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?”
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“Other forms of assistance to alleviate childcare costs and measures to encourage enhanced flexible work arrangements in the corporate and public sectors for all mothers, including working single mothers with children, will go a long way to alleviate childcare concerns as they struggle to also bring food to the table. My next point in this area is with regard to the Tripartite Alliance for Fair and Progressive Employment Practices (TAFEP). Even as we talk about help for small and medium enterprises (SMEs) over the past one day − SkillsFuture training, job matching and others − I believe one basic bedrock and core business of Government that we need to enhance further is TAFEP. As it is, most of us in Singapore or Singaporeans are employed, and not business owners. I am an active advocate for a stronger TAFEP. I believe it has greater potential to further eliminate workplace discrimination. In order to do this, TAFEP must be equipped with more teeth. Due to the changing social and global labour trends, we have a few groups of people vulnerable to workplace discrimination. They include expectant mothers, older workers aged 45 and above, blue-collar low-income workers and Singaporeans working for foreign companies. I raised this last year and I reiterate my call to Government again to please give TAFEP more investigative and authoritative powers to keep errant employers in check, especially so in this current global labour market, and also one where the gig economy is taking form where we have a rising freelance and contract workforce of experienced specialised talents supporting businesses. We need to ensure that these contract or part-time staff are treated fairly and are not exploited by employers.”
“The political lessons from the US and United Kingdom elections point to a failure to reconcile the vast differences between the voters. Globally, policymakers will be hampered by widening chasms, how to meet the needs and aspirations of the middle class and the rise of populism. It is vital that we recognise and prioritise the need to reduce gaps in living standards. In order to sustain public confidence in the various Government schemes, like the SkillsFuture Credit, that promote upscaling skills and continuing education, as well as various technological advancements, we must assure everyday Singaporeans that the Government is working to support the aspirations of all Singaporeans to have higher living standards and no erosion in social mobility. The World Economic Forum commends Singapore for faring well in many areas. But we ranked low in gender equality in the workforce. We are still struggling to improve female participation in the labour force and narrowing the gender pay gap. Measures were introduced to encourage men to play a more active role in fatherhood, through paternity leave, for example. However, parenthood does not stop at the baby stage. More needs to be done in this area. Tax reliefs for working mothers are well and good but, ultimately, the root problem must be solved − in my view − by creating a family-friendly working environment, without compromising overall productivity and growth. We should lift some of the load off the mother's shoulders, so that she does not feel the need to resign or compromise her work to care for the child.”
“Mdm Speaker, I rise to thank the Minister for Finance for delivering a good Budget that can spur long-term growth in our economy during this challenging time. I am grateful to be given the opportunity to serve on the Committee on the Future Economy (CFE), whose recommendations are broadly reflected in this year's Budget. This era is marked by rapid changes in technology, which is exciting because this presents many new possibilities for productivity. Indeed, this bright spot is, unfortunately, slightly clouded by the growing push from globalisation. It was the emblem of the United States (US) Presidential Elections. We may see more of it when other European countries go to the polls later this year. Concerns were raised of their impact on an already dull economic forecast. For Singapore, the policies of the Trump Administration may contribute to a slowdown in foreign direct investments from the US. Thus, it is good that we look at other areas for growth. CFE has rightly shifted its focus from just productivity to healthy sustainable growth by looking at new opportunities. CFE identified seven strategies to achieve growth. Charting our route ahead will enable us to steer our ship clear of the reefs. It is imperative that we develop and implement the Industry Transformation Maps (ITM) for important industries in Singapore. I am pleased to note that 23 industries, and about 80% of the economy, are set to benefit from these maps. I would now like to discuss three areas where we can add to these maps, particularly from a social point of view. First, inclusive and sustainable growth. Equality is key to promoting inclusive and sustainable growth.”
“Mdm Speaker, I thank the Senior Minister of State for answering the question. One reason I asked the question is that I have a few residents who have asked about the impact of minors having tattoos early on, and the effect of them attending schools, because of specific regulations in schools if the tattoos are visible. My supplementary question is whether there will be plans to have laws to make sure that parental consent is needed for minors, especially those aged 14 and below. Currently, for minors aged 14 and below, there is no need for parental consent for having tattoos. There are some repercussions and cascading effects for the students, especially in terms of schools.”
“Considering that many of the houses are in very close proximity, long-term exposure to the noise can lead to a myriad of health problems, from tinnitus and stress to hearing loss. I hope NParks will look into this and help residents to safeguard against inconsiderate grass-cutting and tree-cutting practices with levels of noise.”
“However, in cases where there is a clear violation of regulations stipulated by MND, would it not be more appropriate for someone, such as NParks, to intervene? I would imagine that the regulations are in place for good reasons, mostly safety-related, and it would make more sense to deal with it as soon as possible, rather than using authoritative power as a last resort. NParks' focus has been on trees but I believe they also look into other plants and assess how they affect the public. Some plants like cacti are top favourites in landscaping works because they are hardy and aesthetically pleasing. However, some species can grow very big and may cause safety hazards and obstruction. If a resident notices potential issues arising from a non-tree type of plant, can NParks be called upon for assistance? Last but not least, many landed property owners hire private grass-cutters and tree-cutters to tend their garden. Some of these grass-cutters or tree-cutters come and do the work on a lovely Sunday morning and disrupt the peace with noise from their machines when most residents would have liked to enjoy a peaceful morning jog or stroll, or even sleep in. The leaf blowers are the worst culprits. Their noise level goes up as high as 100 decibels and then sometimes lasts half an hour or more. This exceeds the stipulated safety restrictions by MOM, which dictates that, for the safety of workers, exposure to 100 decibels should not exceed 15 minutes. Fortunately for the workers, they may wear hearing protectors which allow them to safely do their work at high noise levels. But what about the residents who do not have these hearing protectors?”
