Saktiandi Supaat
Singapore
“I have two supplementary questions. For my Parliamentary Questions that the Senior Minister of State answered earlier, I thank him for answering them because those are questions that my dialect-speaking seniors in Toa Payoh East and their families have raised to me.”
“As the Review Group has recognised, there is no "silver bullet", a holistic ecosystem-wide approach is required. The implementation of these recommendations appears to have been phased, with announcements across February, July and November 2025.”
“Thank you, Mr Speaker. Three questions. First, given that the Section 301 actions can sometimes be broad-based, how is Singapore engaging with our US counterparts to ensure that our firms are not inadvertently affected by measures aimed at other economies?”
“Many of them do not openly express their difficulties. This is why social and emotional support must go beyond the occasional event. It must be sustained, trusted and easily accessible.”
“Would the Government consider developing a National Master Trades Accreditation framework – a national tiered certification that recognises advanced trade mastery, similar to chartered professionals in other sectors and create a new avenue for career switchers and career transition for segments of our workforce?”
“When the scheme is implemented in 2028, how will the Ministry measure success in terms of participation rates, risk-adjusted returns and improvements in retirement adequacy outcomes for CPF members?”
The complete record
Every one of 992 lines we hold for Saktiandi Supaat, in date order, each linked to its source. Free to read, in full, without an account. Page 16 of 20.
“But the redistribution of wealth is as much about encouragement of small savings at the bottom as it is about the restriction of the excesses at the top. So, it is just as important to encourage small savings at the bottom, rather than harping on restriction of excesses at the top. The rich get richer because they have ample funds to invest, benefit from high interest rates and grow their portfolios and assets. The low-income has less money to risk, and some also lack the financial savviness. One suggestion is to address the current low interest rate environment. CPF offers relatively high interest rates for members, but not all have sufficient money in their accounts to take advantage of it. Moreover, this money is not to be freely withdrawn, so hesitation to deposit more money in the accounts is to be expected. I hope the Government will in future consider offering a national savings bond, with a guaranteed positive real rate of interest on savings, with a maximum holding per person. The Government could consider allocating a minimum $500 allocation of the existing Singapore Savings Bond to every Singaporean adult. The high interest rates would motivate people to save up, without restricting the use of the funds in times of need. This could also raise the awareness about the positive characteristics of the Singapore Savings Bond to the general public. Even as we discuss the possible enhancements for the various schemes and future Budgets, we cannot avoid the increasingly urgent question of how to sustainably fund all these efforts. I note that the Minister has plans for huge infrastructure projects and other infrastructure investments to be partly funded through borrowing and embedded Government guarantees.”
“By encouraging Singaporeans to seize opportunities to explore, especially in the ASEAN region, this will also help facilitate collaborations within ASEAN which are beneficial for the economy. With great pleasure, I would like to share about some of our Malay/Muslim businesses which have found success in the region. Positano Risto came up with the unique proposition for a halal Italian restaurant in Singapore in 2017, and they have since opened an additional outlet in Kuala Lumpur, Malaysia. Adrianna Yariqa has been selling modest attire fused with modern and traditional elements for Malay men and women since 2014, and they have expanded to Kuala Lumpur, Malaysia. Another firm, Enercon Engineering Pte Ltd, which specialises in power control solutions, has offices in Singapore and the Philippines, and supports businesses in Malaysia and Taiwan. There are many others. For instance, JumainSataysfaction has spread its wings to Japan in halal food manufacturing, as did Versafleet in the technological transport management solutions sector in the region. Malaysia, as Members can see, is a popular choice for expansion, because not only are they close by and have a large population of Muslims, but also because when local businesses make headway in one country, they pave the way for other Singaporean businesses. Through networking and sharing of experiences among businesses expanding to the same countries, they can help one another to grow. (In English): Mr Deputy Speaker, next, I want to talk about helping small savers to grow their income. The debate about distribution of wealth and inequality tends to focus on large fortunes at the top.”
“] Singapore is a small nation with a small market. But we are well-positioned for research, innovation and enterprise opportunities on a regional and global level. We have many global and regional partnerships, and we also have a good reputation for efficient and reliable services. It makes sense for Singaporeans to venture overseas to find success. In doing so, they may also create more jobs and opportunities for other Singaporeans. I am also pleased to note that the Minister has promised that more will be done to prepare and develop Singaporeans to seize opportunities for international collaboration and to provide more opportunities for Singaporeans to gain overseas working experience. There is the Global-Ready Infrastructure Talent Programme (GRIT) under the PCP, which seeks to reskill local mid-career switchers and displaced professionals to embark on job functions required for global infrastructure projects in areas like Transaction Advisory, Project Financing, Legal Advisory and Infrastructure Engineering. The Minister has revealed plans for more funding for students at IHLs who plan to intern overseas with Singaporean firms through the new Global Ready Talent Programme (GRTP). This also benefits the high-growth Singapore firms which will receive support to send their local employees for overseas postings. Hence, this Global Ready programme has a good premise, and I hope that it can be expanded to include regional placements in a wider variety of sectors and to include mid-career switchers who may not want to leave their industry entirely but would like to try a different market.”
“He does not blame his lack of finances, but he regrets his poor time management which has effectively rendered his two years in ITE a waste of time because he skipped classes. Last I am aware, he was working hard on his internship, hoping to do well enough to improve his Grade Point Average and qualify for entry into the polytechnic. I think there are many such students who, at their young age, feel lost, and entered ITE as a last resort and squandered away their time and resources. By the time they recognise the opportunities and potential provided by the school, it is a bit late. I hope a proactive approach can be taken to counsel students, particularly new admissions. Teach them how to manage their resources, help them to apply for the necessary financial help, and follow up on their progress. This hands-on approach would need extra manpower resources and skilled ones at that. I have also heard anecdotally that a rising number of special needs students are admitted to IHLs, in particular ITEs, to further their education and obtain gainful employment upon graduation. This is a good sign and trend. But can we allocate more resources to the ITE to help enhance the Special Educational Needs (SEN) support office? These students account for about 4% of ITE's enrolment. On average, over the last three decades, about 2,500 students with SEN were enrolled in IHLs. How many of these students were able to graduate and take on fulfilling work on their own terms? Can we do more to increase SEN student enrolment in IHLs, particularly in ITEs, as some have demonstrated potential for vocational studies? Every student matters in a country where labour force growth is low. In Malay, Mr Deputy Speaker. (In Malay): [Please refer to Vernacular Speech.”
