Featured Reports

Estimating the Effects of Cost-of-Living Support Measures in 2022


The Ministry of Finance published a technical report titled “Estimating the Effects of Cost-of-Living Support Measures in 2022”, which examines the extent to which government support measures provide support to Singaporean households and
 defray increases in their living expenses.

Terrorism Financing National Risk Assessment 2020

In 2020, Singapore conducted a Terrorism Financing (TF) National Risk Assessment (NRA). The TF NRA was the culmination of experience and observations from all relevant competent authorities over the past few years, and included inputs from the private
 sector and academia. It sought to deepen the understanding by law enforcement agencies, supervisors/regulators and the private sector of Singapore’s key TF threats and vulnerabilities, so that appropriate prevention and mitigation measures may
 be taken.

View Documents:



• TF NRA 2020


• Annex to TF NRA 2020


• Infographic
  



The TF NRA has found that:



• Singapore continues to be exposed to TF threats posed by terrorist groups both regionally and internationally, in particular the propensity for individuals^[1] in Singapore to be radicalised and influenced to carry out TF activities.





• Certain sectors, notably money remittance (or payment service providers carrying out cross-border money transfer service) and banks, are more inherently vulnerable to TF threats, given the relative ease in which their services may be  accessed,coupled
 with Singapore’s status as a financial and transport hub and proximity to countries exposed to terrorism activities.




Competent authorities in Singapore are cognisant of our TF threats and take a whole-of-government approach to combatting them. Our law enforcement agencies have robust capabilities to counter TF, as evidenced by the TF convictions in recent years. Supervisors
 and relevant authorities have been engaging relevant private sector entities on their TF risks, and this has improved their risk awareness and understanding, and allowed them to strengthen their measures to mitigate TF risks. Private sector entities
 should continue incorporating the TF NRA findings in their risk-based approach to countering TF. 

Taking into account the findings of the TF NRA 2020, Singapore has formulated a comprehensive National Strategy for Countering the Financing of Terrorism.

^[1]Local residents and foreign workers.

***


National Strategy for Countering the Financing of Terrorism (CFT)

Taking into account the findings of the Terrorism Financing (TF) NRA 2020, Singapore formulated our National Strategy for Countering the Financing of Terrorism (CFT). The National CFT Strategy forms the blueprint that outlines Singapore’s national
 approach to address our TF risks and serves as the roadmap to guide the development of future action plans to effectively prevent, detect, investigate, and enforce against TF. It also enhances the coordination of actions across law enforcement agencies,
 policy makers, regulators and supervisors, and as appropriate, the private sector, in Singapore.

View Document:



• National Strategy for Countering the Financing of Terrorism



Singapore has adopted a five-point strategy which comprises:



1. Coordinated and Comprehensive Risk Identification;


2. Strong Legal and Sanctions Frameworks;


3. Robust Regulatory Regime and Risk Targeted Supervisory Framework;


4. Decisive Law Enforcement Actions; and


5. International Partnerships and Cooperation. 



As necessary, the relevant law enforcement, policy and supervisory agencies have adopted action plans as guided by the National CFT Strategy. 

The Ministry of Finance published an Occasional Paper titled “Assessment of the Impact of Key COVID-19 Budget Measures”. The paper assesses how Singapore’s COVID-19 measures mitigated the short-term impact of the COVID-19 crisis, and
 helped prevent potential longer-term economic scarring.

The paper builds on the interim report published in February 2021, and provides an assessment of the impact of Singapore's COVID-19 response on broader economic and social outcomes.




• The full paper can be found here.


• Press Release


• Infographic




The Ministry of Finance (MOF) published a paper titled “An Interim Assessment of the Impact of Key COVID-19 Budget Measures”, which takes stock of the relief measures from the five Budgets in 2020 for workers, families and businesses during
 the COVID-19 pandemic.


This paper provides a preliminary analysis on the impact of the Government’s COVID-19 measures across the five Budgets. It summarises how the COVID-19 measures in the five Budgets reached the intended target groups, to help preserve
 jobs and cushion the pandemic’s impact on businesses and households.




• The full paper can be found here.


• Press Release


• Infographic




This Terrorism Financing National Risk Assessment (TF NRA) is the culmination of experience and observations from all relevant competent authorities over the past few years, and includes inputs from the private sector and academia. It seeks to further
 deepen the understanding by law enforcement agencies, supervisors/regulators and the private sector of Singapore’s key TF threats and vulnerabilities, so that appropriate prevention and mitigation measures may be taken.