“Mdm Speaker, creating and maintaining green spaces in a densely built city state like Singapore has always been a challenge. I would like to applaud NParks for the great job it has done in ensuring the accessibility and protection of green spaces. I am pleased to note that amendments to the Bill will give NParks more authority to perform its duties. Prolific urban planning has led to a boom of construction projects around Singapore. Some of these projects would involve the removal and transplanting of trees. I understand that NParks takes a keen interest in heritage trees, as well as tree removal and transplantation. Extensive consultations would take place between the project management team of the construction projects and NParks with regard to these matters. However, I have received feedback from residents in my constituency that the trees in the vicinity of construction works are sometimes not cared for properly by the respective construction teams, or are even damaged. Examples include improper trimming and pruning, as well as defacement of trees. Perhaps NParks can step in to monitor the work of contractors and their appointed arborist and be accorded the authority to take action when necessary. Next, having a beautiful garden is an aspect that many landed property owners enjoy. And it is good that they would like to maintain a garden at their own expense, considering that it means additional green spaces as well as fresher air in the neighbourhood. However, some property owners lack consideration for their neighbours and, as a result, common disputes among neighbours living in the private property estates often involve inappropriate placement of trees. The amendment has dictated that neighbourly disputes will be referred for mediation and community resolution.”
“I have a quick question for the Minister of State. Can the Minister of State share with us the extent of SME involvement, going forward, in terms of outlook? Will more Singaporean SMEs be involved in Africa and to what extent may they benefit from this bilateral trade with Africa?”
“I thank the Minister of State for the answer. The reason I asked this question is one of my residents who is an ex-school teacher actually gave an example of a student who found out that some schools may not allow students to come back to school until a tattoo is removed, which means that the child is out of school for some time. Others may allow the students to return as long as they sign an undertaking. In those circumstances, how long will the students be away and will it affect the child as well? My second question is: in the future, if such instances increase, will MOE consider working with MHA to ensure parental consent is needed for minors, for example, at the moment, 14 and below, to do tattoos? For minors need parental consent before they can undertake tattoos as well.”
“I think it is important that the Ministry takes a clear stand on it or it will be assumed that the regulation is a paper tiger. In this market where some flat owners are hard-pressed to get tenants, some of them have resorted to renting out their units to short-term travellers. Next, I note that URA has been given more power in the decision-making process with regard to the physical appearance and design of buildings, with the goal of making Singapore a delightful and walkable city in relation to the latest rule on public spaces on private property to meet new design guidelines, such as providing ample shade, public seating and connectivity between buildings either above or below ground. But the question is: how will this affect the cost of development for the building owner? Will this deter old buildings from being redeveloped? In my constituency, there are quite a number of condominiums, for example, which may be affected by these changes in the Bill and also in the city-centre as well. With so many different designs for buildings in Singapore, both residential and commercial, we need to have some coordination in their appearance. What can be done to ensure that there is some cohesion in the design, unless we are open to a bit of differentiation and chaos and that whether there is good connectivity for pedestrians to move from one to another and what it impacts as well?”
“Mr Deputy Speaker, Sir, like any community or society, the locals expect to live in an environment that they are accustomed to, where they see familiar faces, understand one another's culture and respect one another's religion. It is the same whether you are in Singapore, Germany or the United Kingdom (UK). Today, with the popularity of Airbnb, a Singaporean can, if there are no rules in place, wake up one day and find himself being stared at by, say, someone from another country staying next door and a new one every other week, month or so. I am sure it would raise his/her suspicions and he/she or would be asking himself or herself, "What and who is this?" And this is what will happen if we do not control property owners who turn their premises into a hostel or use it for Airbnb activities. Notwithstanding, Singapore also needs to embrace disruptive technologies or emerging opportunities, such as Airbnb and others, especially in an environment of softer growth and to capitalise on existing unproductive assets. Hence, I am pleased that it is now spelt out in the Bill the rules that prohibit short-term lease to a large number of unrelated persons. With these rules in place, it will be easier to carry out enforcement against property owners who use their premises for prohibited activities. Perhaps, it would be good if the Minister could clarify what its policy will be on Airbnb going forward, if the owner of a premises applies for a licence to use it for vacation homes, for example? Thanks to mainstream and social media, it is widely known that renting out homes for short-term stays is, in fact, forbidden. But this is not stopping Singaporean Airbnb listings from popping up ever so frequently.”
“As a global financial centre with many non-Singaporean clients, in order to uphold our good reputation, the Government has a duty to look out for the interests of our overseas investors. So, it is important to make clear that all protection for local investors should apply to all overseas investors as well. Conversely, the interests of Singaporeans must also not be neglected in a bid to cater to the foreign financial entities. Last, but not least, the timing and implementation period of the changes in the Securities and Futures Bill would be critical. With the potential of some level of deregulation coming out of the US under the Trump administration, it may be essential to communicate the main broad objectives of this amendment to the public and financial institutions, as it signals a move towards slightly tighter regulation which can be interpreted as onerous. As a result, the impact of the amendments on the value-added growth of the financial sector should also be examined. I would also urge MAS to have a meaningful implementation period for the changes as it is very hard and expensive for the banks to get clients certified and new systems to be set up to track products. Overall, the changes, particularly its elements of investor protection, including that for commodity-related products, as well as enforcement action, are highly lauded and should ensure a more resilient, transparent and stable financial sector.”
“While it may be common in the wealth management industry where only one joint account holder is an AI, for example, a millionaire father with a joint banking account with his son who is still in university, we cannot over regulate to not permit non-AIs from being joint account holders. It may be prudent to add a requirement that mandates banks to primarily deal with the party who is the AI, if the investment products sold are not permitted to be sold to retail investors. Additionally, for accounts opened in the name of a private investment company or trust, where there is more than one beneficial owner, all beneficial owners need to qualify as an accredited investor. This may not be reflective of how potential private banking clients operate their accounts. It is proposed that the laws should be revised to ensure consistency so that beneficial owners of such structures, such as trust or private investment company accounts who may not be AIs are placed on the same footing as those who choose to invest as joint account holders. It is almost always to the bank's benefit to deal with AIs over retail investors. My concern is that some bankers may not be properly incentivised to accurately determine a customer's net assets. For example, a careless banker may "overestimate" a potential client's net assets so as to "upgrade" him to an AI. Lessons from the recent 1Malaysia Development Berhad (1MDB) money laundering scandal should be a stark reminder that self-regulation by banks may not be completely effective in some areas. So, having a third party to do the assessment may be fairer and more transparent. In the case of Australia and New Zealand, an independent accountant has to certify the net assets of the client.”