“Most of the time, focus has been on the vertical dimension of inequality – between the rich and the poor – and the Budget is one good example where we tax the better off ones and we distribute to the needy segments, hopefully, well-distributed. But there are important horizontal dimensions as well. In the Gini coefficient or the top 1% income share, people appear anonymously, but we may be concerned with how unequal income is across various groups, such as by gender, location or even ethnicity. This Budget and previous Budgets have aimed to address these horizontal dimensions in various ways. But I feel more can be done to address some of these horizontal dimensions – earlier, in terms of generational, but now, in terms of social and educational dimensions to narrow gaps as much as we can. One way to narrow gaps in terms of social and educational dimensions is to increase spending on the ITE segment of the student population. We already have a very established system for the conventional post-secondary route consisting of junior colleges and polytechnics. Enhancements in the ITE education programme is something more recent. So, we will have to focus more to continue enhancing it. This segment constitutes 25%-30% of the post-secondary cohort each year and is a significant future labour force with key skillsets for us to be future-ready. I note that despite the myriad of financial assistance programmes available for ITE students, poor time management and prioritising of resources are one reason for some students to fall behind in their studies. For example, I know of a young boy who worked two jobs while studying because of financial woes in the family.”
“1 billion in long-term care support initiatives, to form a vital safety net. But we must go beyond to address the true underlying causes of inequality. Short-term redistribution of wealth is not only unhelpful for the future generations, but it inadvertently increases social tensions when it devolves into a zero-sum game tug-of-war between the haves and have-nots. Already, some people are asking, "Can you do more for the middle-income group?" "What about those who don't have jobs? They can't even benefit from WIS." These are perfectly valid concerns, but there are other long-term measures to address these. After all, the ultimate goal of inclusive fiscal policies is not merely some variant of Robin Hood-type of social transfers. Instead, a holistic approach to inequality is incomplete without an ecosystem of measures and programmes to improve social mobility, which is a far more potent catalyst of socio-economic progress than welfare. To this end, there is a repletion of programmes to serve every need, from individuals to businesses, children to elderly. KidSTART, Global Ready Infrastructure Talent, SkillsFuture, Adapt and Grow, PCPs, career guidance and counselling are just a few of the available programmes one can tap on. Built upon the pre-existing system of high-quality, heavily subsidised public education, these will improve one's chances of climbing up the career or economic ladder. But these schemes are merely the start of a long journey on battling inequality, a pervasive problem across many developed countries. One can reasonably expect that further enhancements in coming Budgets will be inevitable.”
“Otherwise, future generations of Singaporeans will suffer. The best way to go about this is to continue growing the economy, keep a broad-based tax, have a diverse source of revenue and maintain fiscal prudence. I note that for this year's Budget, the Government has taken a counter-cyclical approach by introducing multifaceted measures to boost competitiveness, productivity and to upskill and reskill and rightskill workers, despite going from a surplus of $2.1 billion, or 0.4% of GDP in FY2018, to a deficit of $3.5 billion, or 0.7% of GDP in FY2019. It is, indeed, a generous and ambitious Budget, in my opinion, with special transfers rising to $15.3 billion, up from $9 billion in FY2018. This is the highest special transfer on record above the $12.4 billion in Budget FY2014 when the PG package was unveiled. Certainly, we have to be ambitious in the face of many challenges. Arguably, the most ambitious dimension that this Budget, and many to follow, has to address pertains to the daunting socio-economic challenges derived from rapidly greying demographics and inequality. Of the two, inequality is a multidimensional and complex problem that needs to be examined more closely. The Finance Minister's allusion to social mobility is a critical precondition to tackling this problem. To be sure, by definition, one of the main purposes of the Budget is clearly redistribution. This means that in recognising the economic realities of uneven distribution of resources, fiscal policy is meant to facilitate a slightly more equitable redistribution of resources across the economy. So, we are seeing further enhancements to fiscal transfer packages, such as the ComCare Long-term Assistance, and WIS, alongside longer-term commitments, such as the $6.1 billion MGP and $5.”
“Mr Deputy Speaker, Budget 2019 is a broadly inclusive, caring and positive Budget for all. There is generous healthcare support for Singaporeans with chronic illnesses. MG gets additional healthcare benefits among other perks. Low-income salary workers have an increased income cap and enhanced workfare bonus. The Bicentennial Bonus brings additional monetary perks for the different groups of Singaporeans, and there are tax rebates for all. It is also a Budget to chart a steady course in uncertain times and prepare for the future. Indeed, restructuring is the key to doing well in the future economy, and this Budget builds on the principles and key features of past Budgets to improve the lives of all Singaporeans. Mr Deputy Speaker, Sir, a short speech in Malay, in response to what Mr Faisal Manap mentioned about ageing. (In Malay): [Please refer to Vernacular Speech.] On the issue of ageing in Singapore, with reference to MG, apart from the proposals mentioned by Mr Faisal Manap, our Budget for 2019 has also provided various packages for senior citizens as well as MG and the families of these seniors. These include PAssion card top-ups that were provided in the Budget. So, there are already various packages in this Budget for those who have reached their golden years, other than those proposed by Mr Faisal Manap. So, for this Budget, besides the MGP that we have put forward, there are also active ageing activities for seniors that have been established by the Government for the long term. (In English): In English, please, Mr Deputy Speaker. In the last decade, our expenditure has grown correspondingly to the population's needs and it will only keep growing. We will have to fund our needs in a fiscally sustainable way to achieve all our objectives.”
“I thank the Minister for explaining the payout at 65 and 70. I have a specific question with regards to a certain segment of the population. For example, if somebody is mentally incapacitated before 65, will it affect his trigger at 70 or 65, in the situation where he does not have a Lasting Power of Attorney (LPA) at 65? How will the CPF Board handle this situation at the point when the person reaches 65 years of age? What I mean is that, if somebody is mentally incapacitated at 65 and he does not have an LPA, does he have to wait until it is triggered at 70? Or is there a specific situation in such circumstances?”
