Tan See Leng
Singapore
“We are aware of the Singapore Workplace Report 2026, produced by the Singapore Institute of Directors and Gallup, and we are studying its findings.”
“The Taskforce for Responsible Retrenchment and Employment Facilitation (Taskforce) actively reaches out to all retrenched local employees. In 2025, 77% of Mandatory Retrenchment Notifications (MRNs) were submitted at least seven days ahead of the employee's last working day and 73% of MRNs were submitted at least two weeks ahead.”
“From 2022 to 2025, vacancy rates for technical maintenance roles in the real estate services sector, which includes facilities management, have been lower than the overall job vacancy rate, except in 2025 (see Table 1).”
“The Skills and Workforce Development Agency (SWDA) works with sector agencies to determine the courses which are required by the respective industries. The SWDA currently funds more than 100 courses, spanning a wide range of mental health-related fields.”
“In the first quarter of 2026, the profile of retrenched residents aged 50 to 59 was broadly similar to the profile of all retrenched residents, predominantly comprising professionals, managers, executives and technicians (PMETs) and were mainly from wholesale and retail trade, manufacturing, financial and insurance services and profession…”
“In 2025, around 4,200 resident professionals, managers, executives and technicians (PMETs) aged 45 to 59 were retrenched, higher than 3,200 in 2024 and 3,500 in 2023. Their six-month re-entry rate remained stable at 48.5% in 2025, compared with 48.9% in 2024 and 50.1% in 2023.”
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“The Employment Act establishes some rules on working hours to protect employee well-being. For example, workmen or employees covered under Part IV of the Act should have at least one rest break for every six consecutive hours of work. Besides legislation, the Government also promotes the provision of proper rest areas for employees. The tripartite partners have also issued an advisory on the Provision of Rest Areas for Outsourced Workers and there is a Workcare grant for early adopters of this advisory. Tripartite partners will also soon introduce a Tripartite Standard to recognise employers who advance the well-being of lower-wage workers, including by providing them with adequate rest areas. In a tight labour market, workers will also not be attracted to jobs which are unnecessarily onerous or burdensome. We encourage employers to redesign jobs to better support the needs of their employees. This includes improving the physical work environment, adopting technology and implementing more efficient work processes. Potential benefits to employees include shorter shifts, reduced physical exertion and improved well-being. This in turn boosts productivity and benefits employers. The Tripartite Standard on Age-Friendly Workplace Practices recognises progressive employers who adopt such age-friendly workplace practices. As at 30 September 2021, close to 4,000 employers collectively employing more than 500,000 workers have adopted this Tripartite Standard. Senior workers are not less capable than younger workers. Our focus on improving working conditions is to benefit all workers and not just on account of an ageing workforce.”
“Given the manpower disruptions due to COVID-19 border restrictions, MOM has been reviewing our policies to strengthen support for employers and facilitate the retention of migrant workers in Singapore, while balancing the needs of employers and workers. To retain experienced migrant workers in Singapore, MOM and Singapore Contractors Association Ltd (SCAL) introduced a Retention Scheme in September 2021. Experienced workers whose previous employment has been terminated but wish to continue working in Singapore are placed on the scheme and matched with prospective employers. Such transfers are facilitated by SCAL with safeguards in place, such as disallowing workers who job-hop frequently from accessing the scheme. More recently, MOM announced adjustments to the period during which construction work permit holders can change employers without the original employer’s consent. Where there is mutual agreement between the employer and worker, the work permit may be extended for a 30-day period after its original expiry date. The worker may use this 30-day period to search for another employer without the need for the original employer’s consent. In return, the original employer is able to retain the worker in employment for another 30 days. Should there not be agreement from the worker or employer to extend the work permit by 30 days, the worker will be enrolled in the Retention Scheme where SCAL will have 30 days to facilitate a job-match with a new employer. This change will facilitate the retention of experienced workers and foster greater manpower stability in the construction sector. MOM is in close contact with SCAL and will continue to hear their feedback and proposals and make appropriate adjustments to our policies.”
“As part of the Settling-In-Programme (SIP) which all first-time Migrant Domestic Workers (MDWs) are required to attend, MDWs are educated on the appropriate actions to take in order not to fall prey to scams in Singapore. For example, MDWs are taught not to share their personal information or bank account credentials with anyone. They are also informed to seek help from the Singapore Police Force (SPF), MOM, or Non-Governmental Organisations (NGOs) such as the Centre for Domestic Employees (CDE) when needed. Beyond the SIP, reminders on scam alerts are also regularly disseminated to MDWs and their employers to raise awareness and reinforce key messages. For example, MOM has disseminated infographics in the MDW’s native languages in recent times to caution MDWs of calls impersonating as bank staff or Government officials; as well as to seek the assistance of employers to inform their MDWs not to divulge their personal details through text messages, calls or emails when performing online transactions. Other agencies have also undertaken efforts to reach out to the MDW community. For example, the SPF works closely with the NGOs and embassies to share anti-scam advisories whenever trends of online scams emerge. Where relevant, these advisories are translated into native languages for a more targeted outreach. The SPF also conducts talks to the MDW community to raise awareness on scams. MOM will continue to work closely with SPF, NGOs and other relevant agencies and community partners to educate MDWs against falling preys to scams.”
“An earlier study conducted by Yale-NUS on migrant workers’ mental health from June to October 20201 showed no notable difference in stress, anxiety and depression levels among locals and migrant workers, although there were indications of higher levels of stress amongst migrant workers with movement restrictions. Nonetheless, any easing of movement restrictions will need to be done in a careful and calibrated manner, so as not to trade one stress for another – in particular the stress of overwhelming our healthcare system. Since August last year, we have allowed dormitory residents to visit Recreation Centres (RCs). We recently increased the frequency of RC visits to thrice a week, up from once a week. We also removed pre-visit testing requirements for vaccinated migrant workers, which benefits more than 98% of the dormitory population. Concurrently, we are working with RC operators and community partners, to introduce programmes and new offerings to make RC visits more engaging. Last month, we piloted community visits for vaccinated workers to Little India. To ensure these community visits have broader appeal to more migrant workers, we recently expanded the visits from 500 to 3,000 vaccinated migrant workers per week and included Geylang Serai/Joo Chiat. We also extended the visit duration to eight hours. We remain committed towards caring for our migrant workers’ mental well-being through a good support system, as well as to continue to ease the measures safely. MOM will continue to monitor the mental health of migrant workers by working closely with our partners.”