“Additionally, in light of inflation, a higher threshold than S$2 million net worth should be established. In the US, although the qualifying net worth is US$1 million for an individual to be an AI, levels of consumer protection are higher due to the fact that litigation and regulatory activism are prolific in the US. By contrast, in Singapore, this is not in our culture. Regardless, wealth should not be the sole major indicator here, as being rich in asset does not necessarily mean good financial knowledge. To better increase protection, the threshold for attaining Approved Investor status should be raised based on his or her experience and expertise. According to the European Union laws, a retail client, in order to gain status as an "elective" professional client, must satisfy at least two of the following requirements: (a) he/she has carried out trade transactions, in significant size, at least €50,000, on the relevant market at an average frequency of 10 per quarter over the previous four quarters; (b) the size of financial instrument portfolio, defined as including cash deposits and financial instruments, exceeds €500,000; and (c) he/she works or has worked in the financial sector for at least one year in a professional position which requires knowledge of the transactions or services envisaged. So, I hope the Government will consider placing greater emphasis on the importance of knowledge in investing, rather than just personal assets. We can create any number of laws and restrictions but, ultimately, nothing empowers a customer more than possessing knowledge. Next, I would like to point out some potential gaps. In the case of joint accounts, when one party is a non-AI, he or she can opt out of protection measures available to retail investors.”
“Look at how the fall in oil prices impacted on the oil and gas industry, resulting in a series of bond defaults. Disclaimer clauses and additional contractual obligations, often neglected or discretely mentioned amidst a wall of incomprehensible financial terms, may be skimmed over and never explained. On the other hand, in Hong Kong, it will eventually be mandatory to enforce a suitability clause in all applicable client agreements. It would be a good idea to have something similar here, as this should help prevent banks from hiding behind disclaimer clauses, while enhancing the level of protection for all retail investors, including AIs. I am glad that the Bill enhances regulatory safeguards for retail investors by extending regulatory safeguards to retail investors in two types of non-conventional investment products that share features of capital market products such as the buy-back arrangements involving gold, silver or platinum and collectively managed investment schemes, such as land-banking. We have seen how some of our residents who face losses investing in some of these schemes. Next, I am pleased to note that the Bill seeks to tighten the qualification to be an approved investor. It is welcomed that the individual's primary residence can only contribute up to S$1 million of the current S$2 million net personal assets. In fact, if I may suggest, MAS should perhaps not allow the primary residence of the investor to be used to contribute to the net personal assets to meet the S$2 million threshold. A family can one day find themselves having to sell their home if they are not careful in investing on the basis of using their primary residence to pledge against any open positions.”
“In fact, in certain cases where the clients use leverage, they may even lose more than their initial capital. Bond investors are often lured with coupons or better interest rates without being explained that higher rates mean higher risk of loss as the quality of the underlying instrument is often poorer. Retail investors may feel that because the persons selling investment products are from the financial industry, they would have better knowledge of the market and are trustworthy. What they fail to appreciate is that these same people are selling the products also because they have to meet their targets and their key performance indicators. Conflicts of interests may also not be properly disclosed to investors and this may prevent investors from making informed decisions. A retail investor may be told not to worry about the corporation issuing the bond because their parent company is a big company with a good track record. What investors do not understand is that the bond may not be issued by the parent company but a subsidiary which is a separate corporate entity altogether and which may have limited assets. Another point is the investors may be told that the bond may have this and that rating from one of the bond rating agencies, for example, Fitch, Moody's or Standard and Poor's. But many of them may not actually understand or are able to truly explain what these ratings mean. In today's market, we must remember the phrase: "nothing is too big to fail". Another bug-bear is the use of financial jargons which may impress the retail investor that you are someone knowledgeable but, at the same time, confuse the investor. The investors may find themselves persuaded into buying products when the risks are not fully explained.”
“It has changes, first, on the regulatory front, as the Minister mentioned, with reforms needed to strengthen regulation of the OTC markets, and now, exchanges, recommended by FSB and the Group of 20 (G20) will strengthen Singapore's financial sector hub status; second, enhancing regulatory safeguards for retail investors which is quite key; third, enhancing credibility and transparency of capital markets with new regulatory frameworks to instil better governance in the setting of financial benchmarks, such as SIBOR, and transparency in line with international best practices; and fourth, strengthening the enforcement regime against capital market misconduct and deter future offenders. In particular, this Bill enhances the robustness and transparency of the legal framework which could further protect the interest of investors, especially those who may not be as financially sophisticated as the bankers or financial consultants serving them. This is especially important as investment products have gone beyond plain vanilla to highly complex structures. Investor protection in Singapore is pertinent, given Singapore's standing as a pre-eminent global financial centre, its value-added growth contributions to the Singapore economy and its role as an intermediary for various players in the economy is also important. It is the responsibility and moral obligation of financial institutions to explain to their clients, especially those who are investing in complex instruments, and ensure that risks are properly understood before making an investment. The market operates like the car windscreen wiper, if I can make an analogy. It can swing to the left and also to the right. So, you can lose money in as much as you can make it.”
“Mdm Speaker, before I begin my speech, I would like to declare that I work in a bank. Mdm Speaker, Singapore has a financial sector that is recognised as one of the world's leading financial centres. From real estate to insurance to banking and more, we offer local and global investors direct access to a plethora of regional and global investment opportunities. Economic and political stability, robustness of the legal and regulatory framework as well as the reliability and transparency in the way business is conducted also helped to enhance our reputation as a top wealth management and regional derivatives hub. The vibrancy of the financial sector has led to a tremendous growth of the sector and we now have over 200 banks with a presence in Singapore. The growth of the local and global capital markets has created a lot of wealth in the past decades and this has also given rise to the notion that it may be easy to make money from investments and that the risk of failure is low. It may not be uncommon for beginners to jump into hefty investments based on blind trust for a friend or financial consultant. I support this amendment Bill, which is quite extensive and probably the biggest change in a long time for SFA.”
“So, that is my question. In terms of commercial considerations, has that been taken into consideration?”