The TF NRA
 has found that:





• Singapore continues to be exposed to TF threats posed by terrorist groups both regionally and internationally, in particular the propensity for individuals ^[1] in Singapore to be radicalised and influenced to carry
 out TF activities.
  


• Certain sectors, notably money remittance (or payment service providers carrying out cross-border money transfer service) and banks, are more inherently vulnerable to TF threats, given the relative ease in which their services may be  accessed,
 coupled with Singapore’s status as a financial and transport hub and proximity to countries exposed to terrorism activities.




Competent authorities in Singapore are cognisant of our TF threats and take a whole-of-government approach to combatting them. Our law enforcement agencies have robust capabilities to counter TF, as evidenced by the TF convictions in recent years. Supervisors
 and relevant authorities have been engaging relevant private sector entities on their TF risks, and this has improved their risk awareness and understanding, and allowed them to strengthen their measures to mitigate TF risks. Private sector entities
 should continue incorporating the TF NRA findings in their risk-based approach to countering TF. 

The full report can be found here (with Annex).

***


^[1]Local residents and foreign workers.




Latest Data Shows Progress Made By Each Generation of Singaporeans: Improvements in Education, Employment, Wages, Residential Property Ownership





1. 
 Compared to older age groups, Singaporeans in their 40s today are more educated, better able to find jobs, earn more, save more, and live longer and healthier years.
   


2. 
 These are some of the key findings in a new MOF report (
 < src="[images|OpenAccessDataProvider]7eaeade1-8788-6bc6-9db6-ff00009989ba" alt="icon_pdf" title="icon_pdf" data-displaymode="Original">747 KB) on socio-economic outcomes of Singaporeans born in 1940 – 1979.




Improved Education



3. 
 Educational attainment levels have improved across the cohorts of Singaporeans studied in the report, in line with enhanced access and improvements in the quality of the education system. Only 22% of Singaporeans born in 1940 – 1949 went beyond
 secondary school, compared to 79% of those born in 1970 – 1979.
   


4. 
 Younger Singaporeans who are not included in the current study are expected to attain even higher educational qualifications. Today, students benefit from well-resourced schools and a large degree of flexibility in the education system, where they can
 choose from multiple pathways based on their strengths and talents.



Higher Employment Rates, Wages and Savings



5. 
 With higher qualifications, younger Singaporeans are better able to find jobs, earn higher wages, and save more for retirement. Comparing each cohort when they were in their 40s, the Labour Force Participation Rate for those born in 1970 – 1979
 is 89%, compared to 79% for those born in 1950 – 1959. The median real gross monthly income from work (including employer CPF contributions) for those in their 40s is $5,900 for the younger group, more than double that of the $2,800 earned
 by the older group^[1]. Looking at CPF balances in the Ordinary Accounts and Special Accounts of Singaporeans in their 40s, the median for the younger group is three times that of the older group, after
 adjusting for inflation.For balances at the 20th percentile, the younger group has more than seven times the balances of the older group, again after adjusting for inflation.
   


6. 
 Today, the Government intervenes actively to support Singaporeans who want to work, such as by supporting skills development and employment facilitation. For example, the Adapt and Grow initiative helps jobseekers affected by economic slowdowns to get
 back into employment as soon as possible. Employers also benefit from various grants and programmes to upskill their workers.
   



Higher Residential Property Ownership Rates



7. 
 Higher wages and savings have contributed to high residential property ownership rates for Singaporeans. Residential property ownership rates have improved from 76% for those born in 1940 - 1949 to around 85% for the younger cohorts. Most HDB dwellers
 have leases that are long enough to cover them until at least age 95. This also means that they have an asset that can be monetised if necessary, to supplement their retirement needs (for example, by right-sizing or through the Lease Buyback Scheme).
  

   



Longer Life Expectancies



8. 
 Singaporeans are living longer, healthier years. The life expectancy at age 45 has risen from 35 years in 1999 to 41 years in 2017, accompanied by a similar rise in Health Adjusted Life Expectancy at age 45 from 29 years in 1999 to 33 years in 2017.