“Besides existing counselling hotlines with the Migrant Workers’ Centre (MWC) and HealthServe, MOM also co-funded and supported the expansion of HealthServe’s 24-hour counselling service which has been operational since August 2021. To deliver culturally attuned care, HealthServe had ensured that more native-speaking para-counsellors were hired to deliver this service. The Samaritans of Singapore (SOS) had also lent their expertise to build up HealthServe’s capabilities in operating this round-the-clock service. This 24-hour service has been publicised widely to employers, dormitory operators and migrant workers, including through MOM’s channels. Beyond helplines, the Project DAWN taskforce is also strengthening community peer support through the training of Friends of ACE (FACE) volunteers in basic PFA and para-counselling skills. To date, about 150 peer support leaders have been trained and we are working towards training up to 600 peer support leaders by end 2022. We will continue to assess the effectiveness of the training and consider expanding this to more volunteers beyond 2022. Third, mental healthcare has been made even more accessible. Any migrant worker identified to benefit from mental healthcare will be linked up with the appropriate service, including counselling hotlines. For those who prefer to undergo physical consultations, our healthcare teams at MOM’s regional medical centres are also trained to identify, care for and refer those who require further medical care. An escalation pathway with IMH has also been developed to ensure timely care for more severe cases, when necessary.”
“Two Members have filed questions related to the mental well-being of our migrant workers. We are committed to support the mental well-being of our migrant workers and are sparing no efforts to strengthen the mental health support ecosystem for migrant workers. Since last November, the Project DAWN task force has worked with our Non-Government Organisations (NGO) partners, healthcare partners, employers and dormitory operators to develop such a support ecosystem approach to look out for migrant workers, listen to their concerns, identify those who need more support and link them with the appropriate care channels. We are doing this in three ways. First, we are raising awareness of mental health issues and broadening outreach of training in basic mental health and psychological first aid (PFA). All new frontline officers who are part of the Forward Assurance and Support Teams (FAST) undergo basic PFA as part of their induction programme. To date, more than 500 personnel have undergone such training. We also hold regular Community of Practice sessions between FAST and our consultants from the Institute of Mental Health (IMH). These sessions address common scenarios officers may face in their daily work and are attended by about a third of our officers at each run. All dormitory operators and employers receive materials on basic PFA, which are also readily available on a dedicated page on MOM’s website. Webinars are arranged periodically to strengthen awareness of mental health issues for employers and dormitory operators. Second, we are working with our NGO partners to make counselling and para-counselling more accessible.”
“A firm’s foreign worker quota determines the number of Work Permit (WP) and S Pass holders it can hire. The quota is computed based on the number of locals, meaning Singapore Citizens and Permanent Residents, that it hires. To ensure that employers do not hire locals on token salaries just to increase its foreign worker quota, locals have to be paid at least the Local Qualifying Salary (LQS) of $1,400 per month to count toward the firm’s foreign worker quota. As an allowance for firms hiring part-time workers, local employees who earn at least half of the LQS ($700 to below $1,400) will be considered as half a local employee for the foreign worker quota. We recognise that some locals may work in more than one job across different companies. To avoid disincentivising employers from hiring these workers, we allow a local worker to count towards the foreign worker quota for up to two firms. These workers will count as one local employee if they are paid at least LQS by the firm, or half a local employee if paid at least half of the LQS. We cap the number of firms at two, as there is a natural limit to the number of full-time jobs a local can work in a month. However, we will not allow an employer to split the salary of its employee across its different business entities, in order to get foreign worker quota for each business entity. This is an abuse of the rules and employers will be investigated for breach of the work pass regulations. It is not common for locals to work in three or more jobs. The number of locals working in three or more jobs, has remained very low from 2016-20201, at around 0.2% of our resident employees.”
“The Workfare Income Supplement scheme tops up the incomes of Singaporeans who earn lower wages, to encourage them to work regularly and build up their CPF savings. It covers both Singaporean employees and self-employed persons, regardless of occupation.”
“MOM recognises that there are still many families waiting for approval for their migrant domestic workers (MDWs) to enter Singapore. As the regional COVID-19 situation improves, MOM is able to give more entry approvals. From 15 October 2021, we have opened up new applications for the entry of fully vaccinated MDWs, for entry from 1 November onwards. For those employers who are not successful in getting entry approvals, they may wish to access the application portal in subsequent weeks as entry slots are periodically made available. Households that require MDWs urgently may wish to consider the commercial programme by the Association of Employment Agencies (Singapore) (AEA(S)).”
“MOM recognises that there are still many families waiting for approval for their migrant domestic workers (MDWs) to enter Singapore. As the regional COVID-19 situation improves, MOM is able to give more entry approvals. From 15 October 2021, we have opened up new applications for the entry of fully vaccinated MDWs, for entry from 1 November onwards. Households that require MDWs urgently may wish to consider the commercial programme by the Association of Employment Agencies (Singapore) (AEA(S)). As at end October 2021, AEA(S)’s initiative has facilitated the entry of more than 1,000 MDWs from the Philippines, Indonesia and Myanmar. AEA(S) and its partner employment agencies will adjust the programme according to demand to complement the entry of MDWs through the existing channel.”
“The Ministry of Manpower (MOM) recognises that many firms in the Construction, Marine-Shipyard and Process (CMP) sectors, and many families have been severely affected by the restrictions on worker inflows since May to reduce the risk of COVID-19 importation. With the COVID-19 situation improving globally, we have resumed approvals on 15 October 2021 for both CMP migrant workers (MWs) and migrant domestic workers (MDWs) to enter Singapore from 1 November 2021. We have also started approving entries of CMP workers from Bangladesh, India, Myanmar and Sri Lanka. In order to manage entries in a safe and calibrated manner, all work pass holders, regardless of their travel history, must be fully vaccinated when they enter Singapore from 1 November 2021, unless they have been given prior exemption. Due to high demand, workers may have to wait around three to six months to enter Singapore. We will review the situation regularly with a view to meet the needs as much as possible. Firms in the CMP sectors who need their workers urgently may consider ongoing initiatives in their industries to bring in workers safely with tightened end-to-end safe management processes. Workers can enter without proof of vaccination provided they complete the full vaccination regime within two months after arrival. Nonetheless, we strongly encourage companies to bring in workers who are vaccinated or have recovered from COVID-19, as they will be better protected from falling seriously ill. Similarly, families who need their MDWs urgently can consider similar initiative by the Association of Employment Agencies (Singapore) (AEA(S)).”