“Mdm Speaker, I thank the Senior Minister of State for answering the question. I am glad to hear that the Ministry of Transport and also the port expansion plans have included strategies, going forward, in terms of enhancing competitiveness and taking Linggi into consideration. My question, following up on the answer is: with regard to commercial considerations, in terms of shipping companies' expansion plans in the future with evolving technologies, if Linggi becomes successful, if the Malacca Gateway project becomes successful, for example, in a scenario such as that, would there be commercial considerations such that shipping companies may actually, like what we have seen from the Johor port moving up towards Linggi as well —”
“I thank the Minister. I just want to appreciate the benefits of Savings Bonds. The reason why I asked was because a young resident of mine highlighted that the eligibility for Savings Bonds is 18 years and above. This highlights the importance of starting early so that they can have a longer runway. The Minister mentioned just now about retirement savings and for rainy day savings. I was wondering what are the outreach efforts by MAS to the young, as it helps them to achieve a longer runway, going forward.”
“A data leak is potentially damaging and embarrassing for all users of the system. Finally, I would like to take the opportunity to remind all Singaporeans to be mindful of their spending habits. A credit monitoring system is useful, but one should not be over-reliant on it. There are blind spots as the system does not monitor loans from unlicensed credit bureaus, credit lenders, friends, relatives, colleagues and so forth. The "buy now, pay later" concept is not an excuse to live beyond one's means. When making the purchase, it is important to realistically evaluate how one is going to save in order to pay off the loans in the near future. Good planning skills and foresight are important to ensure that one does not eventually become enslaved by debt. Furthermore, please take loans from legitimate credit bureaus. Illegal moneylenders may resort to violence and other extreme means to seek repayments and, as their interest rates are not being policed, they are free to set it above however high they wish it to be. With MAS handling the licensing of credit bureaus, this will hopefully help consumers identify the safe, legal credit bureaus for their financial needs. Madam, I support the Bill.”
“Was there a time lag between the time someone credits a mischief with his multiple credit cards before the data is fed to a bureau monitoring system? The CBS offers as a promotion, free credit reports to consumers who have a credit facility with its 30-member banks and financial institutions, from April this year. Credit reports are essential to good money management as they help to keep track of credit payment history compiled from different credit providers and, in turn, empowering consumers to manage their spending more responsibly. A comprehensive report will also enable credit providers to make wiser lending decisions. The lack of comprehensive credit details and poor judgement on the part of credit bureaus have often led to indebted people being allowed to fall into a bottomless pit of borrowing and owing credit. I hope MAS will also closely scrutinise the people who are appointed to the board of these LCBs so that sensitive information does not fall into the hands of the wrong people. It is also important that the members of LCBs are not open to all and sundry, and we end up with compromising sensitive information to the wrong people. Enabling consumers to access their credit report whenever they wish to, and to monitor and rectify credit information is a good move. With increasing incidences of identity theft, this is crucial in helping consumers exercise personal responsibility of their transaction records. The LCBs' credit monitoring system also sends email notifications when key changes are detected on the credit file. This means that the consumer can easily detect fraudulent attempts to take credit in his or her name. On a related note, it is also important for LCBs to have a second authentication system to protect the data.”
“However, with the introduction of the Credit Bureau Bill, I note that MAS will be able to oversee credit bureaus' management of customer credit information, with the objective of safeguarding confidentiality, security and integrity of the information. This is a welcomed move that will give consumers the assurance that their data would be in safe hands. I hope that MAS will pay close attention, especially to the security systems that licensed credit bureaus (LCBs) are using to manage customer information. And, from the experience of "insiders", these bureaus should also ensure that staff who have access to sensitive information are properly screened before they are employed and, even after employment, they are monitored to avoid the leaks that we see peppering the news in the US. It should be made mandatory that these institutions review and update their systems periodically in accordance with current trends and developments in technology. Where lapses are detected, MAS should impose fines to keep the bureaus on their toes. I also note that the Bill will allow consumers the right to access, review and rectify credit records. One of the main reasons for poor financial management is the lack of access to comprehensive credit reports. We tend to spend more freely when no physical cash exchanges hands. Without keeping prudent records, one's spending can easily snowball and spiral out of control. In 2015, the Credit Bureau Singapore (CBS) reported that more than 101,493 credit card holders defaulted on their debt. Many of them would roll over the debts to the next month. Some would rack up such large debts that they would take out additional loans to pay off the debts, and it then turns into a vicious cycle. So, what happened?”
“Mdm Speaker, the "buy now, pay later" concept is becoming increasingly prevalent in today's society. From education to buying a house and furnishing it, to travelling, it is almost a norm now to go cashless. With online purchasing and services offering consumers a flexible array of options, having a credit card to make payments safely online is almost a must. Not only are cashless or prepaid transactions more convenient, when used wisely, it can help one to save money. For example, instead of spending thousands a year on rental while trying to save up for a dream home, one can quickly own a home by taking out a loan and buying on credit. It also means that more money can be availed for investments. However, with so many banks and financial institutions, and a large number of others from travel operators, furniture outlets and so on, offering loans and collecting customer credit information, it is important that a good database is built on each individual who seeks to use the "buy now, pay later" schemes. This will help these institutions and others offering delayed payment options to safeguard their interest. It is also a way for consumers to learn to be prudent in their spending and there are checks in place when a limit is hit. While most people are generally prudent with their expenses, there are some who are callous with their finances and they end up trying to consume more than they can chew. The result: legal summonses with a view to being made a bankrupt. But as the data is being collected and collated, we need to ensure that the credit bureaus have safeguards in place to ensure that the individual's personal data are not being compromised. Data breaches are becoming more widespread, and hacking techniques are growing in sophistication.”
“The hype created by the mainstream media and social media only serves to reinforce and magnify the misgivings among ethnic communities. In parts of Europe and the United States, innocent Muslims are targeted for attacks and discrimination due to lack of empathy and stereotyping. Social division is one of the main culprits that lead to alienation. Consequently, acts of violence and terrorism stem from perpetrators who seek to gain acceptance from a malicious group that takes advantage of the discontent of these people. Riots, violent crimes, mass exodus of refugees and many other significant social issues are often a result of conflicts among different ethnic groups. While these may seem unimaginable in peaceful, harmonious Singapore, we cannot guarantee that it would not lead to an earthquake when the fissures start to surface. It is hoped that these latest changes can step up the efforts to create a society in which all Singaporeans know that they will not be marginalised or shut out, that they truly have a place to call Singapore their home and their own country.”
