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PARLIAMENT OF SINGAPORE · FORMER

Loh Meng See

Singapore

IN THEIR OWN WORDS

Sir, on Infocomm 21 plan, this has been implemented for some years now. I would like to ask the Minister to give us an update on the expenditure and the benefits that have been derived from those investments. Recently, the CEO of IDA announced the Government's plan to widen the scope of the network and introduce better technologies.

OFFICIAL REPORT - 2006-03-03 · READ THE OFFICIAL RECORD

Sir, I am happy that the Government is allocating new funds for the Library 2010 project. I just want to ask what can the public expect from this additional $118 million that has been provided for.

OFFICIAL REPORT - 2006-03-03 · READ THE OFFICIAL RECORD

Sir, on the HDB shops, my request is for the Ministry to consider granting the exit package to the rental shops, if their business is not viable and there is an over-capacity.

OFFICIAL REPORT - 2006-03-03 · READ THE OFFICIAL RECORD

We have heard what Dr Lily Neo and Dr Chong mention about the geriatrics and the need for home nursing care. Many do not have CPF accounts to enjoy the Medisave top-ups.

OFFICIAL REPORT - 2005-03-01 · READ THE OFFICIAL RECORD

We have been down this road before. Let us not falter, but let us persevere and build up ourselves with the right values, virtues and beliefs to galvanise our people forward. We need to remind ourselves that there is no free lunch.

OFFICIAL REPORT - 2005-01-20 · READ THE OFFICIAL RECORD

Sir, media competition among local newspapers and TV stations is bearing fruits as consumers are getting better quality products and services. I am pleased to also note the progress of Singapore Press Holdings and Lianhe Zaobao in making inroads into China and also Channel NewsAsia gaining greater viewership in regional countries.

OFFICIAL REPORT - 2004-03-13 · READ THE OFFICIAL RECORD

The complete record

Every one of 494 lines we hold for Loh Meng See, in date order, each linked to its source. Free to read, in full, without an account. Page 2 of 10.

  1. Sir, we are very proud of the National Library. I think it is one of the most innovative statutory boards that we have in Singapore, and it is a challenge to make it even better. First, Sir, an area that I thought the Library can look into - in fact, I am surprised that they are doing right now in Shenton Way having that promotion - is to encourage as many adult readers, particularly the professionals, to make use of our public libraries. In fact, if we were to visit the library on a normal day, they are mainly made up of children, students and retirees making use of the facilities. So, I think it is of greater value and benefit, if more such adult readers make use of our facilities. Second, Sir, is the organisation of our libraries. Though we have regional libraries, I am just wondering whether some means can be found to provide for niche libraries, in the sense that, either based on certain themes or interests, we can have a better collection in particular areas and locations, rather than having libraries where the collection would actually be few and far between.

    OFFICIAL REPORT - 2003-03-20 · READ THE OFFICIAL RECORD

  2. Sir, I share Dr Tan Boon Wan's concern that possibly the telecommunication industry is reaching the stage of stagnation as reflected even in the Budget Book. I am very sure that there are opportunities for us and maybe we would like the Minister to share with us what are the areas of opportunities and development, and whether the route is towards more infrastructure or the applications that could be developed. Second, Sir, is with regard to penetration of home PC and on-line transactions. To my mind, security is actually a major obstacle to the use of on-line transactions and I would like to ask the Minister how we can persuade Singaporeans that our systems are secure and that we can go on-line without the concern that we will be overcharged. 2.15 pm Third, I read with concern an interest of competition that other countries, like Mauritius, pose to us. In the setting up of the disaster recovery centre, we can actually have competition with countries like Mauritius. What are the steps that we can take to develop Singapore as a centre for disaster recovery? Finally, Sir, on home grown competition amongst the domestic players of the infocomm sector, I know of the debate on having greater competition in this area. We have to watch domestic competition, but domestic competition is not really important. It is how we can compete against others in the region. It is still a very much regulated industry in the region. What steps can we take to allow for greater liberalisation in this particular sector, so that we can have greater opportunities in this sector?

    OFFICIAL REPORT - 2003-03-20 · READ THE OFFICIAL RECORD

  3. Sir, on censorship, obviously society has changed and we are seeing the rapid introduction of technology, so the mood is for greater liberalisation. I just want to urge the Ministry to be very cautious in their response to opening up because I think there are fundamentals that we need to maintain. I am particularly concerned with regard to the young. We are seeing over the Internet young girls who innocently got themselves into trouble because of massacre raiding adults. Here, parents play a very important role and we have to teach our young to be independent, and not to succumb to peer pressure, and to be well-equipped to stand up against all temptations and situations that compromise themselves. As we have seen in the case of smoking, because we take an easy attitude, we are finding now that more and more of our young ladies are taking up smoking. That is a form of censorship. That is a lesson that we can learn when we try to open up, especially in finding a balance with regard to how much to open up. I think we should be especially cautious when the media can reach our homes and the children can have access to them. For public performances, we have to make sure that there are not only the audiences involved but also the performing groups. It is important that we also uphold the integrity of all the performing arts groups.

    OFFICIAL REPORT - 2003-03-20 · READ THE OFFICIAL RECORD

  4. Sir, for the creative industry, MITA has a desired outcome to have a vibrant and self-sustaining creative cluster, and it is basically the fusion of arts, culture, business and technology. I must say that it is a tall order, and it is a tremendous challenge for MITA to accomplish this. If they are successful, they will increase their contribution to our GDP and result in job creation and wealth to the country. But, Sir, I would like to ask the Minister what other conditions and an environment that we can create in Singapore to facilitate this success in the story of a creative industry. In a very stress-driven society, creativity can be a result of our backs being against the wall. But there must be conditions and environment where you need the calm, the reflection and meditation, for people to explore ideas. I would like to ask whether enough conditions and environment are provided. Talent is a very severe constraint. We are successful in setting up schools for the arts, design and media right up to the university level. Are there plans to move such schools from the Ministry of Education to MITA? Is there a business case for a very special purpose school under MITA? How do we overcome the constraints of manpower and time? Miss Penny Low (Pasir Ris-Punggol): Sir, in view of the time constraint and that this speech originally comprises two cuts, please allow me to ask a series of questions.

    OFFICIAL REPORT - 2003-03-20 · READ THE OFFICIAL RECORD

  5. Sir, I just want to stress that value education is very important, and I hope that the Ministry will strengthen this area.

    OFFICIAL REPORT - 2003-03-19 · READ THE OFFICIAL RECORD

  6. So, I wonder whether the Ministry of Education can think about how we can prepare our students for the future in the cross-cultural environment and the world in which they are going to work and live in. The other thing we are seeing is that some of the supposedly successful people are getting into trouble, and that has got to do with values and ethics.