“The Retirement and Re-employment (Amendment) Bill supports seniors in working longer should they wish to and choose to. The CPF (Amendment) Bill simplifies the CPF system. The various amendments will help members build up their retirement nest eggs and receive retirement payouts smoothly while streamlining administration of CPF schemes. Together, these Bills will support Singaporeans to earn more and to save more as we continue to enhance our employment and CPF policies. Mr Speaker, I beg to move. [(proc text) Question proposed. (proc text)]”
“Thank you, Mr Speaker, and thank you, Deputy Leader. Second, amendments will be made to streamline how the Government recovers grants from members. Specifically, the amendment is a technical update to cater for grants automatically issued to eligible members but who, subsequently, choose not to meet continuing eligibility conditions. This is to be fair to the majority of other members who maintain their eligibility. To be clear, this amendment is not about allowing the Government to recover grants provided erroneously to ineligible individuals. That can already be done. Let me give an example. The Matched Retirement Savings Scheme (MRSS) was launched in 2021 to encourage top-ups to eligible seniors with lower balances by providing one-for-one Government matching for eligible top-ups up to $600 per year. The continuing condition here is that members do not reverse the top-ups that had qualified them for the matching grant. However, a minority of members may choose to appeal for such reversals despite knowing that the accompanying grant will also be reversed. This amendment allows the CPF Board to recover the accompanying grant should such appeals be approved on a case-by-case basis. Finally, I would like to mention that we are simplifying the CPF Act itself. Members of the House may find that the CPF Act can be quite complicated. In particular, section 15 on withdrawal from the Fund has 43 subsections. We have simplified this section for better readability while continuing to provide flexibility to cater to members' evolving needs. Let me assure all of you here that this does not change any existing withdrawal policies. This sums up the key amendments under the CPF (Amendment) Bill. Allow me to conclude, Mr Speaker, Sir.”
“Again, let me reiterate that there is no change to CPF beneficiaries’ right to make claims at any time. We recognise that a small percentage of monies remain unclaimed, despite CPF Board’s efforts to reach out to the beneficiaries. In fact, over the last five years, about 98% of CPF monies have been distributed to beneficiaries. Nonetheless, CPF Board will continue its efforts to reduce the incidence of unclaimed monies, via a multi-pronged approach. This includes regularly reminding nominees to make claims if they have not done so via letters, email, SMS and WhatsApp, educating and reminding members to make nominations, and making the nomination process as easy as possible.”
“With the shortening of the holding duration for discounted Singtel shares that I have just mentioned, this percentage is expected to increase further as more can then benefit from automatic disbursement. This leaves behind a very small group of nominees who have chosen to delay the disbursement of bequests, which could result in the deceased member’s CPF monies remaining in his CPF accounts for up to seven years today. Given these developments and the convenience of automatic disbursement, there is no longer a need to allow for the retention of unclaimed CPF monies over such a long period of time. We will, therefore, shorten this duration from seven years, to six months after the Board is notified of the member’s death. This timeframe should be more than sufficient for beneficiaries to make arrangements to claim nominated monies from CPF Board. Should a nominee choose not to make claims within six months, the monies will be transferred out of the deceased member’s CPF accounts, and no interest will be payable from then. However, nominees continue to have the right to claim the nominated monies at any time. We will, similarly, adjust the disbursement process for assets in dormant CPF accounts, which form the minority and likely belong to deceased members. Specifically, once a member’s account is deemed dormant, we will liquidate the member’s discounted Singtel shares and stop retaining the monies, including accrued interest, in the account. I want to reassure all members that if CPF Board subsequently learns that a dormant member is alive, the Board will restore the monies to the member’s original accounts with interest. The new durations will apply from 1 April 2022, to give some transition time.”
“Since 2011, the Board has made automatic disbursements to qualifying nominees without requiring them to make an application. Over the years, CPF Board has continuously relaxed the qualifying criteria to allow more nominees to receive their bequeathed monies without application, which can be particularly helpful for those who need to tap on bequests to defray post-mortem expenses. As of this year, there is no longer any threshold for the amount of nominated monies that can be automatically disbursed. We want to extend this automatic disbursement to nominees with bequeathed discounted Singtel shares which are purchased under the Special Discounted Shares scheme. Currently, such nominees are unable to benefit from this convenience as CPF Board has to wait for nominees to instruct whether they wish to have these shares transferred to their own CDP accounts, or liquidated. If the shares remain unclaimed after seven years, CPF Board will liquidate them. With the CPF Act amendments, unless otherwise instructed, such shares will be liquidated six weeks after the Board is notified of a member’s death. CPF Board will exercise discretion for cases where more time is required to trace beneficiaries. The sale proceeds will then be automatically disbursed, together with other nominated CPF monies, to the nominees. I would like to point out that, today, when claiming bequests, most nominees already choose to liquidate these shares, rather than have them transferred to their own CDP accounts. With the improvements in automatic disbursement arrangements, about 93% of deceased members have their nominated CPF monies fully disbursed within six months of death.”
“Under the current rules, however, she also needs to be mindful and to consider the Annual Limit. So, that means that only at the end of the year will she know that she can contribute up to $2,740 which was the original $37,740 minus $35,000 – because this is the headroom between the Annual Limit and her contributions for the year. So, we will simplify this for our members. The Bill also makes various amendments to streamline the administration of CPF schemes, thereby increasing efficiency for members. These are mainly technical changes to refine existing policies. Please allow me to give you three examples. First, the CPF Act will be amended to refine how beneficiaries receive CPF assets, both un-nominated and nominated, upon members’ passing. This is in line with ongoing efforts to disburse such assets more quickly. Let me elaborate. Depending on whether such CPF assets are nominated or not, they are disbursed via different routes. Un-nominated CPF monies are transferred to the Public Trustee’s Office for disbursement. The Public Trustee’s Office then has to trace and verify each and every rightful beneficiary to disburse the monies to. The Public Trustee’s Office will streamline this process, to enable an eligible beneficiary to receive unnominated CPF monies as a Beneficiary Representative on behalf of all other beneficiaries with their consent, for amounts not exceeding $10,000. With this change, the application and verification processes will be simpler for eligible cases. Beneficiaries can expect to receive their monies sooner. The process will still remain unchanged for amounts that exceed $10,000. Nominated CPF monies are disbursed by CPF Board.”
“To align the rules for both schemes, tax relief for Voluntary Contributions to MediSave Account for employees will be provided to the giver, instead of the recipient. From 1 January 2022, givers can also look forward to an annual tax relief cap of $8,000 when they make cash top-ups to their own CPF accounts and another $8,000 when they do so for their loved ones, up from $7,000. This cap will be shared between the Retirement Sum Topping-Up scheme and Voluntary Contributions to MediSave Account for employees. To facilitate planning for members, we will also simplify the top-up limit for Voluntary Contributions to MediSave Account. Today, the limit for employees depends on two sets of figures – the Basic Healthcare Sum and the CPF Annual Limit, which is the maximum amount of mandatory and voluntary contributions a member can receive in a calendar year. As members can only know whether they have reached the Annual Limit at the end of each year, this creates some uncertainty for members. Therefore, going forward, the top-up limit for employees will be simplified to depend only on the Basic Healthcare Sum. Let me illustrate again. The Basic Healthcare Sum in 2021 is $63,000, while the Annual Limit is $37,740. If you assume that Jane currently has $50,000 in her MediSave Account. Assume also that her total mandatory contributions for 2021 will amount to $35,000 and that she makes no voluntary contributions. Based on the new rule, she instantly knows that she can contribute up to $13,000. This is the $63,000 limit on the Basic Healthcare Sum minus the $50,000 which is currently in her MediSave Account. She can contribute up to $13,000 to her MediSave Account – and this is the headroom between the Basic Healthcare Sum and her current MediSave Account balance.”