“Key Government-linked companies (GLCs) and the Civil Service are already taking the lead to some extent, and it is hoped that the private sector will emulate this. Similar to the Elected Presidency, any individual must meet the requirements of the job and there must be some effort to ensure we have individuals from the minority groups but would still be in line with the principles of meritocracy and multi-culturalism. Singapore has built up a good Reserve, and so there is a need for an institution outside of Parliament to check on the spending of Reserves and restrain spending where necessary. The EP is not alone in the decision-making process. He has the CPA, who are people eminently qualified to guide him in making his decisions. All said, it is pertinent for the public to note that the EP's role is not to provide checks and balances on anything and everything, just as how candidates in the previous elections have misled voters into believing so. Do not let the election of an EP to be an excuse in a GE for voters to elect any party and their candidates to Parliament. These are separate bodies, each with its own responsibilities. I wish to conclude that within today's social environment, issues of race and religion are gaining more prominence. When insensitively managed, they can lead to distrust and division among the people. When the differences are too vast and destructive, social unrest, which may lead to civil war, happens. In the United States, racial tensions between the police and the public are being reported more frequently than before and, in many cases, they have led to deaths of innocent policemen and civilians. It is the same too in Europe.”
“I am sure that Singaporeans or the Malay/Muslim community have a pool of good candidates. I am also confident that this pool will become bigger in the future since many Malays are doing well academically, received Government scholarships and are currently enjoying success in many fields. However, one of my concerns is that there may not be sufficient minority candidates when needed. I see it as a call to action and, maybe, Singaporeans and the Malay/Muslim community have to take action to further enhance the talent pool or capability of future minority candidates and encourage them to step forward. We already have a good process in place to identify and nurture people for high office in the Government. Over time, these changes to the Bill could be seen as a call to action within Singapore and within the ethnic communities to provide and groom talents or individuals from the minority races to gain relevant experience from their careers and when they are in influential positions within the corporate world, whether in the private or non-private sectors. This should ensure that over the years, we build up a wide talent pool of people from various minorities that are adequate and who have also reaped the required experiences to meet the future prerequisites of a multiracial elected Presidency. With this in mind, I hope that companies and organisations can work harder hand in hand, to be more inclusive and ensure more comprehensive representation on their management boards and in leadership positions. This is also beneficial to employees within the company who are of a minority group, as there would be someone who is more sensitive to their needs who could take better care of their welfare in the company.”
“I support the changes made to the Bill whereby the President should be obliged to consult the Council before exercising his discretion in respect of all fiscal matters touching on Singapore's Reserves and all matters regarding key public appointments. I also support the changes to augment the Council with two additional members, one appointed by the President and the other by the Prime Minister. The Council currently comprises six members with two members appointed by the President and two by the Prime Minister, one member on the advice of Chief Justice and one member on the advice of the Chairman of the Public Service Commission. If I can use a soccer analogy, with these changes, we will have a talented goalkeeper able to handle the changes in the game and the skills of the opposing team's forwards, but now this will also be rebalanced by having two additional defenders. This will be akin to having a set of players who are not only skilful in ball handling but also strong team players. Each one understands their role well, each one can read a game well, be fully alert to what is going in front of the goalmouth and anticipate what is going to happen. Only one goalkeeper, not eight or nine goalkeepers. With clockwork precision, they can coordinate their moves to get into positions at the right time and place with one common objective, namely, to thwart the opposing team's forwards from getting near the penalty area, let alone attempting to score a goal. What this means is that our Reserves will be guarded and key public appointments will be done smoothly. My second point is that I support the changes to the Bill to ensure multiracial representation in the Presidency via a hiatus-triggered safeguard mechanism without undermining meritocracy.”
“There has been feedback from the public about how the bar or threshold has been set too high for candidates, that a person's firm must have a minimum of $500 million in shareholders' equity, which means that only the most senior executives of large, complex companies are eligible, further reducing the available pool of talent. But it is important that the apparent misunderstanding here has to be cleared up. As mentioned by Deputy Prime Minister Teo yesterday, this $500 million criterion is not an exclusion criterion and one does not need to be the most senior executive in a large company. Therefore, even a chief financial officer could qualify as a candidate, for instance, as he/she would understand numbers, good governance and what it takes to safeguard national Reserves. It is important that we clarify all these qualifying criteria to avoid any unintentional exclusion of suitable talent. Under this track, a candidate will qualify if he satisfies the Presidential Elections Committee that he has held an office of a comparable nature to those held under the automatic track that has given him the necessary experience and ability for the office of the President. Another point I want to add is: what if a candidate from a big corporation is elected as President but, after a period of time, if a malfeasance is uncovered which happened during his watch as the chairman or whatever position he held in the corporation, would there be a process where the Elected President can be removed? We have seen how misdeeds are sometimes uncovered years after a person has left an organisation or company, or perhaps due to a whistleblower in that organisation.”
“Firstly, strengthening our Reserves' defence, that is, the President should always be chosen based on meritocracy; and there should be flexibility in choosing the goalkeeper and enhancing the defensive line. Secondly, grooming minority candidates and a call to action. Allow me to elaborate now. I believe that it is crucial that a President should be chosen on his or her own merits. It is vital not to allow racial issues to cloud our judgement. It is imperative that candidates who meet the race requirement must also meet all the other requirements. There must be no compromises or any give and take on this matter. Singaporeans must be assured that, ultimately, we are getting the best candidate to represent the nation, regardless of race. This policy has served our country well and we should stick to it. After all, the office holder is no longer just a ceremonial leader. The candidate is supposed to be the Head of State. He/she is a symbol of respectability, integrity and the face and voice of all Singaporeans. But as we are aware, on top of the ceremonial role, the President is given the two custodial responsibilities over Past Reserves and over key appointments to protect the integrity of the Public Service. Hence, the person who assumes office through an election has to be someone with sound business exposure and a deep understanding of economic issues. The President, as an institution, will play an important role to ensure that the government of the day displays wisdom when it comes to spending the Reserves.”