    OFFICIAL REPORT - 2003-03-19 · READ THE OFFICIAL RECORD

  7. Sir, on the subject of holistic education, the thought that comes to my mind is that if we were to ask the school principals and teachers today how many of them have spoken to their students about the impending war in 24 hours in Iraq, I am not so sure many school students will have some foretaste of the story developing and shaping up in the Middle East. Also, we spoke so much about the Economic Review Committee report. A lot of effort has been put in. I wonder how many principals and teachers are equipped to discuss the important subject that will affect them in the next 15 years, because the Economic Review Committee report is framed for the next 15 years. So, as we are already very strong in our education system, I think the future really lies in how do we make it stronger and better. It is no longer the science of education but rather the art of it. I share Dr Jennifer Lee's point with regard to how much more rounded we can make our students to be in not only in the sciences but also in the arts and the humanities. As the global economy is with us today, we are seeing ourselves getting involved with cross-cultural contacts and issues. I am not very sure that the way in which the students are placed, the subjects that they learn, and the inter-personal relationships that they develop with one another, prepares them for this cross-cultural environment that our young would have to face. I know that these are more likely to be activity-based rather than classroom subjects but, in preparing for the future of education, we cannot help that activities become as important as classroom teaching.

    OFFICIAL REPORT - 2003-03-19 · READ THE OFFICIAL RECORD

  8. The suggestion is that the Government would want to outsource and get third-party involvement, such as professional bodies, employers and whatever organisations that have an interest in providing this facility. My last point, Sir, is that the Government is in a good position, because it has all the data, information and the network, and I hope that through the services of the CET statutory board, more employment opportunities would be created and there would be a better match of individuals and jobs.

    OFFICIAL REPORT - 2003-03-15 · READ THE OFFICIAL RECORD

  9. Sir, lifelong learning and adult education is not new to Singapore. In fact, many years ago, we had the Adult Education Board, ie, Lembaga Pelajaran Dewasa, and we are coming full circle mainly because in the good days I remember trying to encourage the older workers to take up retraining and there was this reluctance because the job was secure and they found that they preferred leisure instead of spending time learning. So, the point is that the Government can only do that much if the workers do not exercise personal responsibility. The success of training is really in the attitude and values of the individuals, and this is something that the individuals must really think for themselves, that the Government can provide the facilities, but they must want to learn and to take advantage of all the facilities provided. On coverage of the target groups, I support Mdm Ho Geok Choo's point that in the knowledge economy, it is really beyond the skilled workers, ie, the technicians and even the middle management personnel who need the training. My concern with regard to such learning institutions provided by the Continuing Education and Training statutory board is how do we de-stigmatise these learners wanting to go for training, because we certainly do not want it to be perceived as an institute for drop-outs, but really to encourage these people that there is something valuable that they can benefit from. Unless we make sure that this is an incentive and is of benefit to them, people may actually veer away from taking advantage of it. The next point is obviously the operations of learning.

    OFFICIAL REPORT - 2003-03-15 · READ THE OFFICIAL RECORD

  10. So I hope that our schools do not take the short-term view in performance ranking at the expense of the long term good of our students in the study of Arts and Humanities subjects. Indeed, the biggest challenge today is to help preserve the jobs of Singaporeans and for those who are unemployed to help them find new jobs. This issue will remain with us as we expect a slower growth for our economy rising in the region of 3-5%, but unemployment is likely to stay around 3-4%. Lifelong learning has become more pressing. I am glad the Government is taking this very seriously with the setting up of a statutory board to take care of this area. But I like to echo many of my colleagues that it is the personal responsibility and self-help of the individuals that matter. This may be a wake-up call to Singaporeans to take up lifelong learning seriously to ensure their employability. The Government is in a good position to draw up the information and resources to help Singaporeans who are in need of work to be trained and help find work. Employers should also play their part to be fair in the employment and treatment of Singapore workers. They should not rely on foreign labour if Singaporean workers are prepared to lower their expectations and work hard to earn a livelihood for themselves and their families. Sir, I am happy with the breadth and depth of coverage in this year's budget. It is a reassuring Budget. The Government is on top of the situation. We have the resources. Singaporeans must draw out their courage and not be deterred by the storm we are sailing through. We will indeed reach the safe harbour if all our hands are on deck and focus on the direction we should be heading. We can then look forward to a better year ahead.

    OFFICIAL REPORT - 2003-03-10 · READ THE OFFICIAL RECORD

  11. It requires business acumen to translate the reputation and expertise into successful businesses. For many years, the Chartered Institutions of United Kingdom collect large sums annually in organising examinations for their courses and issue certificates qualifying them to become members of professional bodies. Singapore has already gained expertise in a number of areas. We should be able to conduct our own examinations for foreigners who are interested in them and issue relevant certificates attesting to the standards achieved in the examinations. If properly organised and managed, they should contribute to making Singapore an education hub in the region. Our top students have acquitted themselves very well in the reputable universities in the US and UK. They are gifted and would be able to fend for themselves whatever educational system we provide. Our challenge is to bring an expanded number of students in the next few levels to an even higher level of achievement than currently the case. Our students have to be more well-rounded and be imbued with a wider interest. They should be able to handle both the Science and the Humanities subjects with ease. There is an urgent need to encourage the interest and strengthen the learning of humanities in schools and universities. The challenge in working and dealing in a cross-cultural context and issues require a deep appreciation and understanding of the Humanities subjects, and cross-cultural issues will pose a greater challenge in the future and our students should be prepared for it. Our young who neglect them do so at their peril in later years. It is like the Chinese Language now. No parent needs to be persuaded on the importance of learning the Chinese Language in schools today.

    OFFICIAL REPORT - 2003-03-10 · READ THE OFFICIAL RECORD

  12. We should do our level best to prevent more companies from closing shop, relocate or shrink their operations that could aggravate our already high unemployment situation. Labour and land are two domestic components within our means to influence the business competitiveness and profitability. We have to bring down the cost of industrial land, commercial properties and manpower costs of our businesses. It is a good idea to cap the salary ceiling for CPF contributions at $5,000, instead of $6,000. The high income earners are able to manage their own retirement plans. These high income earners should be subjected to greater variability in their remuneration, linking their pay and rewards to performance and profitability of the company. This will set the tone to put quickly in place the flexible wage system against the seniority-based system that has remained unchanged for some companies. In the effort to promote entrepreneurship, we have first to develop a culture of entrepreneurship in this country. The current adverse economic situation may just provide the right conditions and impetus for individuals to be self-employed and start up their own businesses. My concern is the over-capacity situation in the retail sector where the small retailers are already suffering from poor business. With new entrants, the retail business will be even more competitive and the situation would worsen unless the economy improves and more foreign visitors and expatriates are employed to work in Singapore. As HDB retailers contribute to a sizeable proportion of neighbourhood shops, there is the urgency to deal with HDB neighbourhood shops. Singapore has an excellent reputation in our educational system.