“Next, under the penalties for a person who is found falsifying or using without lawful authority any accreditation, certification or inspection mark, a Court trying the offenders has the power to direct that any property in respect of which the offence has been committed can be forfeited. May I ask what happens, and we know it is quite often the case, when the offender may just be a lessee or tenant of a premises, how then does the Court handle such cases? A restaurant, for example, that may not own the premises, but is merely a tenant? Another issue which I would like to ask is whether there any process for an owner or management of a restaurant to ensure that all its employees who are handling food are in good health. Would a restaurant be penalised if, say, its employee has a bad flu and yet he is in the kitchen handling food? Lastly, for the protection of public health and safety, how often are audits or checks made at the various eateries, restaurants and the like to ensure that all steps have been taken to ensure that a high hygiene standard is maintained? As we know, prevention is better than reacting and suspending a food establishment only after people fall victim to food poisoning. Therefore, the scope of the new Agency is very wide and it would require a large team to check the food industry, from manufacturing right down to the kitchen in restaurants and other places where food is served to customers. With that, Mr Speaker, I support this Bill.”
“Can I ask the Minister how are we tapping on our business organisations to continually look for new and reliable sources of supply? Is there a need for SFA to tap on bodies like EDB or even our Trade Consular Officers under MFA to source for new food supply? In key strategic countries, would there be a need for SFA to set up its own offices in these countries, so that we can get our man on the ground to look at the production, processing and handling as well as testing before the food reaches our shores? We are also living in an age where production and farming overseas will have artificial preservatives added to foods. For example, the preservatives used to stop the browning and discoloration of food have been linked to an asthma-related sensitivity and allergy in some cases. How do we then monitor the use of artificial preservatives in food products that are imported here? Some of these synthetic preservatives are harmful to health. For example, last October, the US FDA removed seven synthetic flavouring substances and flavour enhancers from its list of approved food additives. Based on evidence presented to FDA by the various petitioners, who stated that benzophenone causes cancer in animals, the FDA amended the food additive regulations to no longer provide for its use as a plasticiser in rubber articles intended for repeated use in contact with food. So, there are many changes in the management of additives and other food-related matters in the food chain, and I foresee our new food agency would have a very busy schedule ahead. I would also like to ask the Minister how many food scientists do we have and whether we would be expanding our team of experts to cope with the role of the new food agency.”
“Mr Speaker, in Malay, please. (In Malay): [Please refer to Vernacular Speech.]: Some time ago, we faced issues on several matters related to national security. Just to name two: one is the issue of oil supply and the other is water. Over the years, through good strategic planning, we were able to navigate ourselves so that we are able to build ample reserves of these two resources to meet our national security needs. Today, we are addressing another one of these challenges and that is food safety and supply. We have seen how, in recent years, food safety and supply are in the limelight. There was the outbreak of bovine spongiform encephalopathy or “mad cow”, and then the avian influenza which undermined consumer confidence in the producers as well as the processors, and even in the governments where these diseases broke out. In fact, in February 2003, when the severe acute respiratory syndrome broke out in Singapore, it could have resulted in some serious consequences if we were unable to take swift action to get things under control. Hence, the setting up of SFA will make us better placed to look into various aspects of our food supply, from its procurement, production and hygiene to the provision of accurate information for consumers. We can see how, during the festive season, from Chinese New Year, Hari Raya to Deepavali, certain food items would experience a spike in prices. Sometimes, this is because supply is temporarily disrupted due to disease outbreak and, at other times, it was because of supply-demand factors. Therefore, NTUC Fairprice and other importers, with the support from our Government, have, in recent times, been actively looking at alternative sources of supply. This is important so that we could be assured of a stable supply.”
“Speaker. I would like to ask the Minister of State a follow-up question with regard to the first question. Since the inception of TAFEP, has the number of complaints, in terms of discriminatory practices or in addition to that, increased over time? Can the Minister of State share the general trend of the number of complaints since the inception of TAFEP?”
“It is important to recognise that coins are still a big part of payments for small businesses, like the newspaper vendors, children’s playground operators, and provision shops. It is already a challenge for them to convert to cashless payments, and I am concerned that these policies will indirectly lead to an overall reduction in coin usage and availability, which would affect their sales. I wish to take this opportunity to emphasise the need to engage these small businesses and help them to stay relevant even as we are promoting the use of cashless methods. Therefore, Mr Deputy Speaker, I support the Bill.”
“These acts of mischief drew the attention of local media because of the huge amount of cash involved, but I believe it is not uncommon on a smaller scale. Some customers may not bear malicious thoughts, but instead they simply want to reduce the number of coins they carry and think nothing of offloading them on to a merchant. To them, it is still money after all, and the merchant is more likely able to find a better use for the coins. However, I understand that the limit of 20 coins applies to each denomination, across all denominations, in a single transaction. What this means is that the new legal tender limit for coins allows a payer to use up to 100 coins across the five denominations, or $37 in total value, in a single transaction. Hence, the change in legal tender limits is not likely to result in significant changes to the way coins are used in day-to-day transactions. I am pleased that this rule is maintained. Mr Deputy Speaker, I would also like to raise a question whether the service charge imposed by banks when accepting coins can be regulated. There are still many vendors, and even charity organisations that receive large amounts in coins. While I am not disputing that a service charge could be imposed, there should be a cap because, if a counting machine is used, it does not take that much time to count the coins. And, with increasing automation, I expect that the use of the coin deposit machines will become even more prevalent. Currently, it costs $0.015 to deposit one coin, and this can add up to a significant amount for large amounts of coins. It simply discourages people from using it. Moreover, usually the people with large amounts of coins also tend to be those who will consider the fees that they have to bear as a significant expense.”
“Mr Deputy Speaker, in Malay, please. (In Malay): [Please refer to Vernacular Speech.] Frequent technological advancements mean that it is important to review our policies to ensure that we are keeping up and making the most out of the available technologies. With the growing importance of shoring up security and defences against terrorism, we are always in need of support from the Singapore Police Force for a variety of security operations. Therefore, the licensing of IBNS for CIT operations will help to free up Auxiliary Police Officers so that they can be deployed to do more important tasks. I support the prevalent use of such systems and hope to see it utilised all around Singapore. May I ask the Minister how many banks are on board, and how does the Ministry intend to reach out to those that have not expressed interest? Therefore, in terms of financial impact, how costly will the use of such systems be for the banks? These amendments also call for the revision of the legal tender limits for coins to a uniform limit of 20 pieces across denominations, which makes it easier for all to remember and implement it. Hence, merchants and customers alike should not be made to accept large amounts of coins which they may not have an avenue to use, especially with more people using cashless payment methods. Additionally, it also discourages unnecessary delays for the rest of the customers in the queue, and abuse by way of mischief. One particular case that made media headlines was a shop in Sim Lim Square, which Ms Sylvia Lim mentioned earlier, that refunded its customer $1,010 in coins. There was also a customer who paid $19,000 worth of coins to a car dealer to make a point.”