“Mdm Speaker, I will deliver my speech in Malay, please. (In Malay): [Please refer to Vernacular Speech.] Mdm Speaker, I rise to express my support for the proposed changes outlined in the Constitutional (Amendment) Bill. The Prime Minister and Deputy Prime Minister Teo had given detailed speeches which outlined the importance of these amendments. This is in contrast to the WP's suggestion to set up a Senate and have a referendum. Could this suggestion and essential issue not be put forth earlier so that it can be discussed, because this issue is important to the people and not something trivial? This is especially so with regard to the in-depth and minor details relating to the appointment of Senators, which is quite important, particularly in addressing multiracialism when these Senators are appointed. The Government's continuous efforts to create an inclusive community for all races in Singapore are highly commended. Our society is a cultural melting pot that has embraced racial harmony for decades. It is convenient to get complacent and believe that we need not work as hard as before to maintain the status quo. I appreciate the spirit behind this Constitutional (Amendment) Bill. It is a testament to how much the Government values inclusivity and racial diversity as principles that have to be upheld. Having spoken to a number of residents and grassroots volunteers, I do not doubt that they welcome the spirit behind this Bill. Some have also said they are glad to note that the Prime Minister has said that he is not being pressured by any group to make the changes but had done it for the long-term benefits to our multiracial society. I have two main points to make.”
“Mdm Speaker, I would like to thank the Minister of State for answering the question. I have two follow-up questions. One is whether the Ministry is concerned that there is an increasing trend in the number of complaints from 2013 to 2015. I am not sure if I missed that – that the Minister of State had mentioned that there was an increasing trend, or whether there was concern that there is going to be an increasing trend, thereafter, from 2015 onwards. Secondly, I note the guidelines that the Ministry had highlighted. What are the strategies to ensure a sustained standard of ethical advertising in Singapore, on top of the guidelines for the industry?”
“In the end, I do hope that CPF Board would have some financial counselling or collaterals to advise members on the implications of making lump-sum withdrawals and what it means for the members' future payouts and what are the other options they can undertake to supplement their retirement income for the rest of their life. Madam, I support the Bill. 5.09 pm Page: 61”
“With the lump-sum withdrawal now an option, I am concerned that senior citizens will become an even more prominent target for scams after the age of 65. Family members must make efforts to ensure that their elderly relatives, parents and grandparents are aware of these scams. I hope the Government would do more to reach out to this group of people and generate more awareness. Singaporeans who have plans for the money they have withdrawn should then be prepared to cash in on their homes, with schemes like the Lease Buyback scheme or Silver Housing Bonus to fall back on to supplement their income for the rest of their life. I know a resident who lives in a 4-room flat. She is a single mother and now her children have grown up and moved out of the home. She is now the only occupant of the home. She has the option to downgrade to a smaller flat and cash out. Instead, she chose to continue living in her 4-room flat. As a result, she has to continue working full-time to support her choice. Some, like her, have made a conscious choice. But there are many others who may not be aware of the options and they keep on struggling when they should retire and enjoy some quality of life. For many Singaporeans who do not have excess money or assets, your property and retirement account would be what you live on in your twilight years, so you would have to be financially savvy and manage your money with caution. Above all, remember that you do not need a specific type of property or a certain number of rooms in your house to be happy.”
“For instance, the amendments to the CPF Act in the last round allowed transfers between married couples. I am not sure if many Singaporeans are aware that this can be done. We should remind CPF members whose spouses are homemakers that they need to do their best to enhance or top up the amount in their spouse's accounts. This will enable their housewife spouses to Page: 60 become more secure and more comfortable during their retirement. It is a good form of savings for old age and can also help the family. Nonetheless, having such a huge amount of money in hand means there will be many temptations. I would like to urge those who choose a lump-sum withdrawal to be careful with their finances. It is reasonable, of course, to want to pamper yourself with a little reward after working hard for so many years. But expenses meant for enjoyment and comfort, for instance, taking a luxury cruise, buying a new car or renovating your homes – these expenses will build up and the money withdrawn will be gone in a flash. For those who plan to invest, be it in the stock market, property or others, please do your research carefully. Refrain from making high-risk investments if these involve savings that you cannot afford to lose. Even when buying bonds, one should be careful because we have seen recently how companies are increasingly facing difficulties in fulfilling their obligations and requested for refinancing of payments and others. Worse still, there are companies that failed or had to close shop altogether. (In English): A point to note is the proliferation of scams from various channels. To date, several people, including elderly Singaporeans, have fallen prey to such scams and lost huge sums of money, often equating to life savings.”
“Then there are some that exist to incite resentment towards the scheme. I believe most of us here are familiar with the "Return Our CPF" saga. Reasonably, Singaporeans want more transparency about their hard-earned money, and the Government has done its best to make all the information available, even attempting to explain it through case studies, graphics and cartoons. I am especially glad that CPF Board has started a series of roadshows and campaigns to help the people understand and start planning for retirement. I do hope the public will take advantage of these platforms. I also hope CPF Board could perhaps explore how it can be even more proactive on an ongoing basis in engaging the public so that the people are kept abreast of its good work and, hopefully, in a simplified way. The amendments this time round also include the option for CPF members to make a lump-sum withdrawal from the Retirement Account. It offers greater flexibility in managing money and will be especially handy for those with necessary, large expenses in their old age. Madam, in Malay please. (In Malay): [Please refer to Vernacular Speech.] The amendments to the Act this time round also include the option for CPF members to make a lump-sum withdrawal from the Retirement Account. It offers greater flexibility in managing money and will be especially useful for those who need some large expenses in their old age. Those who do not have health problems can use the money for self-improvement and learn constructive skills and hobbies that they were not able to learn when they were younger. I note CPF Board's efforts to use cartoons to explain the CPF system to the public. This is commendable but I believe that the issue of cost had constrained CPF Board from placing more media advertisements.”