    OFFICIAL REPORT - 2003-03-10 · READ THE OFFICIAL RECORD

  13. Perhaps DPM Lee can enlighten the House how the Government is able to achieve a three-fold increase in net investment income between the years 2001 and 2002, jumping from $1.375 billion to $3.8 billion. In this year's Budget, many quarters have hoped that the Government could have been bolder with a higher budget deficit. The FY 2003 Budget is estimated to run a deficit of close to $900 million, with a net investment income contribution estimated at about $3,000 million. If the Government were to continue to achieve the same net investment income of $3.8 billion, the Budget will end with a small deficit or even a balanced budget. I am glad that the Government has remained resolute not to accede to the call on Government to cut corporate taxes further and others who want more expenditure to prop up the economy. I agree that it is more prudent to take the conservative approach. We do not know how the situation in Iraq will turn out. The war and its aftermath can play havoc to oil price increases and the overall adverse impact on the global economy. This Government has shown that it is prepared, as in the past, to take off-budget measures to prevent our economy from deteriorating further. And I hope that, as Dr John Chen has mentioned earlier, the Government could give an indication of such a possibility. We shall have to wait and see if all these uncertainties in the Middle East will pan out. In promoting manufacturing and services as the twin engines of growth, we must recognise that we have fallen behind in our competitiveness. Our business cost has gone up in comparison with other emerging economies in the region and our productivity lags behind the cost increases. We have to quickly bring the business cost down before more companies get into financial difficulties.

    OFFICIAL REPORT - 2003-03-10 · READ THE OFFICIAL RECORD

  14. For those of us who went through the bitter experience of the 1985 recession, we have gained valuable lessons on how to survive and prosper in a highly competitive business. Businesses that are built to last require a stable, committed and diligent management team, strong organisational skills, good cash management, not to borrow beyond our means, be thrifty and lean, use contract workers, instead of regular employees, a flexible wage system that pays a lower base salary but with highly variable bonuses. It is not surprising that those Singapore establishments that started in the 1960s and 70s and have made no attempt to shed, restructure or reorganise their businesses would have inherited an organisation that is flabby with high cost and unable to compete in a deregulated and highly competitive globalised business environment. I read a report recently that the majority of American CEOs do not have any experience in managing an economic downturn because they were not exposed to the last recession that happened a decade ago. We know that personal experience is a good teacher. We are fortunate that DPM Lee had gained valuable experience when he helped tackle the 1985 economic recession and this has placed him in very good stead when he chaired the Economic Review Committee. The Economic Review Committee Report acts as the foundation and cornerstone of his Budget Statement this year. Sir, I note that in last year's FY 2002 budget, we had managed a small deficit of $94 million, compared to a deficit of close to $2.7 billion in the year before in FY 2001. The smaller overall deficit was on account of a better contribution of net investment income of $3,800 million.

    OFFICIAL REPORT - 2003-03-10 · READ THE OFFICIAL RECORD

  15. We were well aware of the need to restructure our economy since the 1985 recession. We had a good run of 10 years until we were hit by the 1997 regional financial crisis. Now we have to face the harsh realities of having to deal with both economic restructuring and the severe downturn. That is why the depressed feeling has been much more acute. Perhaps when we dealt with the 1997 financial crisis, we should not have slowed down the process of restructuring our economy. We cannot afford at this time to delay any further to restructure our economy. We are aware of the high cost required in terms of job losses through retrenchment, pay cuts, and fresh graduates finding difficulties to secure jobs quickly. It is unfortunate that all the painful measures are taking place at the same time and affecting a large cross-section of our people. If we are to take bold steps now to restructure our economy, we would be able to take full advantage of the recovery of the global economy when it comes. Sir, the marine industry is a good example of an industry that went through the 1985 recession with massive retrenchments and severe restructuring. Looking back, the actions taken in those years to cut over-capacity saved the marine industry. Today, the industry has not only survived but prospered. The marine sector was labelled a `sunset' industry. It has been a long `sunset' for the marine industry after 18 years. It remains a cyclical industry but the sector is able and ready to deal with the cyclical nature of business because they have put in place a structure and organisation that is resilient to cope with the upswing and downswing in the business. It is to the industry's credit that it was able to absorb some of the former PSA employees who lost their jobs recently.

    OFFICIAL REPORT - 2003-03-10 · READ THE OFFICIAL RECORD

  16. Sir, it is a tradition for me to attend the gathering of Trade and Merchants Associations on the first day of Chinese New Year. I have been doing this since becoming an MP. What struck me in this year's annual get-together was the depressing mood - a sense of hopelessness and defeatism that the situation in Singapore is no longer salvageable. I have not felt anything like this before, to see our people discouraged and demoralised, on the verge of giving up. This was not evident during the 1997 regional financial crisis and its aftermath. Our people are looking for ideas, advice and seeking answers to get out of their dire straits. We need to buoy up their spirit. They need to be encouraged and given hope and confidence that we have the resources and resolve to overcome this recession. We have been able to do so in the past. We shall be able to do this yet again, emerging stronger to take advantage when the recovery comes. When DPM Lee presented the picture and solutions in this year's Budget, they are realistic, sound and plausible. Yet, they seem to be at odds with the experience, sentiments and feelings of many people outside the Chamber. The measures required are painful but inevitable. We have to take the bitter medicine if we want to recover and there is no easy painless way out of this recession. Indeed, the Budget measures are broadly strategic and qualitative in nature, dealing not just with the immediate issues but having an eye for the next 15 years. Between the intellect and the emotions is the attitude and mindset needed to act out our choices. Our actions must be based on the harsh realities before us. We have the natural human tendency to deny we have a problem and wish that the problem would go away without us taking the painful medicine.

    OFFICIAL REPORT - 2003-03-10 · READ THE OFFICIAL RECORD

  17. Sir, I read with alarm the very large number of unemployed amongst the diploma (6,400) and degree (12,900) holders. Can we help the polytechnics and universities, so that we do not add to new graduates among this field of unemployed? Can we have some idea of who these people are?

    OFFICIAL REPORT - 2003-01-20 · READ THE OFFICIAL RECORD

  18. Sir, I beg leave to withdraw the amendment. Amendment, by leave, withdrawn. The sum of $268,262,600 for Head Q ordered to stand part of the Main Estimates. The sum of $221,945,800 for Head Q ordered to stand part of the Development Estimates. Head I -

    OFFICIAL REPORT - 2002-05-22 · READ THE OFFICIAL RECORD

  19. Sir, I beg to move, That the sum to be allocated for Head Q of the Main Estimates be reduced by $10 in respect of Code QI 5200. Sir, I am raising the subject of the Malay Heritage Centre because I believe it should not be just a centre for the Malay community. It should be a national project. I recall the failure of the Malay Village in Geylang Serai some years ago. It is important that we make it a success this time. If we are ambitious enough, we should make it a regional centre for Malay heritage. So I just want to ask the Minister what plans we have to make it lively not only for the centre but also the surrounding areas, the programmes and activities, and for public education as well.