“Members who choose to defer the start of payouts can benefit from payouts that are up to 7% higher for each year deferred. For members turning 65 from 2023, we have announced previously that we will transfer their Ordinary and Special Account savings into their Retirement Account, up to their cohort Full Retirement Sum, when they are eligible to start payouts. To provide greater flexibility to members, we will make this transfer when they choose to start receiving payouts instead. This will also be the point when we automatically include eligible members in CPF LIFE. Members who are not automatically included can still opt in to join CPF LIFE. Members can still voluntarily transfer Ordinary and Special Account savings into their Retirement Account up to the current Enhanced Retirement Sum at any time. Let me also reassure all members that there are no changes to the rules for lump sum withdrawals of CPF savings. Members can continue to withdraw based on the current rules. Next, we will also make it easier for members to build up their retirement nest egg. The CPF Board has several schemes which members can tap on to grow their CPF savings. We accept Voluntary Contributions to MediSave. We also allow CPF members to make cash top-ups or CPF transfers to their Special Account or Retirement Account. They can also do so for their loved ones. The year 2020 saw a record amount of top-ups via the Retirement Sum Topping-Up scheme. This amounts to about $3 billion across 140,000 members. To make it easier for members to build up their CPF savings through these schemes, we will refine the relevant tax relief and top-up limit rules. Let me elaborate further. Currently, members can enjoy tax relief when topping up via these schemes, but the rules in place are different.”
“After the $2,100 has been paid out in three tranches – remember that John has $2,500 in his Ordinary and Special Account – the remaining $400 in John's Ordinary and Special Account will be disbursed to him as the final payout. If John is still working, the continued contributions to his Ordinary and Special Account will allow him to receive payouts for longer and fuss-free. John will receive the payouts when his CPF savings have accumulated to at least $250, or at least once a year if less than $250. John can also approach CPF Board or visit the CPF website to check how he can withdraw the remaining amount. About 75,000 members are currently receiving CPF LIFE payouts. For subsequent inflows into their Retirement Account, members currently need to apply to add these inflows to their LIFE payouts. Again, we will automate this process by this month, making it easier for members to enjoy the higher payouts for life. These changes will make it easier for members to tap on their CPF savings. It is worth mentioning that besides CPF, many of our seniors have access to other assets, such as housing, private savings and investments. For seniors who had low incomes during their working years and now have less in their retirement, the Silver Support Scheme was recently enhanced to broaden the eligibility criteria and to increase the quarterly cash payouts by 20%. As a result, almost 250,000 seniors aged 65 and above will benefit from Silver Support payouts in 2021, and this is up from 150,000 previously. Finally, we will give members greater flexibility to decide on when their Ordinary or Special Account savings are to be transferred to their Retirement Account. Today, members already have some flexibility over when they start receiving payouts.”
“For members who receive payouts through CPF LIFE, some have subsequent inflows into their Retirement Account. We will convert them into higher CPF LIFE payouts. For members turning 65 from 2023, we will give them greater flexibility to decide on when their Ordinary or Special Account savings will be transferred into their Retirement Account. Allow me to elaborate. There are over 250,000 members currently receiving payouts under the Retirement Sum Scheme. These are members who had not opted into CPF LIFE. Under the Retirement Sum Scheme, members stop receiving payouts once their Retirement Account is depleted. However, many members still have funds in their Ordinary or Special Account, the OSA accounts, because they continue to receive CPF inflows, such as contributions from employment. Some members are not aware that they can transfer these funds into their Retirement Account and continue to receive a monthly payout. With this amendment, we will make it easier for them. To minimise the disruption to payouts, we will automatically stream out the Ordinary and Special Account savings of these members. This change will take effect by the first quarter of next year and will benefit about 83,000 members. Let me illustrate with an example. John has been receiving monthly Retirement Sum Scheme payouts of $700. He has now completely depleted his Retirement Account, but he still has $2,500 in his Ordinary and Special Account. Under current rules, this $2,500 will remain in his Ordinary and Special Account unless he comes forward to withdraw it or apply to transfer it to his Retirement Account. With this amendment, John will continue to receive his monthly payout of $700 automatically, drawing from his Ordinary and Special Account savings.”
“Our ability to shift gears and to jointly focus on tackling the immediate challenges at hand while not losing sight of our longer-term vision, is a true reflection of the strength of Singapore's tripartism model. We will continue to engage our tripartite partners at each phase of rate increases over this decade. The Government is also doing our part to help employers adjust to these changes. We introduced the $1.5 billion Senior Worker Support Package in 2020 and, through this package, we provide offsets for senior workers' wages and the additional employer CPF contributions. There are also grants to encourage employers to go one step further and raise their internal retirement and re-employment ages above the statutory ages, and to provide more part-time work options for senior workers. Let me assure Members that raising the retirement and re-employment ages provides the flexibility for older workers to work longer, but does not compel them to do so. Those who do not wish to continue working need not do so and can enjoy their retirement. To be clear, these changes will not affect existing CPF withdrawal policies and ages. At age 55, you can still withdraw at least $5,000 and you can still start your CPF payouts from age 65 onwards. Mr Speaker, if I may now move on to the CPF (Amendment) Bill. The Bill makes various amendments to simplify the CPF system for members. First, we will make it easier for members to receive retirement payouts. For members who receive payouts through the Retirement Sum Scheme, some have fully drawn down their Retirement Account but still have funds in their Ordinary or Special Account. We will automatically draw down from these accounts to continue providing them a monthly payout.”