“Mdm Speaker, let me begin by first declaring that I was a member of the CPF Advisory Panel. I applaud the efforts in this second amendment to automate CPF payouts. This will benefit those members who are not on the CPF LIFE scheme but are on the old Retirement Sum Scheme. This will also benefit those members who are illiterate and those who do not have children or someone to explain the process to them. With the amendments, it also means members in the Retirement Sum Scheme can defer the start of their payouts up to the age of 70, which would allow Page: 59 for a longer runway of payouts for their retirement. Nonetheless, even with simplifications made to CPF, I have met some young people who themselves do not understand how CPF payouts work. I have met residents who came asking for financial help and bitter residents who bemoaned the Government taking their savings when their money was, in fact, sitting in their Retirement Account, waiting to be drawn on. I believe this new policy to simplify CPF payouts will be a welcome move. On the topic of simplification, the current CPF scheme, though sound, comprehensive and intricate, can still be seen to be quite complicated. It is currently made up of three main accounts – Ordinary Account, Special Account, MediSave Account. Then, a fourth account, the Retirement Account, is created when the member is 55 years old. Each account has its own set of processes and benefits. Because the entire scheme is not so simple and challenging to grasp by the layman, a quick search on the Internet reveals several Singaporean blogs and websites proffering help on understanding the whole scheme and advice on optimising the CPF scheme for financial benefit. Some of the advice is sound and others give incorrect information.”
“Mdm Speaker, I would like to thank the Minister for the answer and the data that he shared about the drop by about $10 billion in terms of EDB's commitments over the past two years. And he explained that the targeted approach actually led to the decline. In light of the economic transformation and the cyclical headwinds, the data show also, in terms of declining foreign manufacturing investments over the past two and half years or so, I am a bit concerned on that part and I am wondering what the Government's view is in terms of declining foreign manufacturing investments, particularly because the job creation in the manufacturing side would probably create a bit more volume than that on the services side. And what would be the Government's strategy in terms of the declining foreign manufacturing investments in light of the decline in EDB's foreign investment commitments over the next five to 10 years?”
“Otherwise, the spread of word via WhatsApp, e-forums, Facebook and so on may go unnoticed and people are also wary of believing whether what was posted was true or just a prank. At the end of the day, I feel that there is so much that the authorities can do but as consumers, we too must be vigilant and do not fall for the freebies and other gimmicks.”
“Some people buy used goods not because they cannot afford new ones, but because they would like certain older designs that have a classic look. I hope the Minister can consider a provision where the buyer can ask for repairs or replacement of the product if it is misrepresented to the buyer. And, if this still cannot result in an acceptable resolution to the dispute, the buyer can choose to keep the goods but with a price reduction. The third option is to be able to return the item and get a full refund. Another point I would like to raise is my request that the Bill limit the period in which companies can ask a consumer to sign for advanced payment for services contracts. We should limit all such payments to not more than six calendar months. Operators should not ask clients to sign for packages that last for so long and lure them with discounts. This practice is especially prevalent in the healthcare and fitness industry and I feel that we should nip this problem in the bud rather than allow the public to continue to be fleeced by unscrupulous operators. Often, the operators know that their ship is sinking yet they failed to inform their staff to stop signing on more customers. While the frontline sales staff may not know the financial health of the company, the owners should be required by law to stop any further marketing once they know they are financially in dire straits. (In English): Lastly, we are in an age where scams are quite prevalent. Maybe SPRING could look into having a certain platform where people can be alerted to scammers, including foreign ones, so that at least the buyers can get some form of warning.”
“I have, from time to time, also seen a few residents of mine, housewives and retirees with families, become victims of these. Another nagging area I would like to raise is the question of online trading practices. Besides travel, the other most common purchases are fashion, lifestyle and food products as well as services. We are in an era where we are more reliant on technology for everything that we want. While technology may make it more efficient in the execution of a process, it often leaves gaps and many questions unanswered at times. It is quite impossible to seek clarification under such circumstances and replies are often less than satisfactory. Today, we have colourful and interactive websites selling products and services online. The sellers post photos, drawings, all kinds of media gimmicks, littered with superlatives. But what you see therein may not necessarily be what they actually represent. I am aware that there is such a thing as a "return policy" for online shopping but this is not the norm. Buyers are at the mercy of sellers who find it perfectly acceptable to not offer a return or exchange policy. If they do, they would indicate, but in small print. So, you make the click and add it to your cart and you are off to spending good money for bad. Also, in the case of errant online retailers, how will injunction orders be enforced? Worse, some online transactions are cross-border, so it probably creates some issues with the voluntary nature of publicising injunction orders on foreign-based websites. Mr Deputy Speaker, Sir, in Malay. (In Malay): [Please refer to Vernacular Speech.] Next, can I ask if pre-owned goods are covered by this amendment to the law? This can cover anything from bicycles, musical instruments to old furniture and antiques.”
“Now that SPRING will be the administering agency after the Bill is passed, it would hopefully allow for faster action to be taken and for consumers to be aware about the types of unfair practices and are able to seek redress more easily with one single agency. In taking on this additional role, I believe SPRING will see to it that its investigation team is backed up with the infrastructure to ensure that they are able to carry out their duties. Investigation work, as many of us may not realise, is more than just acting on complaints and recording statements. It is also about collating evidence and often this requires some strategising, maybe even surveillance work, so that the culprits can be caught with some element of surprise. While I know it will tap on the resources of the Auxiliary Police Force, there should also be a team of officers from SPRING who can coordinate and liaise with the field officers. The work of the officers will be keenly followed by the public and I hope they will rise to the occasion when the time comes. This is the age of consumerism. People work hard, earn more and spend more. As a result, more and more of these issues arise between consumers and retailers. I am sometimes at a loss as to why, despite much publicity, consumers are still taken in by glib-tongued marketers. For example, the timeshare industry was in the limelight with numerous complaints being lodged to CASE by people who were cheated. Often, the victims would be lured with offers of being the lucky ones to win prizes, or specially selected in a draw, or the often-used trick of stopping someone to say, "Today is your lucky day and you are selected" and so on. Many horror stories appeared in the media year after year, yet we still get people duped into various schemes.”