    OFFICIAL REPORT - 2002-05-22 · READ THE OFFICIAL RECORD

  20. Sir, the world telecommunication industry is in the midst of a financial melt-down. There is over-capacity. I just want to find out from the Minister, what is the situation in Singapore? Has it the same effect? Do we have over-capacity? Do we have the critical mass and the economy of scale to enable these networks to survive? And, also Sir, the consumers of bandwidth do not see the prices falling, even though telecommunications has liberalised and we see more competition. We read recently that Starhub is going to acquire SCV and I am concerned about the role of content providers and systems integrators. By allowing the two large groups remaining, will there be a role for content providers? I think one of the great issues with regard to telecommunications is really the role of content providers, the variety of them, the access and provision of content and how the systems could be integrated. Similarly, with my colleague before me who has spoken, I see that the percentage of the workforce which is competent in infocomm, has only risen marginally from 43% to 45%. So what steps are we taking to improve the competency level of Singaporeans in infocomm, especially for older workers? When do we see the day that we have 100% competency in infocomm. Are we producing enough talent in this area, because as we want to grow this industry, obviously, what will hold back would be the human capital? Can the Minister give us an assessment?

    OFFICIAL REPORT - 2002-05-22 · READ THE OFFICIAL RECORD

  21. I think we have made very good progress, and we should encourage the Ministry to press on. Sir, I just want to ask the Minister about the balance of the three sectors, of Government, private and people sectors. I believe too much is imposed on the private sector to provide the funds. I think the Government can do more, because we have not developed the patronage system as yet. So it is not easy to get the private sector or even the people sector to cough up the money. Maybe the Government should put as much seed money as possible. The other thing is the question of job creation opportunities. In times where jobs are difficult to come by, this is an area where jobs could be created. Finally, Sir, I have a query about Capitol Cinema. It is in my constituency. When Capitol Cinema was closed, it was intended to become a theatre. It has been mothballed for a long while. One of the problems with eviction is that when the place becomes empty, the whole place gets hollowed out. And that is always the problem when there is lack of synchronisation between the party that acquires Government buildings and filling up the place. I am waiting to see when Capitol Cinema will come back to life again.

    OFFICIAL REPORT - 2002-05-22 · READ THE OFFICIAL RECORD

  22. Sir, the other day, Prime Minister Goh Chok Tong spoke about attempts by the Government to try and uplift the morale of Singaporeans. So far, in Parliament, the only thing that we hear are about the downturn of the economy, the doom and the gloom. Really, arts and culture should be for all seasons. When times are good, there are reasons for us to celebrate. When times are not so good, arts and culture can indeed uplift the mood of Singaporeans. Therefore, I would suggest that the Ministry take a contrarian view as far as the budget provision is concerned. If we think that the economy is not likely to be good, in fact, we should give more money to the Ministry, so that there would be the enhanced outreach programmes to the people. In fact, in the budget provision, the outreach programmes have plateaued. I do not see efforts being made to enhance these outreach programmes. We remain ambitious to achieve the middle class society. I think, as we attempt to more forward in our economic ladder and with a better educated population, two-thirds of Singaporeans are receiving tertiary education. The intangibles become important. Singaporeans are no longer materialistic. They are very interested in the things of the spirit and the soul, and arts and culture become very important. Singaporeans are well travelled. They are exposed to top displays and performances. We are also talking about attracting top talent to Singapore. So it is very, very important for a society like ours that we have this wholesome living, this quality of life that we are looking at. The Ministry of Information, Communications and the Arts is really a very young Ministry. It is only about 10 years old. It is a very long journey.

    OFFICIAL REPORT - 2002-05-22 · READ THE OFFICIAL RECORD

  23. We should not reduce the employers' CPF contribution for the older workers without giving them ample notice. I would hazard to say that they should be given at least five years' notice before any change could be made to allow them to make their long-term adjustment. I estimate that there must have been a few hundred thousand properties that have changed hands at high property prices in the last few years. Many Singaporeans have borrowed and mortgaged their homes to the hilt with a substantial instalment repayment coming from the withdrawal from their CPF savings. Any reduction in employers' CPF contribution would certainly cause severe financial hardships to many families who have bought new homes in recent years. I hope the Government will think very carefully before attempting to change the rate of employers' CPF contribution overnight. And I think any change just to solve the problem of a small group at the expense of a much larger group is not the way to go. Sir, I am glad that the Government has recognised that with the reduction of corporate and income taxes, the income gap will widen. The tax deductions provided will help promote the spirit of philanthropy in individuals and corporations, which I believe is a step in the right direction. In fact, I am pleasantly surprised that such a heavy document as the Budge Statement saw it fit to have this element of philanthropy written into it. I hope many Singaporeans and local and foreign corporations operating in Singapore would contribute generously to support the less able in our community. Their act as socially responsible citizens will contribute to social bonding and help build a strong and cohesive Singapore society. Sir, I support the motion.

    OFFICIAL REPORT - 2002-05-13 · READ THE OFFICIAL RECORD

  24. In recent times, we have witnessed graduate executives and professionals losing their jobs arising from mergers and acquisitions, and the organisations needing to adjust to the new business operating environment with the use of information and communications technology and this had added to the gloom and doom. We have to brace ourselves that for a long while yet, a sizable number of Singaporeans will suffer joblessness and have difficulty securing alternative employment with salaries comparable to what they used to earn. For Singaporeans who are currently employed, the way to protect themselves and secure their employability would be to be flexible in accepting work assignments and even accepting downgrading in job roles and be diligent to learn new skills and apply their knowledge as best as they can. Sir, this Budget did not cover any changes to the current rate of CPF contribution at 20% for employees and 16% for employers for those below 55 years. Singaporeans used to have the total CPF saving rate of 50% and then reduced to 40%, and now adjusted to 36% because of the economic downturn. The Government has all along expounded the long-term policy of 40% in CPF contributions to be adequate in providing for the retirement needs of Singaporeans. Therefore, Singaporeans are especially concerned when there was a suggestion to introduce new age bands for the 40 to 55 years old to lower the employers' wage cost. This has rattled middle age Singaporeans who fear that they would be adversely affected if this came about. Sir, we all know that CPF savings have been used to cater to the housing, medical and retirement needs of Singaporeans. Singaporeans in the 40 to 55 age groups are people with the highest financial needs.