“And some of these things are practically being traded like cash on online forums and selling platforms for a profit. So, unlike regular goods and services, these items are partial or full substitutes for currency payments on specific platforms. One potential abuse problem I see with regard to virtual currency is that underaged users would purchase in-game assets through other platforms because they do not have credit cards. Are there plans to license these virtual currencies under the Bill in future as well? In conclusion, I hope that as we become more tech-savvy, we would not overlook the less digitalised people in our community and also senior citizens and those less tech-savvy people who would otherwise be alienated in the process. Sir, I support the Bill.”
“Will these regulations also serve as a positive signal to the overseas fintech industry in terms of our openness to see more of such activities on our shores? As the current regulations do not cover user protection for public use of virtual currency, what are the Minister's plans for a public consultation to formulate relevant policies? In the recent Group of 20 (G20) meeting last year, country leaders have called for international cryptocurrency taxation. This is a testament to how fast the industry is moving globally, and a sign that we need to step up on further regulations in terms of personal transactions. I note that Singapore's MAS has been fully supportive of the G20 and the Financial Action Task Force (FATF). But I hope that as we make new rules and impositions on our financial institutions and others, we do not impose too much a burden on them. Jobs are among the main benefits that would come from the diversification of the financial sector, and the development of the fintech sector. In enhancing our licensing framework, we must ensure that it does not inhibit overseas businesses. To stay accessible to overseas markets, it would also be prudent to keep up with the international standards so that we maintain our reputation as a safe yet convenient place to do business. May I ask the Minister how unique is the licensing framework to Singapore in this regard, and how different are the regulatory structures from those of other countries? My last point is with regard to exclusions and royalty points. I note with concern some exclusions from licensing under the Bill, namely, limited purpose e-money, incidental payment services by licensed entities, and loyalty programmes and limited purpose virtual currency. May I ask why these are excluded?”
“In the near future, I believe we can only expect more businesses to introduce their own apps and payment services. This means transactions will go up in value, and these caps, while adequate now, may become too prohibitive in the future. Are there plans to make exceptions for certain e-payment platforms, or revise the caps on a regular frequency to reflect the growing extent of e-money usage for major transactions in the near future? Having a number of different payment platforms can lead to increased inconvenience and frustration. No one wants their smartphones to be filled with e-wallets and payment apps, which no doubt takes up precious storage space, as we all probably know. A multitude of apps to choose from also means more confusion over payments, especially for the older users. The decision to mandate participation of a common payment platform and common standard is an important move. It allows for payment systems to be interoperable, as what Minister has mentioned just now, and makes e-payments more user-friendly. I have a question: what is the Ministry's forecast on our progress with regard to this aspect? How soon can we expect to move to this common platform? Can the affected merchants expect any assistance from the Ministry or MAS for that matter? Mr Speaker, I am pleased to also note that certain cryptocurrency activities will now be regulated. The regulatory focus will be on ML/TF, as the Minister has mentioned. But such regulations will give cryptocurrency players more clarity and confidence. The feedback from the ground is that regulations are welcomed by local players and gives more confidence to the market.”
“Moreover, I believe it will help to hold these companies to greater accountability. Experiential and risk-taking behaviour should be encouraged, but when large sums of money from the public are involved, one cannot afford to be too free with it. Despite the proliferation of online services, it would still be wise to limit the use of e-money to the smaller day-to-day transactions. I note that the prescribed cap on personal stored-value balances is kept at $5,000 and $30,000 respectively for stock and flow caps respectively. Several big players have earlier expressed disagreement with the cap amounts. Alipay, Wirecard and Paypal have said that the caps will slow down the growth of e-payments. And this is understandable as these are reputable companies often dealing with high value goods and services as well as the remittance of large amounts of money and purchase of investment products. Transferwise and Revolut outright raised objections, saying that their business models would be affected. The Minister has said in his speech that these caps will not be applicable to merchant payment accounts that cater to business uses. While I think that this should put to rest some of the concerns expressed by the payment service providers, there are personal accounts that frequently deal with larger figures. Moreover, some companies already have safeguards in place for dealing with higher amounts. Transferwise, for example, requires the provision of further document for sending amounts of more than US$10,000 and above, in line with international wire regulations. I would like to ask the Minister how the caps were arrived at. While we want to manage the pace of deposit outflows and safeguard financial stability and limit potential losses, we also do not want to stifle businesses.”
“The Minister mentioned in his speech that major payment institutions are required to safeguard their customers' monies through an undertaking or guarantee by any bank in Singapore or prescribed financial institution to be fully liable to the customer for such monies or have a deposit in a trust account. However, to avoid stifling innovation and advent of new payment services, the smaller payment services providers are not subjected to the same requirements. Instead, they would be required to inform their customers that their monies are not subjected to safeguarding requirements. I appreciate the Minister's intentions to encourage smaller, experimental companies to set up and establish their businesses here. Certainly, being less rigid towards the newer players has its benefits and will help the e-payment industry grow. Nevertheless, it will be necessary to establish a set of mandatory policies on how such advisories should be administered. Certainly, it would be inappropriate to put the advisory in small print in the terms and conditions, which many people already do not read or find difficult to comprehend. The advisory must be published somewhere easily visible and it should be accompanied by further explanations on the risks involved. Furthermore, I think that these smaller payment service providers should still be required to set aside a deposit, in lesser amount than that of the major payment service providers. Sometimes, when a company has to undergo insolvency, it leaves behind some issues that take up additional resources to resolve. For example, the Land Transport Authority had to impound bikes and follow up with Mobike to ensure their bikes are removed. The monies from the fund can be used to fund such operations.”
“How many firms have asked for help and what is MAS doing to help them? Next, on the digital banking licence, I understand that the Hong Kong Monetary Authority has a much more liberal approach and they were considering giving approval to allow some cryptocurrency firms to conduct banking activity, including taking deposits and lending. Perhaps the Minister could clarify if Singapore is looking into issuance of digital banking licences to such firms. If we are to position ourselves as a fintech hub, doing so would help to improve financial inclusion. Another issue is whether there could be more transparency by requiring payment providers to disclose the fees charged, what benefit the payment providers benefit from on-selling of any third-party products, and whether these providers are related to parties in a transaction. Next, on the regulation of Crypto Custodians, whether MAS is considering this so that the man-in-the-street is protected. These are the businesses which hold the monies of their customers. Should there be guidelines like what percentage of customers assets should be kept in "hot" or "cold" wallets? These days, many of us use e-services that come with their own e-wallet, where consumers can deposit money in advance so it is ready on the go. But while convenient, problems like system errors and hacking incidents mean that consumers should be wary of incurring possible losses as a result. If the e-payment company goes out of business, this money is also not protected. Mr Speaker, Sir, in recent times, we saw how Mobike pulled out abruptly from the local bike-sharing market, leaving users in the lurch.”