“Mr Deputy Speaker, Sir, I rise to support the Bill, which I feel touches the hearts of many, as not only were we at times at the receiving end of unfair practices but also from public feedback. The events in the last 12 months have seen a clamour for tighter laws so that the likes of Jover and others like him would not resurface to haunt innocent shoppers. I can still recall the pitiful look of the Vietnamese tourist who begged for the return of his money from the shop. This must never happen again in Singapore. We must come down hard on such operators. However, in this fast-moving modern age, I feel consumer protection is one topic which will need a recurring review. I am pleased that the Bill would put a stop to the practice of unscrupulous retailers who open multiple outlets so that they can continue with their malpractices after they are caught. The new section under 12(G) would give STB and its investigation officers very wide-ranging investigative powers, from pursuing the culprits to seizing their goods for investigation. The amendment also gives the Court the powers to require the errant retailers to notify consumers that it is under an injunction order. However, speed is of the essence in any investigation. I hope, with the passage of this Bill, the authorities will be able to move more expeditiously so that the errant retailers can be dealt with swiftly and expeditiously and those who are wronged can get early redress. There should be wide publicity so that the public knows where they can go to to make reports against errant retailers.”
“I thank the Minister for his answer. The reason why I asked the question is because I am concerned about the general trends globally with income inequality. I am aware that, as the Minister mentioned just now, the range of policies that Singapore has undertaken, such as PWM, the transfers and also transformation of the economy and creating jobs for the future. But there is a sustainable manner in which we want to undertake over the long term, in terms of addressing the income inequality from a longer-term strategic perspective. What other measures can there be? Is the Minister concerned about a potential risk of rising inequality from global trends that may actually impact Singapore even though we have not seen it at the moment?”
“I thank the Minister for the answer. I have one supplementary question. With regard to PCP, which is across 11 industries or sectors, are there any plans to raise the cap of $4,000? Because we have increased numbers of PMETs who are older and, generally, their income will probably be higher and there will be increasing numbers of PMETs who are older who would be unemployed. Are there any plans to raise the cap of $4,000?”
“I thank the Minister for the answers to the question. The Minister mentioned the strategies that have been taken holistically by cross-agencies to address teen suicide across the country. I was wondering how far away Singapore is compared to international best practices in terms of handling of teen suicide. In Britain, for example, they have a teen suicide prevention strategy. How far away are we from there? Are we moving towards that sort of strategy or campaign to address the teen suicide problem?”
“Today, we are in a more fortunate situation where we are among the members of the IMF who are able to make contributions to offer loans and grants to others. We had benefited from the World Bank funding our projects in the past. Going forward, what is important for us now is to examine how do we keep a lookout for any headwinds that may be heading towards us. What can we do to further strengthen our fiscal policy to ensure that we can get an early warning in place and steer away from the storm? I note that the amendment Bill covers public accountability and transparency when we are making any loans or grants to the IMF. The Government will publish the key information in the Gazette and, if I could ask, would this suffice, especially as not many people would read the Gazette? Or should this information sharing be published in the main local media so that everyone knows under what terms the loans or assistance are given? This way, it would thwart any attempt for mischievous rumour-mongering to make its way around the new media platforms. Is there a special committee in MAS that will be making the decision on whether or not Singapore is to offer the loans or grants? What is the process before the proposal is tabled before Parliament? And how much lead time will Members of Parliament have to study the proposal before it is tabled for the House to approve? Mdm Speaker, I support the Bill. 4.44 pm”
“Our de facto central bank, MAS, has done well to mitigate any sharp rise in market volatility and has ensured the appropriate monetary conditions for the economy to grow sustainably. I hope that as we participate to ensure global financial stability, we continue to ensure our own defensive blocks are not marginally eroded. Mdm Speaker, I support the amendment Bill. Page: 55 4.40 pm Er Dr Lee Bee Wah (Nee Soon): Mdm Speaker, the world economy is moving into a patch that has never before been seen. Who would have thought that oil prices, for example, could spiral down from above US$100 to just a quarter of its previous price? Many governments are caught in this sinkhole and would be at wits end how to re-write the budgets for the projects that are already launched and are work-in-progress. The recent Brexit has added more uncertainties and chaos to the world economy. Instead, Singapore is in a happy position for it is able to participate and contribute to the IMF financial assistance scheme to help bail out others who are less fortunate. We would have read in the media of countries where the people see their savings eroded almost overnight. We would have read of people who desperately rushed to queue for hours outside the banks and at ATMs to withdraw whatever was left in their account. Indeed, we would have read of how families suffered because of job losses due to the collapse in their country's economy. The bailout terms would require the borrowing governments to make painful cuts in expenditures, resulting in job losses. Hence, those whose jobs were affected would take to the streets and protest. These are all very frightening scenarios which happened in other countries. Thankfully, we do not see this in Singapore.”
“Second, for the loan component in section 6(A) subsection (4), can the Minister also share with the House, if, for some reason, Singapore faces a balance of payment crisis – as the Minister have mentioned earlier – and we are in need of the fund, what is the minimum timeframe required to notify them of our need for earlier repayments? Third, for accountability and transparency, under subsection 2(c), in conjunction with the Minister's published Gazette, will MAS publish the statement on the maximum amount of financial assistance in the local media on the key information about the agreement to extend financial assistance so that the public can scrutinise it, and to publish it before Parliament debates the issue? I think what is important is for all governments to work together to find a way to strengthen and maintain global financial stability. Our participation via IMF would, in some ways, be contributing to bringing stability to the recipient country or countries. Otherwise, a country which is trying to rebuild its economy would find its efforts scuppered by crisis in another country. In Singapore, we have been enjoying financial stability though we are occasionally tested by outside events. Stability also means we need to continually ensure that our citizens are able to take some of the jabs without suffering a knock-out. Indeed, our main defensive block is our reserves. So, we must ensure we have sufficient safeguards with regard to any matter that affects our official or MAS' reserves, no matter how small. Our second defensive block is our sound fiscal position and prudent yet progressively smart financial regulatory policies. Our policies have shored up our banks and financial system and we need to continually keep up with the changes in the market environment.”