    OFFICIAL REPORT - 2002-05-13 · READ THE OFFICIAL RECORD

  25. It is sometimes amusing to note of the contrary approach taken by Singaporean corporations that want to employ more foreign talent and the foreign MNCs are satisfied with Singaporeans because they find them to be capable and competent. Sir, the Singapore market is highly competitive and demanding. In order to succeed, a strong management team supported by a cohesive group of subordinate staff is required. The issue is not talent alone. It has also to do with business knowledge, systems, culture and team effort. The question is not foreign or local talent. It is that in Singapore, we just simply do not have a large enough pool of leadership and executive talent in Singapore with the breadth and depth of experience operating as multinational corporations at the corporate level in the regional and global markets. Singaporeans now realise that it is no longer a stigma to move from job to job and to change from one business to another. Singaporeans have learnt to seize whatever opportunities available and the need to climb up the value chain both in their careers and businesses. However, we have to be realistic that no matter how hard we try and whatever encouragement we may give, there would only be a small segment of our population who would want to be entrepreneurs. The vast majority would be content to remain as salaried employees. There is no doubt that the nature and tenure of employment will also change. The present unfavourable employment market conditions have affected the attitude and psyche of the average Singaporean who feels insecure and vulnerable.

    OFFICIAL REPORT - 2002-05-13 · READ THE OFFICIAL RECORD

  26. Sir, good jobs mean higher value jobs that command good salaries for Singaporeans who have the skills and qualifications to take them. The Singaporean businessmen commonly ask the Government to help bring their cost of operations down so that they can compete against the countries in the region. Unfortunately, there is a limit as to how low we can go in bringing the cost of operations down. Sometimes, I wonder whether our liberal policy to allow the importation of cheap foreign labour has led to our lack of competitiveness in some of our industries today. It is not possible for Singaporean businessmen to want to earn good profits and Singaporean workers to desire and expect higher salaries and yet are unprepared to pay commensurate prices for the goods and services produced and provided for by fellow Singaporeans. Conversely, we should not unwisely pay generous remuneration to foreign talent just because they are foreign without scrutinising their capacity to contribute and their ability to fit into the local culture and environment. We should not overlook the equally deserving Singaporeans by giving them similar opportunities to make the grade. The cynicism Singaporeans have for foreign talent has been that quite a few have been deemed to be largely unsuccessful in making their mark. Singaporeans have been unconvinced that foreigners have made the vast difference to the performance of Singaporean organisations that employ them. Singaporean corporations can do a better job in succession planning and the development of Singaporean talent as corporate leaders for their organisations.

    OFFICIAL REPORT - 2002-05-13 · READ THE OFFICIAL RECORD

  27. Mr Deputy Speaker, Sir, this first Budget 2002 presented by DPM and Finance Minister Lee Hsien Loong is significant in responding to the different world we now live in. The proposed strategic changes, in my opinion, are bold, honest and unwavering. The impact will be far-reaching as it would contribute to the well-being of Singaporeans in the next phase of our growth and development. The picture he has painted is now clearer in defining the kind of economy we want to create for Singapore. Sir, this is the kind of leadership that Singapore needs during turbulent times and when we move from one generation to another. This year's Budget is presented later than the usual end-March Budget in each year. The Budget has the advantage of knowing the results of the year's first quarter economic performance. In fact, the global economic environment is so volatile and uncertain that it makes financial and economic forecasting perilous. There is the dire need for the Government, even after the Budget has been approved by Parliament, to constantly review the progress throughout the year so that timely measures are taken and adjustment made, taking into account any critical and momentous developments that might scuttle the Budget plans for the year. I am thinking about the developments in the Middle East which certainly could be a development that can change the scene in the world. We experienced this last year, Sir, when the Budget was presented as usual in March, yet the Government saw it fit to implement the $2.2 billion package of measures in July to forestall and cushion the effects of the severe deterioration in our economy. The Government has given the highest priority in creating good jobs for Singapore.

    OFFICIAL REPORT - 2002-05-13 · READ THE OFFICIAL RECORD

  28. With inspiring and visionary leadership and a people with a positive attitude supporting and cheering each other along in the steep climb, I have no doubt that we will still make it again in the next decade and beyond.

    OFFICIAL REPORT - 2002-04-01 · READ THE OFFICIAL RECORD

  29. We should also not forget the traders and merchants who are doing roaring overseas businesses. The High Street Centre merchants have been concerned for some years about their long-term future. Incidentally, High Street Centre is in my constituency. These merchants have established their business contacts and network with customers from the Middle East and the Indian sub-continent for many years. I am glad that only recently the URA has finally decided to retain the High Street Centre which is across Parliament House. Another example is the Wholesale Centre at Victoria Street, again in my constituency. This group of dry goods merchants was relocated from the former Ellenborough Market at Tew Chew Street to make way for the construction of the North-East MRT Line. This enterprising group of wholesalers has trading businesses with many overseas countries including Latin America. Over the years, in our efforts to redevelop Singapore's urban landscape, we may have unwittingly caused the demise of some important segments of our old economy. We should not close down businesses just because they belong to the old economy. Some of these businesses can be viable and highly profitable. It would be a shame that we lose them for good. In the coming decade, we have reached the stage of development and the capacity to generate 4-5% growth per year. Singaporeans have to moderate their expectations and plan their own future with this prospect in mind. The challenge before us is to seek and understand what is happening in the world around us and to adapt and respond to the changing times.

    OFFICIAL REPORT - 2002-04-01 · READ THE OFFICIAL RECORD

  30. Time could be given to put surplus staff through relevant training and skills upgrading programmes to equip them for new jobs. In this way, those who are not immediately affected can take comfort that when their turn comes and their services no longer required, they can leave the organisation graciously and with their dignity intact. In order to avoid the larger scale retrenchments in the future, I wish to propose that the tripartite bodies of the Singapore National Employers' Federation, the NTUC and the Ministry of Manpower work out schemes of arrangement to make it easier for employers to periodically place out staff that the company does not need. By having regular out-placement exercises in small numbers, the companies may be saved from the trauma and distress of retrenching large numbers of staff at one go, and worse still, do so during hard times when there is a dearth of alternative jobs in the employment market. Singapore's home grown entrepreneurs usually come from the small and medium enterprises (SMEs). They are the ones with the most prospects and potential to grow further, and appropriate help should be extended to them. I am glad to read that SPRING Singapore, the new name for PSB, is giving all the support they can to the SMEs. These SMEs also need to professionalise their management. I hope that many young aspiring professionals and executives will join the management ranks of the SMEs to help them develop and grow further. I do not believe that only the very large companies can benefit from the global markets. Our SMEs can also find their rightful places in niche markets. The SMEs usually attract less public attention and with their lower profiles can strike profitable ventures for themselves in overseas markets.