“Mr Speaker, Sir, the payment landscape has been evolving in recent years. With more services going cashless, we have seen an increase in the number of payment services and activities. To maintain our reputation as a global financial hub and to facilitate smooth transactions, we have to keep up with these changes. Meanwhile, these changes also bring along with them new risks, so we must stay vigilant and guard against these risks. By expanding the scope of regulated activities beyond existing facilities and services under the new Payment Services Bill, merchants and consumers can be assured of better protection from MAS across a wider range of payment activities. This will, in turn, lead to greater confidence and more widespread use of e-payment services. Overall, not only will we expect a more secure environment for all to conduct transactions, we can also look forward to increased innovation in payment services. This is a Bill which I foresee will be followed up by more amendments in the near future as the payment services landscape continues to evolve and grow. Although it is important to adopt international standards and guidelines, it would be unwise to adopt a reactive stand and wait for these guidelines to be finalised. One feedback is that the banks have shut their doors to the virtual currency industry. Many, including digital exchanges, have had their bank accounts closed. New applications were rejected according to the Digital Exchange Association protem committee members, whom I had the opportunity of having a focus group discussion with. I also note that late last year, MAS expressed readiness in helping cryptocurrency firms to set up local bank accounts. Mr Speaker, Sir, what is the progress?”
“In conclusion, nurturing a fair and inclusive work culture is challenging and, certainly, it will take time and patience. There is no one-size-fits-all solution. Ignorance and lack of resources could give rise to unintentional discrimination and unreasonable employment practices. These can fortunately be corrected gradually through education, assistance and mediation by organisations like TAFEP. However, when employers are deliberately depriving employees and potential employees of their basic rights, it is time to take a more heavy-handed approach. On the other hand, we also have to be careful not to penalise the good employers who have genuine difficulties in meeting all the requirements. A good work culture is a two-way street after all, and expecting SMEs and micro-SMEs to accommodate a poorly performing employee would take a significant toll on their existing resources. Ultimately, all our local SMEs are important resources. We have to do more to engage them, understand their concerns and help them out, so that they can do well and continue to provide good jobs and a good working environment to Singaporeans. Sir, I support the Bill.”
“TAFEP has done a good job thus far in guiding companies to create an inclusive workplace. But I hope it can be given more powers to penalise discriminatory employers through more severe penalties. There is no room for discrimination in Singapore and our employment policies must reflect that. Otherwise, our minority and vulnerable Singaporeans will have to compromise by settling for fewer choices of employers, and this sort of situation can lead to undesirable and even dangerous outcomes in the future. I hope there will eventually come a time when we can do away with the listing of TAFEP-accredited companies, as all or most companies would have adopted an inclusive work culture. The general consensus from the ground, I feel, is that employees are generally happy with the proposed changes, but they are concerned about how effective these new measures will be. Employers on the other hand hope for more flexibility, and there is also confusion regarding the full range of changes in the Bill. For example, although there is an Employment of Foreign Manpower Act, some employers I met are wondering whether the changes would only cover local employees, or if they would be extended to foreign employees holding similar designations and salaries. They are worried about how the changes will affect their business costs and productivity. Some of the business owners did not know about the amendment Bill coming up, and as a large number of them are in the F&B and retail segments, with high labour inputs, they feel that they could be significantly affected. To assure employers and keep them well-informed of the necessary facts, I urge MOM and the Minister to reach out and engage them proactively.”
“I note that the employers are now required to obtain the written consent of their employees should they want to make any deductions from their salary for certain services, such as accommodation or amenities. Written consent may also be withdrawn, without penalty in some scenarios, by the employee in written notice before the deduction is made. But what about situations whereby the employee has clearly abused the company’s travel policies, for example, to splurge on services for personal enjoyment? Who can they seek redress from as an employer? With all the increased functions, the Tribunal now plays a pivotal role in ensuring workplace fairness and protecting the rights of employees. What efforts will be made to ensure that the Tribunal is staffed with adequate manpower and resources to address all the disputes in a timely manner? What kind of training will the mediators and investigating officers receive? Moreover, errant employers should receive heavier penalties, especially if it is not their first time facing a dispute. Another concern I have is the language that is used for the communication. Some complainants, especially those who are older, may find that they are more comfortable explaining their predicament in their mother tongue. Perhaps they may not even be literate in English. I note that documents submitted to file a claim must be in the English language. Otherwise, a certified translation of the document must be provided. One question I would like to ask the Minister would be: will assistance be available for those who are less proficient in English? While we are on the subject of employee rights, I want to take this opportunity to ask for more to be done against workplace and employment discrimination.”
“Moreover, his company subsidises employees’ medical fees, so if the employee chooses to see a more expensive private medical practitioner, this also potentially leads to increased costs. An increasingly challenging economic landscape already makes it difficult for businesses to stay profitable, especially the SMEs. We do not want to create a situation where businesses think it is more worthwhile to employ foreigners who may be satisfied with lower wages, over Singaporeans. We need to help them be more productive and profitable, so they do not have to resort to squeezing their employees. There are many types of grants in place. Questions I have in mind: are businesses coming forward to use them? If not, why not? Can we take more proactive measures to motivate and help them to do so? Moving on to disputes and dismissals, it is a wise move to designate the ECT as a "one-stop service" for all employment-related disputes. Hopefully, this will shorten the amount of time for the aggrieved employee to seek help. Ideally, the cases should be heard and resolved within six months to eight months, otherwise it drags too long and the employee who is victimised is left hanging. Involuntary resignation of an employee should certainly be heard under unfair dismissals. There are many undesirable circumstances which lead to involuntary resignations, such as bullying and sexual harassment. However, I hope that the Tribunal will be fair and objective to both sides and investigate each case thoroughly. Though less common, sometimes, it is the employee who tries to take advantage of the employer.”
