Opposition MPs debate reserves accumulation and use: 6 key issues and the Govt’s response

The debate involved 12 MPs and stemmed from a motion tabled by Progress Singapore Party Non-Constituency MP Leong Mun Wai, who called on the Government to review its reserve accumulation policies to help Singaporeans reduce their current financial burdens.

She noted that there is some publicly available information on the reserves from the Monetary Authority of Singapore , Temasek and GIC, but added that the reserves are a strategic asset and hence all the information about them should not be disclosed.Mr Leong said his party expects Singapore’s substantial reserves to continue to grow.

“The fact of the matter is that our spending needs are growing and these need to be funded. We do not have a lot of fiscal space, contrary to what PSP suggests.”Workers’ Party MPs said Singapore should not touch the principal of the past reserves and instead argued for a larger share of up to 60 per cent of the Net Investment Return of the financial reserves to be allocated to the yearly budget, up from 50 per cent currently.

4. Singaporeans today are not enjoying the full benefit of NIRC as money is locked up in endowment and trust fundsMs Indranee said that on the contrary, the monies that the Government put in funds are not just for the far unknown future, but resources set aside to meet funding commitments that are benefiting Singaporeans today.

Ms Indranee said that by setting these monies aside, the Government can smoothen out lumpy spending. It can also give Singaporeans assurance that support will be available in the future, and that they will not have to scramble to find the money only when it is needed.

“This ensures that Singaporeans do not experience fluctuating CPF rates and will continue to receive stable rates to grow CPF balances for retirement adequacy,” she said.Ms Indranee said that there are several pitfalls to this suggestion.This would mean government revenues could fluctuate with the market, making it more difficult for the Government to plan for the long term.

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