    OFFICIAL REPORT - 2002-04-01 · READ THE OFFICIAL RECORD

  31. The Malaysian politicians are an irksome and incredulous lot. They should know that Singaporeans are a discerning group who has wised up to their antics in the issues they try to stir up. These no longer cut any ice with Singaporeans. Instead, they have helped to rally and bond Singaporeans closer together. In the workplace, we have this saying, "Idle minds are the devil's workshop." Singaporeans can no longer be idle. To stay ahead, we cannot afford to be distracted by unproductive, frivolous and meaningless talks and utterances. In everything we do we are accountable to the stakeholders. We have to be prudent and frugal in our financial stewardship. In times of crisis, we are prepared and ready to weather the ups and downs of economic cycles better. We are living in times of a highly volatile economic environment. With the process of employment destruction taking place in the Singapore labour market, this has given rise to greater insecurity and job uncertainty. For the first time after many years of strong economic growth, a large number of managers, executives and professionals have been thrown out of work. Who would imagine that even well qualified and experienced senior staff could lose their jobs through retrenchments? The sign is clear that with economic restructuring, no one is spared from the effects. All levels of staff have just to be prepared to make the next move and move on. There is no longer the stigma when someone loses his job because of mergers and acquisitions and company restructuring. However, I believe employers can adopt a more open and humane approach when releasing surplus staff. Employers should give affected staff as much notice as possible to help them to come to terms and prepare for the next job move.

    OFFICIAL REPORT - 2002-04-01 · READ THE OFFICIAL RECORD

  32. There has been much talk about PSA Corporation's loss of Maersk Sealand to the Port of Tanjung Pelepas in Johor and the competition hotting up between Singapore and Malaysia in port services and the risk of other major shipping lines exiting from Singapore. Malaysia's attempt to compete against Singapore in port services is not new. It was Port Klang, then Pasir Gudang and now Tanjung Pelepas. Malaysia has also developed the Multi-Super Corridor, the Sepang International Airport and Senai International Airport. Singapore cannot prevent external competition whether from Malaysia or elsewhere. The way for Singapore to respond is to do so calmly by examining ourselves, our strengths and weaknesses and take all necessary measures to tackle the competition and come out tops in the long run. I think it is too early and premature to conclude, as some pundits seem to suggest, that PSA Corporation has already failed in its ability to compete. What is needed is for the Government Ministries to take an integrated and multi-disciplinary attitude in providing PSA Corporation with all the assistance it needs to compete. PSA Corporation will have to stay on course and remain focussed, taking a systems and team approach in meeting the competition head on. By providing highly cost competitive and value added services, PSA Corporation's management and workers, working together, hold the key to winning the competition and doing Singapore proud. Sir, in meeting Singapore's increasing demand for land, we should make no apologies to anyone in our extra efforts to reclaim more land within our territory for future use. We owe it to our citizens to cater to their housing and other land needs. We also need to secure our land for the present and future generation of Singaporeans.

    OFFICIAL REPORT - 2002-04-01 · READ THE OFFICIAL RECORD

  33. Mr Speaker, Sir, I rise to support the motion standing in the name of Mrs Lim Hwee Hua. The significant events of last year and especially September 11, 2001 showed us that times have changed, and changing ever so dramatically. Globalisation which was just a concept not too long ago has become a reality. Transformations are taking place on the global scale that we need to change our perspective in the way we do business, work and live. In globalisation, local happenings are shaped by events occurring many miles away. The terrorist attacks of the World Trade Centre Twin Towers in New York have brought threats to our door-step in Singapore. It is a frightening revelation that even terrorism has taken on a global perspective. Globalisation offers us both challenges and opportunities. For a small country with a small domestic market, globalisation provides us with opportunities of larger markets. It also means stiffer competition from more countries competing against us, especially for foreign direct investments. We have seen what happened during the 1997 Asian Financial Crisis and the staggering impact on the regional financial markets. Thomas Friedman in his book, The Lexus and the Olive Tree: Understanding Globalisation, used the term "the global herd" to describe the millions of investors world-wide, who can be stampeded into running from an economy by the slightest signal of danger. It is very important that we keep the reputation of our financial institutions intact and maintaining a system that is open, honest and transparent. When we adopt very high ethical standards in the public, private and people sectors, we will win the trust and confidence of investors in the long run.

    OFFICIAL REPORT - 2002-04-01 · READ THE OFFICIAL RECORD

  34. This is in line with the learning culture which we wish to inculcate in Singapore. The nature of work requires people working in teams. It requires an integrated and inter-disciplinary approach to problem solving and innovation in the delivering of services to the public. Sir, with its new character and status, I have no doubt that the College will become a world-class institution of learning for Singapore's civil servants.

    OFFICIAL REPORT - 2001-07-25 · READ THE OFFICIAL RECORD

  35. Singapore has benefitted from the experience of many established public service of developed countries. We have learnt from them and adapted in ways that work best in Singapore. Sir, I think it is now our turn to help the less developed countries to improve the standard of public servants for the benefit of the citizens of the world. And I hope the Civil Service College will provide space and opportunities for the public sector employees of overseas countries. Like the Jamaican MP who is impressed with Senior Minister Lee Kuan Yew's memoirs in how Singapore has succeeded when many others had failed, and we also read from the press report of Chinese bureaucrats who decided that by doing the Master in Public Administration is better than the MBA because it is more appropriate to their work, are examples of the attitudes and actions taken by well-meaning civil servants if opportunities are made available for them to carve a career in the public service. As learning has become even more important in the globalised and deregulated world and the active participation of citizens on our civil society, I would urge the Government to continue to provide the necessary funds and support in ensuring that adequate resources are provided. In the fast-changing world, civil servants also require to be adequately trained and developed for their jobs. As the iron rice bowl mentality of civil service is a thing of the past, the well-trained civil servants can take comfort that they can make a career switch with ease, making use of their skills, knowledge and experience in their second and subsequent careers. Finally, Sir, I presume that the Civil Service College will train all levels of public servants from the lowest to the highest grades.

