SG
18:13
Some self-employed persons who do not meet SIRS criteria may not be able to survive without two to three months of income: Lim Biow Chuan
Another MP raises the concerns of those who are self-employed. Mountbatten MP Lim Biow Chuan says that some of his residents who are self-employed but not eligible for the Self-Employed Person Income Relief Scheme have emailed him.
One is a divorced licensed estate agent with four children and a wheelchair-bound mother to care for, he says.
Mr Lim highlights that some self-employed persons may not have the ability to survive two to three months without income, even if they had a higher income last year, or live in a home with a higher annual value of more than $21,000.
He urges the Government to raise the income cap criteria for the scheme, and remove the housing value criteria.
18:07
‘Too much, too little and too late’? Never too much for citizens, says Alex Yam
Mr Alex Yam (Marsiling-Yew Tee GRC) starts by quoting a 1978 pop duet by Johnny Matthis and Deniece Williams, “Too Much, Too Little, Too Late”, which spent 18 weeks on the charts - the same amount of time Singapore has endured the pandemic.
He notices that these words - too much, too little, too late - have been a theme throughout discussions on Singapore’s response to Covid-19.
For example, some criticise the amounts given to big companies, saying it's too much, while too little is given to others, too late, or if too much or too little of the reserves are being spent.
Others have been discussing the high number of infections among migrant workers, either that there have been too many tests done, or too little done to help workers in the past.
He urges the Deputy Prime Minister to reassure the House and Singaporeans that Singapore really has not spent too much in fighting Covid-19.
“I believe that we can never do too much for our citizens during this crisis. Better too much than too little,” he says.
Load More
TOPICS:
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SUBSCRIBE TOTHE STRAITS TIMES
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