“Moreover, if there is no adequate solution in place to scrutinise these employees' working hours, some employees may take advantage of the situation and report longer working hours, so that they can be entitled to overtime pay, and their firms have to pay them. I believe clearer policies are necessary when we are encouraging more employers to favour flexi-work arrangements. Another business owner I spoke to hopes for greater flexibility on mandatory leave. He personally exercises flexibility and fairness and would even allow employees to take more leave than their contract entitles them to when the situation calls for it, and when it is possible to do so. On the other hand, he has some employees who do not have to take leave, but he has to ask them to clear their leave regardless, when he could have benefited from the additional productivity, as he is afraid that he will be penalised otherwise. I hope the Ministry will consider the concerns of such employers. (In English): As I mentioned earlier, an increase in administrative duties is one problem for companies that offer flexible working hours and remote working. Another employer I spoke to was concerned about the new policy which allows any medical practitioner to certify an employee for sick or hospitalisation leave, rather than the current approach of restricting certification to a practitioner appointed by the employer. He was concerned that other clinics, particularly private clinics, are more liberal with MCs, compared to the polyclinics and Government hospitals, whose MCs are the only certifications his company accepts. For SMEs like his, even a loss of one day’s worth of productivity poses a significant problem.”
“She eventually resigned, and the employer will simply get someone to replace her, and this vicious cycle continues. Cases like this make me gravely concerned about employers who pay their junior staff a little higher than the salary threshold, even giving them an empty executive or managerial title, where they do not actually have executive or supervisory functions, so that they can legally overwork their employee without paying them overtime. Then there are professions, such as auditing and accounting, where pulling overnighters for days or even weeks to help clients to meet deadlines at certain periods of the year is inevitable. I think that regardless of how much they are being paid, if they are required to work for more than 10 hours for the day, perhaps the EA should make it mandatory for them to be compensated with time-off, so they can rest. In addition, with the presence of more gig workers in the local labour market, I would like to ask the Minister how will they be protected under the enhanced EA? On the other hand, the policy’s fixation with the number of working hours could also complicate matters for companies that practise flexible working hours and allow employees to work remotely. Incidentally, this working style is favoured by the millennials and also gig workers, so we may expect more companies and individuals to be affected by the new policies. I had the opportunity to speak to several business owners recently at a focus group discussion at the Singapore Malay Chamber of Commerce and Industry (SMCCI). One co-founder of a software and design company shared that some of his employees choose to work from home, and he is concerned that their movements will have to be documented carefully, which could lead to additional administrative burdens.”
“Mr Deputy Speaker, Sir, before I start in Malay, let me declare my interest as the Honorary adviser to the Singapore Malay Chamber of Commerce. In Malay, Mr Deputy Speaker. (In Malay) [Please refer to Vernacular Speech.] Changing times and the evolving labour market mean that it is prudent to constantly review policies to ensure that our workers can continue to remain competitive as the world continues to change. The new amendments to the EA will bring about improved protection and welfare for the working population. The removal of the salary threshold to cover all PMETs under the EA is a good enhancement. I applaud this move as every worker deserves protection regardless of the nature of work and their income. And, certainly, it is great news that the Ministry is proposing to raise the salary threshold on protection of working hours and overtime pay. As the median wage for employees continues to increase, rightly, so should the threshold. However, I note that the proposed raise in salary cap for rank and file white-collar workers is only up to $2,600. While there is an increase in the number of Singaporeans who are eligible for protection, I do hope that the Ministry will consider raising the cap for rank and file office workers. For instance, I know of residents, mostly young adults – junior executives – fresh out of university, just got a new job, afraid to offend colleagues and superiors. They draw a monthly salary of about $3,000. Their employers or supervisors take advantage of their situation. I cite one particular account of a young research executive who gets paid $3,000 a month. She has to do overtime almost every day on weekdays and on weekends, and if she does not go to office, she has to bring the work home.”
“It will be good for everyone if the Minister could clarify whether there are plans to restrict the age limit. Will there be requirements for PHC drivers to undergo medical health screening to ensure that they are fit and healthy in the interest of public safety? In my opinion, it is important to help make the jobs of PHC drivers affordable. They are providing a rather important service and they deserve a fairer tax regime. In the meantime, we must think of ways to help PHC drivers transit from the industry into another industry that they choose, if they wish to do so, and encourage them to keep on upskilling, but I suppose this would be a matter for another occasion, Mr Deputy Speaker.”
“So, some have questioned why should they be allowed tax deductibles if they do not identify themselves as providers of a professional service? The reality is, I have met a number of residents who are full-time PHC drivers. They are driving full-time to support families, or to bridge a period of unemployment while waiting to hear from potential employers. They will share their grievances about the high costs of rental and fuel, while the income from their labour is fully taxable. And there are many valid reasons for them to stay as PHC drivers instead of switching over to a taxi company. The most obvious one is age, and certainly some of them are not yet 30 years old trying to do something constructive while looking out for other career options, juggling housing loans and family commitments. Then there are others who prefer the more flexible mileage requirements of PHC companies because they need to work longer hours, or the flexible hours are necessary to perform caregiving duties and so on. Allowing PHC drivers to claim tax deductions for expenses will help them to manage their costs of living. And for taxi drivers who are previously deterred by the difference in the income tax regime, this would give them additional options, and having options is always a good thing for the future. Of course, the other concern is that those who are working as PHC drivers are part of the gig economy that provides an income in exchange for labour, but this does not come with the typical benefits that are seen in full-time employment. Moreover, it is difficult for drivers to upskill and enhance their career portfolio in this industry. By amending the Income Tax regime in their favour, are we encouraging PHC drivers to remain where they are?”
“It is only right that they are able to claim for operating expenses, just like other businesses and service providers. I would like now to share some examples of my residents who find themselves in predicaments because of the existing tax regime. One resident had been involved in three road accidents, resulting in three periods of downtime, during which he was unable to drive and earn an income. However, he was still required to pay for the rental of the car due to the contract that he signed with the rental company. This has resulted in an unfair situation where he has to pay for the job. Meanwhile, another resident was having financial difficulties because not only does he find his tax liability too high, he also finds it a massive burden having to contribute to MediSave based on his inflated income, leaving him with little available income and cash to spare. In another case, a resident's circumstances are even more dire. His total expenses for this year come up to $33,000. None of this can be categorised as deductibles and, on top of that, he has to make MediSave payments that keep on increasing and, therefore, he has problems meeting expenses for his basic necessities. I have written to IRAS on behalf of these residents. But the outcomes were unsatisfactory. If car rental payments, along with other expenses incurred on the job were made tax-deductible, the situation would be fairer. A common impression about PHC drivers is that many of them have dual jobs, and are driving part-time to supplement their incomes, or to pay off vehicle ownership. Then there is the controversy of the seating preference. For instance, a small number of PHC drivers do not like to be seen as drivers; they prefer their passengers to sit in front.”