    OFFICIAL REPORT - 2001-07-25 · READ THE OFFICIAL RECORD

  36. Sir, I rise to support the incorporation of the Civil Service College as a separate entity to allow it to be run autonomously, efficiently and effectively. The Civil Service College, if run successfully and getting our civil servants to discharge their duties and responsibilities diligently, will not only benefit the civil servants but also the members of the public whom the civil servants serve. I see a lot of potential for the College to network with the industries and private sector organisations, both in Singapore and overseas. I am sure that the College will be seeking out opportunities to benefit from opening to and participation from the academia, the private sector companies and professional services firms. As some MNCs will become powerful and influential in the globalised world, the public sector officers need to understand how these MNCs work. The civil service should also benchmark itself against the best practices adopted by excellent globalised MNCs. Sir, we have an excellent public service. We have an established tradition of evolving and strengthening the performance standards of our civil servants. We have sound policies and effective execution by civil servants. Of course, we have the odd occasion of failures, of doing things less well. All these have become the institutional memory and wealth knowledge and information retained in our public service. The world is converging towards requiring high standards of ethics and governance from governments for its citizens. There is a need for civil servants and entrepreneurs, CEOs and professional managers to understand each other. The College can facilitate the exchange and participation in each other's work and programmes.

    OFFICIAL REPORT - 2001-07-25 · READ THE OFFICIAL RECORD

  37. The Minister has spoken, so I will not speak on it. The Chairman: We have reached the "guillotine" time for this amendment. Dr Wang, would you like to withdraw your amendment?

    OFFICIAL REPORT - 2001-03-15 · READ THE OFFICIAL RECORD

  38. As you know, in selection for medical students, there is an interview and, during that interview, they will try to ascertain the aptitude, the perseverance and the real interest of the students to take medicine.

    OFFICIAL REPORT - 2001-03-15 · READ THE OFFICIAL RECORD

  39. Sir, I will just keep it short. There is a trend of professionals leaving the profession. It appears that they have made a mistake in the course of study, or they do not like the course of study. I am just wondering whether the university and the manpower planners are able to manage and respond to this new attitude and thinking of our young with regard to the course of study and the kind of work they want to do. There are talks about professional courses being a postgraduate qualification. We want a more broadened first-degree course, maybe a postgraduate qualification for professional courses. There is also this interview selection process for law and medicine. I wonder whether the selection process can give cognisance to the kind of mix and diversity that we want the young undergraduates to go into these professions, and also whether we can open up the professional qualifications through part-time studies for working adults because they do not seem to provide the opportunity for mobility for people who have completed university education. RAdm Teo Chee Hean: Sir, Dr Tan Boon Wan has mentioned the changes that are taking place in our universities. Yes, they are progressing, and we will advise the universities, where appropriate and necessary. Let me now deal with some other specific issues. Mr Loh Meng See has asked about the professional qualifications. I do not have the figures as to what percentage of students who have successfully graduated from these programmes, decide to take up other professions later on. I certainly will take into account the suggestion that he has and pass it on to the universities in the selection of students.

    OFFICIAL REPORT - 2001-03-15 · READ THE OFFICIAL RECORD

  40. We should actively inculcate this attitude of sharing and for the better students to help their weaker classmates in understanding the lessons. Individuals must have the sense of mission in wanting to teach, otherwise they would not persevere and not last very long in the teaching profession. I therefore salute those teachers who have stayed until their retirement and for some who continue even after retirement in different capacities. May I ask the Minister whether the Ministry is recruiting the right people to become teachers? I wonder whether the Ministry has, over the years, varied the selection criteria for those who applied to become teachers. Is it time for a review? We need to give every support to our teachers, to encourage them to continue in their service for as long as possible and make valuable contribution to our young for the future of our nation. I wish to ask the Minister the state of the teaching service. Is he happy with the number of teachers who have been recruited? How could we improve and strengthen the overall experience and competency level of our teachers? How do we encourage as many of them to develop teaching as a long term career?

    OFFICIAL REPORT - 2001-03-15 · READ THE OFFICIAL RECORD

  41. Sir, thank you for allowing me now to speak on the teaching profession. Sir, teachers have a daunting task to handle. It is not easy these days having to deal with a class of children who are getting more difficult to control and discipline, let alone other administrative duties. Should we not have a two-teacher position in certain difficult classes to make the work of our teachers more manageable and productive? Teachers are professionals. We should accord the respect and status to the teachers in our society. Our teachers are well trained and fully competent to teach our children. I just wonder whether our parents show the same support for the teachers who are helping their children in school. Sometimes we hear of parents who think that they know better than the teachers and interfere with the teacher's relationship with their children in school. Besides academic qualifications, teachers require special attributes. They must love children. It is a vocation. In the teacher's hands lie the future of a country, a generation of leaders to be educated and nurtured, and a successful individual who makes the work of the teacher worthwhile and rewarding. But, Sir, to attract individuals to take up the teaching profession is in itself a long process. For a start, it would be sad if the vast majority of children of teachers become averse to teaching and not follow the footsteps of their parents. Students should be inspired, when young, to become teachers. They should be given encouragement to become one. Teaching is the sharing of knowledge. In school, our children should be encouraged to share their knowledge and teach their weaker classmates.

    OFFICIAL REPORT - 2001-03-15 · READ THE OFFICIAL RECORD

  42. 45 pm We have to accept that our children have different gifts and talent endowments. We should not ask the children to do courses and subjects that they are not interested in. That is why we see a growing number of them dropping out of medicine, legal practice and accountancy after graduation. A common reason offered was that they were doing it for their parents. How sad, they should be doing it for themselves and be proud of it. Mind you, we are talking about very noble professions. The Ministry of Education can actively embark on a comprehensive programme to guide the parents as to how they should educate their children at home. Perhaps in partnership between the teachers and parents, we can achieve better outcome in the progress and overall development of our children. May I ask the Minister how he proposes to address the common concern of heavy workload and stressful schooling and the consequential effects on our parents, teachers and students?

    OFFICIAL REPORT - 2001-03-15 · READ THE OFFICIAL RECORD

  43. Sir, a common refrain and lament we hear these days are the heavy workload and stress faced by students and teachers. Here, I want to echo the GPC Chairman for Education, Dr Wang Kai Yuen, on the points he made. Thus we hear the chorus of complaints about the misgivings expressed in the school ranking, students being streamed into Gifted and Special Assistance Programme, Express and Normal streams, class size could be smaller and the declining mental health of our children. Sir, I believe the basic concern is really the fear of parents that their child may not be able to cope and do well in school. Indeed, the pace of change has been frantic. So many things are happening. I fear that our children are spending too much time on the computers, since the time that we introduced IT in schools. There are non-academic subjects and healthy sports and recreational activities which our children should be learning and doing, but are not. There are so many demands, yet the time and resources are limited. We have to take stock of the individual's capacity and capability and help them prioritize accordingly. We have to help our children to organise themselves and manage their time better as we adults do. Parents should know that their children have at least 40 years of active working life ahead of them. To have a headstart is to lay a strong foundation. It requires patient nurturing. If the children need more time, we ought to give it to them. We may wish to be quick, but we should not be in a hurry, because we understand "make haste, less speed". Even more important is the inculcation of good values and sound principles in our young. Parents themselves must set the right and good example for their children. We seem to be doing things for our young instead of showing them how. 12.