“Employers should engage mature and senior workers in structured career planning sessions at certain age milestones to plan their future career trajectories as well as training requirements. To encourage more age-friendly workplaces, employers should also embark on job-redesign, as well as provide more part-time re-employment opportunities. The Government has accepted all of these recommendations. The Bill today amends the Retirement and Re-employment Act to establish the maximum possible statutory retirement and re-employment ages at 65 and 70 respectively. This reflects the recommendations of the Tripartite Workgroup. The prevailing retirement and re-employment ages will continue to be prescribed by notification in the Gazette. In line with the consensus of the tripartite partners, the Government will prescribe the statutory retirement age and re-employment age to be 63 and 68 respectively. This will be effective from 1 July 2022, that is, next year. Naturally, employers who wish to move faster are free to do so. In fact, the public sector has already taken the lead, by implementing a retirement age of 63 and a re-employment age of 68 one year earlier on 1 July this year. Other recommendations of the Workgroup are also being implemented. In particular, the first increase in senior workers' CPF contribution rate will take effect from 1 January 2022. Employees aged 55 to 70 will see an increase in total CPF contribution rates of up to two percentage points. This increase was deferred by a year from the original announced timeline of 1 January 2021 as a nimble move to help employers manage costs amidst the COVID-19 pandemic. The deferment was also supported by the Labour Movement which viewed this as a balanced approach to help senior workers keep their jobs.”
“Under this framework, employers cannot terminate an employee on grounds of age before the statutory retirement age. Workers have the assurance of continued employment up till the statutory re-employment age if they are able and if they wish to do so. At the same time, businesses have sufficient flexibility to adjust re-employment terms, enabling them to continue providing employment opportunities to our senior workers while remaining competitive. It was also observed from other countries' experiences that doing away with the statutory ages does not necessarily lead to higher employment rates. The Workgroup went on to recommend increasing both the retirement age and re-employment age by three years to 65 and 70, respectively, by the end of the decade. The Workgroup had assessed this to be a realistic goal, considering improvements in health and life expectancy, the better-educated and higher-skilled workers today, as well as enhanced organisational capabilities and capacity to manage our senior workers well. Achieving this by the end of this decade also provides time for employers to adjust. Another key recommendation of the Workgroup was to raise the CPF contribution rates for workers aged 55 to 70 over the next decade, to boost retirement adequacy for our seniors, even as we provide them with the flexibility to continue working for longer. The increases are to be phased in gradually, taking into account prevailing economic conditions. When completely implemented, the full CPF contribution rates will apply to senior workers up to age 60, compared to 55 today. The rates will step down gradually for workers above 60. In addition, the Workgroup recommended that employers undertake complementary changes to their policies, processes and practices.”
“Yes. This will allow a more holistic debate. We will still have the formal Second Reading of the CPF (Amendment) Bill to ensure that procedural requirements are dealt with. So, thank you. Singapore’s labour market is adapting to an older workforce, in tandem with demographic needs. With the support of the tripartite partners, between 2010 and 2019, we have made necessary adjustments to our employment and retirement policies, so that senior workers can continue to work beyond 65 if they wish. We started promoting the concept of re-employment in 2007 and, after extensive outreach, established the re-employment age to be 65 in 2012. We then raised the re-employment age to 67 in 2017. These innovations in our labour market have helped allow our seniors to remain economically active. By 2020, about a quarter of our resident labour force was aged 55 and above. This is up from 16.5% a decade ago. This has helped more of our senior workers earn more and save more. With CPF LIFE, they have added assurance of a perpetual monthly income in their retirement years. In 2018, the National Trades Union Congress (NTUC) called for a fresh effort to prepare Singapore's ageing workforce for the future. In response, we formed the Tripartite Workgroup on Older Workers (the Workgroup) to: one, review the longer-term relevance of the retirement age and re-employment age and consider our next moves; two, to examine the CPF contribution rates for senior workers and their impact on retirement adequacy; and three, to promote an inclusive workforce and progressive workplaces that value senior workers. The Workgroup consulted extensively and presented its recommendations to the Government in 2019. One of its key recommendations was to retain the statutory retirement and re-employment age framework.”
“Mr Speaker, I beg to move, "That the Bill be now read a Second time". Mr Speaker, the Retirement and Re-employment (Amendment) Bill is linked to the next Bill on the Order Paper, which is the Central Provident Fund (Amendment) Bill 2021. Both the Bills support our senior workers. With your permission, Mr Speaker, Sir, I would like to propose that the substantive debate on both Bills take place together.”
“More pertinently, it offers a variety of fixed price plans and variable price plans to our consumers so that they can select the plan that best suits their needs. In fact, the only sustainable way looking forward and one of those things that I have been preaching constantly is that we would strongly encourage all Singaporeans to adopt energy conservation as our way of life. We can start small. We can turn the lights off when we are not in the room. We can opt to use the fan more often rather than using air-conditioning. We can, in air-conditioning rooms, push the temperature up by a few degrees, we do not have to bring it down so low and wear a sweater. And switching to more energy-efficient appliances where possible. And I think that NEA has worked very well with us to put the ticks for appliances. Minister Grace Fu is here. The more ticks, the more efficient the appliances in terms of conservation of energy. So, I hope that with every single bit, we can all come together and help. We are also committed to a low carbon footprint moving forward. I think you have read in the news today about what is happening in Glasgow and UN Climate Change Conference (COP26) and how this global warming is going to create catastrophic disastrous consequences for us if we do not lower our carbon emission. So, I hope that with that collective effort, we can all come together and make this a greener and a lower energy-requiring environment to live in.”
“I thank Mr Saktiandi for his question. The regulated tariffs reflect the long-run marginal cost of generating electricity. For a period of time, the electricity retailers were generally able to offer prices lower than the regulated tariff because the wholesale electricity prices were depressed below cost due to the over capacity in generation and oversupply of gas. And I think I did intimate to Members of the House, in fact, I gave a very strong point earlier this year that that low prices are not sustainable and that it will go. What we can try to do, very, very hard, is to try to mitigate and manage the gradient of that growth. We import all of our electricity, 95% of our electricity, more than that is through natural gas, which is imported. Even if we do go into low-carbon electricity, we will still have to import, because geographically, we are naturally disadvantaged. Even if I were to cover all the rooftops of the HDB flats, the JTC buildings with solar panels – we use vertical solar panels today and we cover our floating reservoirs, all the vast expanse of space – we probably can generate maybe at peak, well not at peak, but probably between 4% and 5% or 6% of our needs. So, we still have to import the rest of it. So, I think the Member's point about how do we — I mean, the way I have underscored it is really about energy conservation. The Government will continue to support the low-income households through all these vouchers and rebates and so on. But I think whether we like it or not, as the demand and supply situation continues to tighten, the gap between the open electricity market and the regulated tariffs will continue to narrow. The OEM is not just simply about offering our consumers discount off regulated tariffs.”