“Mr Deputy Speaker, in Malay please. (In Malay): [Please refer to Vernacular Speech.] Mr Deputy Speaker, I rise in support of this Bill which I note is giving more powers to investigators who are working to pursue those who are trying to evade paying taxes. It is important that the investigation team be given more powers because, in today’s context, taxation is more complex. These criminals can be involved in major crime syndicates, including terrorist groups. I do not know whether the IRAS will be building up a new talent pool of investigators who will be armed under special circumstances, just as they do in the US Inland Revenue Service. Or would IRAS tap on the Commercial Affairs Department (CAD) or other agencies and appoint them as "specially authorised officers" under the proposed amendments to support them in any raids done on the premises? And what about interrogation rooms and holding centres where these arrested culprits are required to be held over a period while investigations are ongoing? Perhaps the Minister could clarify further. Next, I will move on to the amendment affecting PHCs. The shared economy is an increasingly global phenomenon and, as more PHC services continue to take interest in our market, we can only expect this industry to grow. It is important to constantly review and improve the current infrastructure to ensure that the trend is moving in a positive direction. Changing the tax regime is one way to keep moving ahead. I do not wish to make this issue into a case of taxi drivers versus PHC drivers because, in essence, allowing PHC drivers to claim tax deductions for expenses incurred on the job is simply about ensuring fairness. PHC drivers incur costs while providing an integral transportation service for the masses.”
“Mr Speaker, Sir, I would like to thank the Senior Minister of State for the answer. Let me clarify my question. Essentially, it is a broader policy question with regard to how the Government is signalling our efforts to develop the culture of continuous learning in Singapore. But also, at the back of it, is actually due to some of my recent visits to ITE, talking to the teachers and students. They shared that there has been a rising number, as the Senior Minister of State has alluded to earlier, a rising number of adult learners going to Institutes of Higher Learning (IHLs) and ITE. And with regard to recent speeches by Dr Amy Khor, Senior Minister of State for the Ministry of the Environment and Water Resources and the Ministry of Health in 2016, she highlighted this close linkage between PET and CET when she went to the Chemical Process Technology Centre (CPCT) where there was a Workforce Development Agency allocation of $8 million and 1,650 Post-Secondary Education Institution (PSEI) students actually benefited from these CPCT arrangement over three years. So, the Government has actually worked to merge PET and CET together in some small cases like this. I was wondering what more can the Government do in terms of signalling more about how we can actually merge PET and CET in some grey areas or, in the future, what are the long-term strategies that Government plans to do, particularly in the sense of developing a culture of continuous learning in Singapore, going forward?”
“Mr Speaker, Sir, I would like to thank the Senior Minister of State for answering my question. I have got a quick follow-up supplementary question to his answer. Essentially, my question "(d)". Are there any plans to beef up even further legislation to protect passengers in the case of a cybersecurity breach, if it does happen? We do not want it to happen, but in case it happens, are there any plans for further legislation for the air passengers' protection?”
“I would like to thank the Minister again for the answer just now. Just a follow-up in relation to my question. In the meantime, while we try to list some of the concerns of the residents that are having difficulties in selling, my suggestion is maybe by having a sharing of monthly guidelines for buyers and sellers in particular for the EIP scheme, will that in some way be a valuable suggestion in terms of the Ministry of National Development nudging buyers and sellers in that EIP locale to reduce the squeeze on the pricing of the units?”
“Mr Speaker, I would like to thank the hon Minister for answering my question. I would just like to clarify that I fully support the EIP. But in relation to my question, why did HDB in the first instance have this extension option on a case-by-case basis? The feeling is, is it not because it recognises the EIP, the market can be squeezed by the buyers in principle? And the large number for appeals for extension, possibly, says something about the market. So, that is my first supplementary question. The second is: I have been seeing a lot of residents from the minority ethnic groups, they are unable to sell their flats. Not so much unable to sell their flats, but also the ability to sell their flats at a high price. So, it is usually squeezed to the extent that they are only able to sell their flats at a much lower price than the market. So, my worry is about whether this policy could potentially contribute to this squeeze actually worsening over time, and we are worsening the cycle for some of those involved in the EIP.”
“When new accounting standards are incorporated, it is inevitable for discrepancies to arise. So, perhaps local accountants can get acquainted with the new standards and serve as bridges. Being equipped with professional financial knowhow, they will also be in a better position to support our endeavour to become an exemplary global fund management centre. I believe our Finance Ministry and MAS would be working with the universities to address this new demand for people in a specialised area, from accounting to fund management and to custodian services. Could the Second Minister confirm if this is being addressed? Mr Deputy Speaker, Sir, the VCC Bill will breathe new freshness into our financial industry and it has the potential to create more jobs for Singapore. We must make use of this opportunity to make the most out of it. I am looking forward to its implementation. I support the Bill.”
“The current volume may be small as we proceed with the VCC Bill, if it is approved, but as we build depth and breadth in this sector, its impact on our financial account flows can be substantial in the future. Thus, the implementation of the VCC Bill could possibly see a larger number of portfolio inflows. Additionally, there is also potential for foreign corporate entities that were initially established as collective investment schemes to be re-domiciled as VCCs here. Hence, fund managers in Singapore who have their funds domiciled in offshore jurisdictions like the Cayman Islands may consider co-locating their fund domiciliation with their fund management activities. Our stable economy, our political stability, with our pro-business environment and good governance, we already have an edge over many other countries in the provision of financial services. With the VCC, I am confident that many funds will be happy to move their fund management activities to Singapore. All these could mean jobs for Singaporeans in the support sector or ancillary services. Will the Government proactively engage these foreign corporate entities to make the conversion? We also need to train a talent pool of people when this sector of the business expands. I also note that the VCC Bill allows for the accommodation of a wider scope of accounting standards in the preparation of financial statements. Aside from local accounting standards, International Financial Reporting Standards and the US GAAP can also be used by VCCs. This brings to mind the possibility of rejuvenating the accounting industry in Singapore, which is in danger of being edged out by technology. Can we make use of this opportunity to upskill our accountants?”
