Print Article
>> Back to the article
Sep 12, 2008
Changes to rules on reserves?
By Zakir Hussain
AN AMENDMENT to the Constitution will be tabled in Parliament on Monday by Finance Minister Tharman Shanmugaratnam.

This is expected to deal with how the Government calculates how much of the returns on investment of its reserves it can use for spending in any financial year.

Extra funds are needed in the coming years to pay for increased social, education, health-care and transport infrastructure spending.

The Government has indicated several times since 2006 - most recently in February this year - that it plans to revise the framework for spending from the investment returns on reserves, a change that will require a constitutional amendment.

Right now, it can spend only from dividends and interest from investing the nation's reserves.

Capital gains, or profits from the sale of assets, are an option the Government is considering.

Last year, Mr Tharman told Parliament that capital gains were 'inherently volatile and difficult to predict', and the Government was working out a formula that could best overcome the impact of this volatility.

Also to be tabled on Monday are amendments to the Administration of Muslim Law Act. These will reflect changes to the Mosque Building and Mendaki Fund announced last month, among others. Four other amendment Bills will also be introduced on Monday.

Six Bills will also be up for debate at this sitting. They include the Mental Health (Care and Treatment) Bill, which will give hospitals powers to admit patients with mental illness if doctors think they are a danger to themselves or others.

Also up for debate is the Mental Capacity Bill, which will give people a say over who will administer their affairs if they become mentally incapacitated. It will also govern how family members or friends should make key decisions for them.

Changes to the Central Provident Fund Act will allow for top-ups from employers, extend the range of courses of study for which funds can be used, and effect the gradual raising of the draw-down age of the CPF Minimum Sum from 62 to 65.

MPs have also filed 41 questions on a range of issues.

Mr Arthur Fong (West Coast GRC) will ask Trade and Industry Minister Lim Hng Kiang what measures will be initiated to assist small and medium-sized enterprises in these trying times.

Mr Zaqy Mohamad (Hong Kah GRC) and Madam Ho Geok Choo (West Coast GRC) will ask Minister for Transport Raymond Lim for updates on plans to engage the public on bus routes and on the exercise to upgrade public transport.

Mr Christopher de Souza (Holland-Bukit Timah GRC) will ask Minister for Home Affairs Wong Kan Seng for figures on women arrested for vice-related activities in the past year. He wants to know how many of them were on social visit passes, and what would be done to reduce the number of prostitutes working on social visit passes.

He will also ask Minister for Information, Communications and the Arts Lee Boon Yang why the computer game Grand Theft Auto IV was allowed to be sold here, when it lets players 'simulate driving drunk, stealing cars, dealing in drugs, visiting strip clubs, robbing ladies and knocking down pedestrians' even as the Ministry of Home Affairs urges Singaporeans to stay clear of crime, drugs and gangs.

Dr Lam Pin Min (Ang Mo Kio GRC) and Mr Low Thia Khiang (Hougang) will ask Minister for the Environment and Water Resources Yaacob Ibrahim about measures to deal with rising sea levels.

Mr Low also wants to know if the ministry has assessed recent findings that the Greenland ice sheet is melting faster than expected and what impact, if any, these findings would have on Singapore.

Copyright © 2007 Singapore Press Holdings. All rights reserved. Privacy Statement & Condition of Access
S M T W T F S
15 16 17 18 19 20 21
22 23 24 25 26 27 28
Best viewed at 1152x864 resolution with IE 6.0 or FireFox 2.0 and above Copyright © 2008 Singapore Press Holdings Ltd. Co. Regn No. 198402868E | Privacy Statement | Terms & Conditions