“I thank Mr Giam for his questions. Let me try and answer his second question first. For the lower-income households, we have the vouchers for the U-Save rebates which effectively help them in terms of the utility bills. I have shared also in my earlier statements, either during Committee of Supply 2021 or in some of my earlier Parliamentary speeches that, the 4-room HDB flats and for the 3-room HDB flats, the rebates amount to about six months of rebates per year, and I think for some, four months per year. So, the low-income households are the ones that we are also very, very concerned about. Notwithstanding the rebates that are already in existence, we are also exploring with MOF further means to help. I am not at liberty at this particular point in time to release further details, because obviously, we are still working out the details with MOF. So, to summarise, the low-income households get a higher proportion of the U-Save vouchers compared to other types of households. In terms of the global gas situation, the Member asked about what kind of leverage we have. There are contractual obligations, if they are not able to supply the agreed amount of gas, there are compensation benchmarks. In terms of other negotiations, as to how we talk to other suppliers and so on, I think because it compromises our energy security and it also compromises our negotiation powers, at this particular point in time, I am not at liberty to share them and I hope you understand.”
“I thank Mr Chia for this question. Thus far, EMA has not received any complaints from consumers about the OEM retailers pre-terminating their contracts. I would like to assure this House that in awarding a retail electricity licence, as I have alluded to earlier on, EMA would first need to be assured that the licensee has the requisite management experience and track record in electricity retailing, and they are not some fly-by-night companies out to make a quick buck and walk away when the prices of electricity or prices move against them. This applies even to the retailers that have already exited. This round, the crisis was unprecedented and there are significant challenges to retailers because they were not sufficiently hedged. While they may have some existing hedges which can be unwound, some of the retailers have suffered significant losses this round over the last few months. Because, the hedging is, I think we require them to maintain 50% hedge, so, because they were not fully hedged, therefore, that swing, the huge volatility swing has resulted in them suffering significant losses. We will learn from this particular episode. Ostensibly, we cannot possibly predict and pre-empt every single episode as I have shared earlier on in my answer to Ms Foo's PQ. If we covered every single instance of volatility, up to the different standard deviations, it would be very, very costly for us and not tenable. But we will make use of this opportunity to learn from it and also study how we can further strengthen and tighten it. I hope that gives the Member the reassurance.”
“I thank Mr Alex Yam for his two questions. In part of my earlier reply, I said the retailers will work with EMA and they will, of course, work with other retailers. And as a last resort where SP comes in to take over that, in the form of a regulated tariff, there is a sequence and a mechanism to it. Suffice to say, today, that what EMA will do is that they will continually work with existing retailers to ensure that the transfer is seamless and to also ensure that there is a fair code of practice being adhered to. Thus far, the novation has happened fairly seamlessly. There are existing retailers that are still in the business and I think that everyone is watching the situation quite carefully as well. So, the storm continues to evolve. I think the stability that we have provided is that very pre-emptive move to make sure that the supplies have been fortified. We have made sure that the supply of gas for the generation of electricity is actually ensured, so that our reliability and our resilience is preserved. Tomorrow, I would be also putting up a Bill, the Energy (Resilience Measures and Miscellaneous Amendments) Bill. We probably would have more points put in there to ensure that our resilience continues to be reinforced.”
“I thank Ms Sylvia Lim for her question. I think the short answer is that I do not have the data because it happened quite recently. But I think we will monitor her question as posed. In fact, we have every intention to do so. And perhaps at the subsequent Sitting, if she can file another PQ, we would be quite happy to update her.”
“On the measures that SP is taking to manage the influx of new consumers which it must now serve, the objective of shifting consumers back to SP is to ensure that there is no break in electricity provision. SP has put in place measures to make the transition for affected customers and consumers as seamless as possible. This transition back to SP is fully automated and the affected consumers do not have to take any action. SP will also follow up with consumers, post the transition, with an email or letter notification, informing them of the transfer. Affected consumers who wish to remain with SP, do not need to take any further action. Consumers are also free to switch out to other retailers thereafter.”
“I thank the Member, Ms Foo, for her very pertinent questions. Indeed, there is a cost to regulation and this cost ultimately would be borne by consumers. If the requirements are too onerous, then fewer retailers may be willing to participate in the market. Therefore, if there are fewer retailers, there will be less choice and there will be less competitive plans for consumers. Prior to the current energy crunch, our prudential requirements were largely adequate. We put in place safeguards to protect consumer interests, such as safeguarding the deposits of households and also the minimum hedging requirements of 50%. In addition, retailers and their shareholders know that if they should exit without regard for their customers' interests, they may not be granted retail licences henceforth. Thus, over the last decade, up to 2020, only five other retailers have left the market and many of them cited the intense market competition as the main reason for their exit. This demonstrates that our safeguards in the past would have probably sufficed not just in our market, but in most market conditions. This episode, this unprecedented crisis, has highlighted some learning points for us. EMA will enhance the licencing requirements for the OEM retailers and strengthen protection even more for consumers moving forward. However, we have to be also practical and realistic when instituting safeguards because it would be neither feasible nor economically prudent for us to institute safeguards that can cover every potential possible eventuality. Doing so would lead to significant costs for consumers.”
“I thank Ms Jessica Tan for her questions. All generation companies will need to comply with our requirements to have a fuel stockpiles that will last at least 60 days of operation. Generation companies should utilise their own fuel supply to meet electricity demand and only tap on the standby fuel facilities when needed. The standby fuel facilities are necessary to ensure we have sufficient fuel in Singapore to meet our electricity demand. Hence, we took the pre-emptive step in mid-October to secure this. EMA will continue to review the need to maintain this facility once the global energy situation stabilises. So, to reassure Ms Jessica Tan and Members of the House, our generation capacity is sufficient.”
“I thank Ms Poh for her question. I think we have been constantly engaging the industry. Earlier and through the past year, I have mentioned that underlying the four switches of what we have been preparing for, underlying it is energy conservation. We also want to encourage industry to consider using energy in a more efficient manner, because obviously there are peak demands and there are off-peak demands. And we hope that the industry will work closely with all of us in making sure that we can space out the peak demand versus the trough. What is important is that as we look at securing our supply – I think it was announced in the 19 October press release by EMA – in terms of the supply, we have sufficient supply. In terms of how we procure the gas prices, we are also looking at means of exploring other longer-term measures: importing low-carbon electricity, importing from the regional grid are some of these strategies. We are also exploring, as a much longer-term strategy, to reduce our reliance on importation and that would be to look at our solar power generation capacity. At the same time, we are also looking at working with academia, the different institutions, as well as industry leaders in how we can access low-carbon hydrogen, carbon capture utilisation and storage as well. So, we have a combination of all these measures to reduce our reliance on any one particular supply of energy. On top of that, we are also exploring the use of energy storage systems in the form of batteries to see how we can provide a more stable power supply to reduce the intermittence from solar energy. I hope that answers the question.”
“I thank Member Mr Liang Eng Hwa for his question. The OEM provides choices to consumers, notwithstanding the recent volatility, electricity retailers continue to offer competitively-priced retail price plans to interested consumers. Affected consumers who have switched back to the regulated tariffs, actually still have the option of choosing from other retailers that are able to suit their needs. And we encourage all consumers to study carefully, deliberate over which electricity price plan would best suit their needs. On the viability on the OEM, in my main reply, I think it still remains but we will need to continue to explore ways and means to strengthen the foundations. My Ministry will study how we can further strengthen the safeguards for the OEM, so as to better protect our consumers' interests.”