“Mr Deputy Speaker, Sir, the new corporate structure under the VCC Bill is a significant addition to our financial services industry. Given the advantages that come with it, I foresee we will experience a substantial growth in the number of local and international portfolios. Certainly, it will be a major boost to our status as a regional and international financial hub. Currently, investment companies impose a number of restrictions. For example, shareholders' approval is needed for the issuance and redemption of shares and this can result in delays, especially when there are many shareholders. Furthermore, for company structures with restrictions on capital reduction, dividends may only be paid out of profits. For VCCs, investors have the flexibility to exit their investments when they wish to, and they can pay the dividends using the fund's capital. Such freedom would encourage more fund managers to base their investment activities in Singapore. However, I am concerned about whether this may give rise to situations where we see more disruptions as a result of investors changing their minds and trying to move in and out of their investments. We have to consider how it may affect our financial system in terms of systemic risk, and as what hon Member Mr Louis Ng has mentioned, either due to misconduct or market risk, or counterpart risk and its related impact into systemic risks as well. Will too much freedom lead to a more volatile economy? Perhaps the Secod Minister can share her views with the House on this. For example, in the current global economic climate, and with the volatile political environment in the West, the big movement of funds in an out of an instrument cannot be underestimated.”
“I would like to follow up on a point mentioned earlier in the Minister's speech. I know it is going to be 20 years more before you are going to share what VERS is. But can the Minister share, in terms of timeline, how soon will the residents who would potentially be in the precinct be informed of the potential of their precincts being included in the VERS selection? How soon would it be? Would it be 18 years? Two years before 20 years? Five years before 20 years?”
“Mr Speaker, I would like to thank the Ministers for answering the questions and, in particular, allaying concerns about the impact of financial liabilities, especially to residents. I just have one question. In relation to the COI's Terms of Reference No 5, I noticed that the focus is largely on public sector IT systems. I am aware that the COI's Terms of Reference are, in particular, on public health data. Can the Minister for Communications and Information probably share a bit more about the private sector IT systems and, in particular, whether there are any public sector databases which potentially have systemic risk impact on Singapore and Singaporeans in particular? Maybe the Minister can share a bit more on that, in particular, for example, telecommunications companies, banks and private hospitals, and what is the plan, strategically, for CSA to address some of these issues.”
“I thank the Senior Parliamentary Secretary. I just want to find out a bit more. Are the PSEA's slew of curriculum courses similar to the SkillsFuture courses or are they a smaller subset of the SkillsFuture range of courses?”
“Just one quick question: the age of 25, I suppose, was introduced because it sort of meets with the graduation for most university graduates and tertiary education graduates. But for ITE graduates, when they graduate at 21, the Senior Parliamentary Secretary mentioned that there are Higher Nitec grants and subsidies that are provided. Will the Ministry of Education consider giving some leeway for ITE students after they graduate, especially for those that have graduated and are trying to look for jobs, trying to utilise the SkillsFuture Credit immediately so that they can upskill themselves, going forward?”
“One good example of how we are going to streamline is that we have the MOE ComCare Shared Assessment where the students in ITE whose families are already on ComCare assistance, when they are being assessed for ComCare assistance, we will also look at the eligibility of the students for Government bursaries at ITE, so that they do not have to fill up the form twice or take up the approach again. In this way, we will be able to streamline the process, make it easier for them. This is expected to take place or to start in the second half of this year.”
“Mr Speaker, I thank the Senior Parliamentary Secretary for the answers. I have two supplementary questions for him. The first question is: in terms of the numbers that he has shared, 90% of the subsidies given out to students in ITE, what percentiles are we targeting here in terms of income levels? The second question is: what more can we do potentially for the ITE students who need help? The Senior Parliamentary Secretary mentioned that the Ministry briefs those Secondary schools earlier for those going into ITE. And what more can we do to help? Going forward, how are we going to communicate more to the students? In Toa Payoh East-Novena, for example, some students and their parents would come to see me repeatedly, not aware of some of the assistance schemes that are available to them in school, including the ECG and also other financial assistance. Assoc Prof Dr Muhammad Faishal Ibrahim: Sir, I thank the Member for the supplementary questions. I mentioned in my speech earlier that over 70% of the students receive some form of financial help and this is different from the 90% subsidy that we give to ITE students. So, 70% is very close to our intended coverage of Government bursaries for Singapore Citizens where we would like to cover up to the 66th percentile of households by income. So, we want to not only help the low-income but also the middle income. We will continue to enhance our efforts in reaching out to the students and we will continue to look at the processes and how we can streamline.”
“Mr Speaker, I just want to follow up quickly for my question about MTI's real wage growth outlook by sector. Which sectors does the Senior Minister of State think will be affected most in the next three to five years?”
“Speaker, I would like to thank the Senior Minister of State for the answer. I am glad to know that the real wage growth is 1.9% and productivity growth is 1.1%. There is a distinct gap there. I would just like to ask a couple of supplementary questions. First, in terms of MTI, can the Senior Minister of State share a bit more about the productivity or wage growth outlook over the next few years? Yesterday, I had asked about the concerns if interest rates were to go up over the next year or so and what it would mean for wage growth outlook from MTI's perspective. The second question is about concerns on the ground about wage stagnation. As the Senior Minister of State mentioned, the outlook for wage growth is that it would not be broad-based growth. How do you allay some of the wage stagnation concerns for specific sectors? As what the Senior Minister of State had mentioned, some sectors are affected more than others.”
“" For this group, they will be glad to know that they can upgrade to CareShield Life from 2021. True, it is not compulsory to upgrade. But if you do, you are required to pay more in terms of premiums. Hence, for those who have opted out from ElderShield, they can opt in to CareShield Life if they are not disabled. Next, when this group reaches the crossroads where they are not on ElderShield, but yet have the option to choose CareShield Life coverage, how can the Government help these people to make informed decisions? Will reminders be sent to them to let them know that such options are available to them? Again, in the case of those on ElderShield400, come 2021, will they be reminded and advised that they have two years to opt out without any penalty? I would also like to point out that for those born before 1980, MOH has introduced incentives to join CareShield Life. This applies whether they are already on ElderShield or had opted out previously. This group has a choice whether they wish to select CareShield Life or otherwise, and they can receive financial incentives, spread over a 10-year period, if they join within the next two years. Mr Deputy Speaker, CareShield requires that everyone, starting from the first batch aged 40 years old and below, would be on board in 2020. Perhaps it is good that the younger generation are given the choice whether or not they want to opt in or opt out. As we all know, MediShield is compulsory as it covers hospitalisation. But younger people may have bought their own policies. It will be good to share information with this group, so that they can better understand their needs, and give them the option to decide. Hence, a good public education exercise will be needed. (In English): Mr Deputy Speaker, given that, I support the Motion.”