    OFFICIAL REPORT - 2001-03-15 · READ THE OFFICIAL RECORD

  44. Sir, there are industries that are highly reliant on unskilled foreign workers. Many Singaporeans complain that because of the importation of cheap labour, they have been displaced by these lower-paid foreign workers. My residents in Kampong Glam constituency are also frustrated with the congregation of foreign workers in the HDB housing estates at Beach Road and Rowell Court. These unskilled foreign workers bring with them bad social habits and behaviour. Sir, employers must be asked to upgrade their operations to reduce reliance on unskilled foreign workers. The foreign worker levy is one useful tool, but we must also ask employers to provide better accommodation and other welfare amenities. I would like to ask the Minister for Manpower what steps are taken to reduce the reliance on unskilled foreign workers, to provide the opportunities for Singaporean workers, without compromising and affecting the ability of our factories and the manufacturing service sectors to meet the manpower needs of the economy. Another category of foreign workers are the maids. I am concerned with the declining quality of the maids coming from far away provinces, and what steps are taken to improve their quality and training. Is it possible now to allow management corporations in condominiums to be employers of maids so that they can be better utilised? 12.45 pm

    OFFICIAL REPORT - 2001-03-13 · READ THE OFFICIAL RECORD

  45. On lifelong learning, Sir, the Government is very generous in setting up the $100,000 million Lifelong Learning Endowment Fund. The NTUC and self-help groups are also providing retraining and skills redevelopment opportunities for those who need assistance for upgrading. Sir, my concern is in the area of general attitude and expectations of employers and individuals towards skills upgrading. There are attitudinal and practical barriers that need addressing. Perhaps, the Minister can share with us what incentives are in place to encourage as many individuals as possible to take lifelong learning seriously. I particularly like the initiative that the Ministry has taken under the Strategic Manpower Conversion Programme. Here, professionals are channelled into strategic growth areas through conversion training. The Information Communication Technology sector was piloted. It has been highly successful in helping many individuals make the switch. I wonder if there are other areas that can be included in the programme. I foresee the life sciences sector as one key growth area where many more professionals will be required in the future. There may be other sectors in the pipeline. Perhaps, the Minister can share with us the steps taken by his Ministry to prepare Singaporeans for lifelong learning for lifelong employability.

    OFFICIAL REPORT - 2001-03-12 · READ THE OFFICIAL RECORD

  46. With better employment market information, we can reduce wastage and better utilisation of our limited manpower resources. Sir, can I move on to the next cut?

    OFFICIAL REPORT - 2001-03-12 · READ THE OFFICIAL RECORD

  47. Sir, it is necessary for us to address the needs of the older workers who are less educated, having little or no skills in our society. The Ministry of Manpower and NTUC have done a great deal for them. However, we must not ignore the growing number of executives and middle management personnel who have been displaced by mergers and acquisitions of companies, and business restructuring. Singaporeans have been retrenched in recent years because their companies have suffered losses or have been relocated to other countries in the region. May I ask the Minister to give us his views on the employment outlook in the next few years and into the future, if possible. MOM is in the enviable position for the abundant manpower data and information that it possesses. It has strong links with companies and knows their employment requirements. It also knows by the issuance of employment passes and work permits, how many expatriate managers, professionals and foreign workers are working in Singapore. The Ministry can be more proactive in sharing the employment information with Singaporeans because they are in the excellent position to provide job-matching services for Singaporeans needing jobs or Singaporeans who want a job change. At the local level, the CDCs are good links and networks for MOM to tap. They can be one-stop shop for companies and individuals looking for work to connect with one another. MOM can facilitate the process to match and secure the productive resources and energies of Singaporeans through gainful employment. I hope the Ministry will actively look into providing timely and good job information and job matching services for both the companies and individuals.

    OFFICIAL REPORT - 2001-03-12 · READ THE OFFICIAL RECORD

  48. Sir, the Ministry of Manpower is classified under the Economic Development Sector in the Government budget. MOM has a total expenditure budget of $184.15 million. This comprises the operating expenditure budget of $121.85 million and development expenditure budget of $62.3 million. MOM's budget constitutes only 0.66%, two-thirds of 1% of the total Government budget. It has the lowest budget provision among all the Government Ministries. I certainly hope that this low budget provision does not reflect the value and importance that the Government has on the only asset and resource we have in Singapore, that is, our people. 5.15 pm Sir, I am very impressed with the latest Annual Report, called the Millennium Report, of the Ministry of Manpower for the year 1999/2000. I only wish that more Singaporeans have access and read the wealth of information contained in the Millennium Report. Singaporeans need to know the challenges we face in the New Economy. Very different skills, competencies and capabilities will be required in working in the new commercial and business environment. To remain employable, workers will have to be knowledgeable, skilful and adaptable. With threats, there are also opportunities for us to reap the rewards in the New Economy. I would like to find out from the Minister how well informed and prepared are Singaporeans for the pace of change taking place in our economy. Do Singaporeans have the right attitude and mindset to cope with the change brought about by globalisation, information and communication technology? Do we have the necessary manpower of the right calibre to meet the needs of the new manufacturing and services sectors in Singapore?

    OFFICIAL REPORT - 2001-03-12 · READ THE OFFICIAL RECORD

  49. I am glad that the Finance Minister does not heed this suggestion of shifting tax from the point option is exercised to the point when stock is sold, giving the clear guidance and message as to how option holders should be careful in exercising the options only when they want to sell the shares. Sir, I support the motion.

    OFFICIAL REPORT - 2001-03-05 · READ THE OFFICIAL RECORD

  50. The Singapore SMEs can benefit tremendously if they can be more successful in achieving good brand names for their products and services. In the Internet world, having indigenous brands and managing the integrity of our products and services will become highly critical in the global markets. Stock Option Scheme Finally, Sir, on stock option scheme. Under the Company Stock Option Scheme, the Government has provided some waiver of tax for gains of up to $1 million over 10 years, and I believe this is a good move. I support the sentiment that the Company Stock Option Scheme should benefit the majority of the employees so that as stakeholders, the workforce will bond the staff together working as a team for the long-term interest of the company and the people working in it. I am surprised that there are still some tax experts who quibble as to why tax should be shifted from the point options are exercised to the point when stock is sold, given the wild swings in the share prices. Do these experts not know that, firstly, the employees would be granted share options regularly, and secondly, precisely because of the volatility of share price fluctuations the option holders should only exercise their options when they want to sell their shares. It is really unwise for the option holders to exercise their shares and continue to hold them as they would then have to bear the risk which many have learnt to their despair during the regional financial crisis that it is the most unwise thing to do.

    OFFICIAL REPORT - 2001-03-05 · READ THE OFFICIAL RECORD