“Eligible households are given vouchers to offset the costs of these appliances. We urge all consumers to use energy prudently and adopt energy conservation as a way of life. In conclusion, Mr Speaker, Sir, our energy market has served us well for the last 20 years. Amongst major cities, our electricity supply is one of the most reliable and price competitive. Our market is now being tested by an unprecedented storm in the global energy market. While most consumers will not see an immediate increase in electricity prices, they may see an increase next year with increasing energy prices globally. Our commitment to this House is this: we will secure our energy supply. We will help vulnerable consumers weather the storm. And we will continue to make our energy sector even better. Thank you and I look forward to your continued support.”
“Singapore imports our energy needs and cannot be fully insulated from developments in the global energy market. Most consumers in Singapore have been cushioned somewhat so far. Ninety-nine percent of household consumers are on standard price plans with retailers or the regulated tariff rate and about 96% of businesses are on fixed price or discount-off-tariff plans. These have risen by far less than the price of gas or wholesale electricity. However, the sustained high fuel prices will eventually feed into our electricity bills to reflect the cost of electricity production. Many Members of this House have asked what the Government will be doing to help affected households and businesses. The Government will provide focused and targeted assistance to eligible groups of consumers. Eligible households will continue to receive U-Save rebates to support them with their utility expenses. MTI will also work with MOF to monitor the situation and study whether further assistance is required for affected households and businesses. At the same time, we are also conducting programmes to raise awareness of electricity conservation and facilitate efforts by households and businesses to reduce their utility bills. For example, SP Services has been progressively replacing households’ analogue electricity meters with advanced electricity meters which allow them to track their energy consumption through the SP Utilities mobile app. This will help households better understand their electricity usage patterns and encourage them to be more energy efficient. NEA has also launched other energy saving initiatives such as the Climate Friendly Households Programme to encourage households to switch to more resource-efficient appliances.”
“For example, retailers have to demonstrate that their management team possesses the relevant experience in energy retailing or trading, they have to consistently hedge at least 50% of their wholesale electricity price risk and they have to submit financial statements to EMA, which allows EMA to monitor their financial health. In hindsight, these are necessary but for a severe stress test such as this, the measures were insufficient. This is the current crisis that we are facing today. Some retailers were ill-prepared to weather the storm. Members have raised useful suggestions on how we can further strengthen these requirements and the futures market. We will consider them carefully. Thank you. Mr Speaker, let me now turn to the third key issue, and that is on the electricity prices. I wanted to thank the Members for giving us more suggestions. But now on electricity prices.”
“This reflects the price SP pays to the gencos for the electricity. Thus, for the transferred customers to pay less, the other consumers with SP will have to pay more than the regulated tariffs to cross-subsidise them. A few Members have asked what the recent exit of retailers portend for the OEM. Allow me to make three points. First, the benefits of the OEM remain. Notwithstanding the recent exits, the OEM has benefited and continues to benefit many Singaporeans. Since it was launched in November 2018, consumers have been able to enjoy increased choice and flexibility when buying electricity, ranging from fixed-price plans, discount-off-tariff (DOT) plans, or even wholesale electricity price plans. More importantly, consumers who switch to retail price plans have been able to enjoy savings of up to 30% off the regulated tariff. To date, about half of all households, or about 746,000 households accounts, have switched to buying electricity from electricity retailers. Second, the viability of OEM remains. There are currently nine remaining retailers in the OEM. Depending on the severity and the duration of this energy crunch, more retailers may either exit or they may re-enter the market. Members have asked whether EMA will be reviewing the number of electricity retail licensees needed to sustain the OEM. Mr Speaker, the answer is that there is really no magic number. There is sufficient competition in the OEM today and EMA is committed to ensuring this. Last but not least, the foundations of the OEM will need to be strengthened. Today, OEM retailers are vetted and have to satisfy a stringent set of requirements before they are licensed to serve OEM consumers.”
“As of end October 2021, about 140,000 households and 11,000 business accounts will either be transferred to another retailer, or back to SP Group. Consumers who are transferred to the SP Group can choose to purchase electricity from another retailer. Security deposits from household consumers are safeguarded and will be refunded after offsetting outstanding charges. Retailers are not allowed to charge customers an early termination fee. There will be no disruption to electricity supply. EMA will direct consumers who wish to seek compensation or file claims under their supply contracts with the retailers to the available channels. Given the current challenging circumstances, EMA is open to allowing retailers facing challenges to suspend their operations by transferring their customers to SP Group while they strengthen their business. In exchange, these retailers commit to provide an ex gratia payment to ease their customers' transition. Best Electric, Ohm Energy and UGS Energy have joined this arrangement. EMA is working closely with the remaining nine retailers who are still operating in the Open Electricity Market (OEM). EMA is facilitating their efforts to hedge against future price volatility. These include facilitating the sale of electricity futures contracts between retailers that are exiting the retail market to those that are staying. EMA is also working closely with SGX to incentivise more market makers to participate in the electricity futures market. Some Members of Parliament have asked if SP can continue to honour the prices and terms of the existing contracts that affected customers had contracted with their electricity retailers. The transferred households will need to pay the same regulated tariffs as all the other households and small businesses.”
“Over the last three weeks, five electricity retailers – iSwitch, Ohm Energy, Best Electricity, UGS, SilverCloud Energy – have announced their plans to leave the market. These five retailers supply to about 9% of all electricity consumers. Members are understandably concerned about why retailers are exiting the market. Let me explain. First, several retailers were under-hedged when the global energy shocks and disruptions to our PNG supply caused wholesale electricity prices to spike. These retailers now find themselves having to buy the unhedged portion of electricity at the high wholesale electricity prices and sell them at much lower contracted rates to consumers. Second, liquidity in the electricity futures market has also been affected. Given the huge volatility, market makers were not prepared to take on significant positions. This is similar to the situation in other commodity markets. As a result, some electricity retailers are no longer able to sustain their operations in this challenging environment and thus, have chosen to exit the market. Mr Speaker, the entry and exit of retailers are features of an open and competitive retail market. The unusually high number of exits reflects the severity of the global energy shock. We have observed the same phenomenon in other countries, such as the UK as well as Spain. The key is to have a fair and robust system to ensure a smooth transition for customers affected by exiting retailers. Retailers who wish to exit the retail electricity market are required to first approach other retailers to take on those consumers at the same terms and conditions. Failing which, the consumer will be transferred to SP Group.”
“We also announced last week that we will be importing up to four gigawatt (GW) of low-carbon electricity by 2035. While this was primarily a move to decarbonise the power system, it will also reduce our reliance on natural gas. Beyond this, we will continue to explore other low-carbon alternatives like hydrogen and geothermal energy. Collectively, these measures will make our power system more resilient and less susceptible to price and supply risks. I will now touch on the electricity retailers. Since the 2000s, EMA had progressively liberalised the electricity retail market. Electricity retailers buy electricity through the wholesale electricity market (WEM) to sell to consumers. They were generally able to offer prices which were priced lower than the regulated tariff in the last few years, because wholesale electricity prices were depressed below the long run marginal costs due to overcapacity in generation, and oversupply of gas. The Electricity Futures Market (EFM), set up in April 2015, also enabled retailers to hedge their price risks through electricity futures. Retailers can also offlay their risk to gencos through financial hedges such as Contracts for Differences (CfDs). These have worked well in a stable market environment. With the nationwide launch of the Open Electricity Market (OEM) in 2018, household consumers were able to benefit from greater choice, competitive pricing and innovative offers with no change to the reliability of their electricity supply. However, market conditions today are significantly more volatile than in 2018. Some market participants had not anticipated this and were not sufficiently prepared.”
“Going forward, we cannot always assume that the private sector will put in sufficient investments to build new generation capacity, even as the margin narrows over time. I will touch on how we intend to address this though the Energy (Resilience Measures and Miscellaneous Amendments) Bill tomorrow. In short, we have sufficient fuel supplies and generation capacity today. However, given the unprecedented scale of this energy crunch, we are leaving nothing to chance. EMA has been working closely with industry stakeholders on pre-emptive measures to further secure Singapore’s fuel and electricity supply and ensure energy resilience and reliability. First, we have established standby fuel facilities which gencos can draw upon if needed to generate electricity. This will bolster the gencos' reserves. Second, to complement the standby fuel facilities, EMA has informed gencos to contract sufficient fuel to at least meet their customers’ demands. Third, in the extreme event that gencos are not willing to draw on gas reserves to generate electricity – perhaps due to risk aversion – EMA will engage the gencos directly to generate electricity using fuel from the standby facilities. Details of these measures are in EMA’s press release on 19 October 2021. Members of the House, these pre-emptive measures are extraordinary, but they are also necessary to secure our fuel and electricity supply during this extraordinary period. EMA will review if these measures are still needed by 31 March 2022. Mr Speaker, over the longer term, we will continue to diversify our energy sources, where possible. We have announced that we will quadruple our solar deployment by 2030, to generate at least two gigawatt-peak (GWp) of electricity.”
“However, due to an incident at the upstream gas production facility in July this year, West Natuna’s gas supply to Singapore has been affected resulting in a fall in overall gas supply by about 3% since September 2021. This is likely to last until the end of 2021 as the facility undergoes repair and upgrading. Gas pressure of the supply from South Sumatra has also been affected due to higher demand from gas users upstream. The Energy Market Authority (EMA) is working with the gas importers to stabilise the PNG supply. In 2013, we supplemented PNG with Liquified Natural Gas (LNG) by building an LNG terminal. This allows us to tap gas sources further afield and is part and parcel of our diversification strategy. The LNG terminal has sufficient capacity to meet all of Singapore’s gas needs should PNG be unavailable. Earlier this year, EMA also appointed two new term LNG importers, bringing the total number of term LNG importers in Singapore to four. Gas users in Singapore now have more options to procure the gas they require. We also require power generation companies, or gencos, to stockpile at least 60 days of fuel reserves, in the event of disruptions to our natural gas supply. The stockpile remains intact. In addition, EMA ensures that there is sufficient generation capacity to convert the fuel to electricity. Taking into account planned and unplanned outages, we need to maintain spare generation capacity or reserve margin of at least 27% above peak electricity demand. Today, the reserve margin stands at 52% – still significantly above 27%. Over the last 10 years, the excess capacity had been higher, mainly due to over-investment by private gencos in the early 2010s.”
“Thank you. Mr Speaker, the global energy market is facing a conflation of four shocks: first, an unexpected surge in demand as economies begin to recover following the easing of COVID-19 restrictions; second, unusual weather events have impacted the generation of wind and solar power in Europe; third, lower than expected coal production, notably in China; and fourth, a series of gas production outages around the world. The shocks have been most intensely manifested in the market for natural gas, which is a fallback fuel for electricity generation in many, many countries. As a result, spot gas prices have risen by around five times, since March 2021. Many major economies across Europe and Asia have low inventory levels and are moving quickly to secure sufficient fuel supplies for the winter. These have compounded the impact on prices of fuel and electricity around the world. Members of this House are understandably concerned. We have received 28 PQs on energy-related matters. Let me bucket them into three groups: (a) energy security; (b) electricity retailers; and (c) electricity prices. First, on energy security. Singapore relies on imported natural gas for almost all our electricity production and is therefore highly exposed to global supply and demand shocks. Over the years, we have put in place measures to secure Singapore’s access to fuel supplies. Since 1999, we have had long-term supply contracts for Piped Natural Gas (PNG) from Malaysia and Indonesia. Negotiations to renew some of these contracts are ongoing. By and large, the supply of PNG has been relatively stable.”
“If you look at the headline numbers, our long-term unemployment continues to remain one of the lowest and even for our resident unemployment today, the numbers are, even though they are not at zero, it will never be at zero, but I think they are at a level that is closing down to pre-COVID-19 time.”
“If you look at the headline numbers, our long-term unemployment continues to remain one of the lowest and even for our resident unemployment today, the numbers are, even though they are not at zero, it will never be at zero, but I think they are at a level that is round about pre-COVID-19 time. [Please refer to “Measures to Assist Employees Affected by COVID-19 and Digital Disruptions”, Official Report, 5 October 2021, Vol 95, Issue No 40, Oral Answers to Questions section.] [(proc text) Written statement by Dr Tan See Leng circulated with leave of the Speaker in accordance with Standing Order No 29(5): (proc text)] I wish to make the following factual correction to the reply given during Question Time for the combined reply to Parliamentary Questions on employment outcomes and support at the Sitting of 5 October 2021. My reply should read as follows:”
“We are mindful that our migrant workers have not been able to visit the community for some time, and that it is important for their well-being that they be able to do so. This month, we took a first step, in the form of a pilot, to allow 500 workers to visit the community each week so that we do not increase the risk of cross-transmission of COVID-19 infection between the dormitories and the community. We will draw lessons from the pilot so that we can expand the community visits in a way that is safe for our migrant workers and the community. We are looking into ways so that the visits can have broader appeal to more migrant workers. We are committed to continue easing the movement restrictions for migrant workers.”