   


9. 
 With enhanced healthcare schemes like MediShield Life, CareShield Life, Community Health Assistance Scheme, Screen For Life, younger Singaporeans will be better prepared for their healthcare needs, including the early detection and management of conditions.



Decrease in Family Support



10. 
 Although subsequent generations of Singaporeans have a better quality of life and more personal resources for retirement, lower marriage rates and smaller family sizes may mean less available support from the immediate family. The Government will continue
 to work closely with community partners to support those who may need additional assistance, even as we encourage the strengthening of inter-generational family bonds. The Government will also do more to help Singaporeans to upskill, earn and
 save more.
    



Background



11. 
 The report is prepared by the Ministry of Finance, with inputs from various ministries. These indicators reflect how socio-economic outcomes have changed across generations, as Singapore progressed from Third World to First. For comparability, they are
 grouped into four 10-year age bands to show the improvements in Singaporeans’ quality of life over time – Singaporeans born in the 1940s (1940 – 1949); Singaporeans born in the 1950s (1950 – 1959); Singaporeans born in
 the 1960s (1960 – 1969); and Singaporeans born in the 1970s (1970 – 1979). The report is available at https://www.mof.gov.sg (747 KB).
    





^[1] Real incomes in 2018 dollars.

The measurement of intergenerational income mobility, or the degree to which income status persists across generations within a family, has been a subject of great interest among social scientists and policymakers. High intergenerational mobility is desirable
 from the social perspective as it suggests that there is greater equality of opportunity – society offers similar chances of achieving economic success regardless of one's background. Conversely, low mobility implies that children from low income
 families are more likely to remain poor, and thus presents a case for more active government intervention to "level the playing field".

In this paper, we present measures of intergenerational income mobility in Singapore, derived using
 a simple methodology originating from Solon (1992). Specifically, we estimate the correlation between measures of fathers' incomes and that of their sons' incomes.


Read more about the intergenerational income mobility study:




• 
 Executive Summary (297 KB)


• 
 IG Income Mobility In Singapore (833 KB)
  



Singapore's AML/CFT Policy Statement

Singapore adopts a whole-of-government approach to combating money laundering and terrorism financing (ML/TF). This is led by the Anti-Money Laundering and Countering the Financing of Terrorism Steering Committee (“AML/CFT Committee”), comprising
 the Permanent Secretary of the Ministry of Home Affairs, Permanent Secretary of the Ministry of Finance and Managing Director of the Monetary Authority of Singapore.

Singapore’s AML/CFT policy objectives are to: i) detect, deter and prevent money laundering, associated predicate offences and terrorism financing; and ii) protect the integrity of its financial system from illegal activities and illicit fund flows.
 The AML/CFT efforts are centred on having a sound and comprehensive legal, institutional, policy and supervisory framework; low crime rate; intolerance for corruption; an efficient judiciary; close international cooperation with other jurisdictions;
 an established culture of compliance; effective monitoring of the measures implemented; and decisive law enforcement actions against ML/TF threats.

To achieve the policy objectives, Singapore follows these principles:



• 


  Allocate law enforcement, financial intelligence and supervisory resources on a risk-sensitive basis

  



• 


  Maintain close policy and operational coordination and cooperation across the Government

  



• 


  Take a preventive approach that combines tough licencing and comprehensive reporting requirements, strict AML/CFT regulations, and risk-based supervision of the relevant financial and non-financial sectors

  



• 


  Enhance private sector stakeholders’ understanding of ML/TF risks and promote a culture of compliance

  



• 


  Take decisive and deterrent law enforcement action against ML/TF activity, including that relating to foreign crimes

  



• 


  Disrupt drug dealing and other serious offences early to prevent proceeds from being laundered

  



• 


  Provide assistance to other jurisdictions through formal and informal channels spontaneously and on request

  



• 


  Rigorously implement and contribute to the development of international standards, including the international standards on combating money laundering and the financing of terrorism and proliferation set by the Financial Action Task Force and
 United Nations Security Council Resolutions (particularly for targeted financial sanctions related to terrorism and proliferation of weapons of mass destruction)

  




AML/CFT Steering Committee

Singapore's National Risk Assessment (NIRA) Report

Click here for the press release dated
 14 Jan 2016.

Income growth, inequality and mobility are key issues of concern for many countries across the world.



• 


  Real income growth provides an indication of how consumption and standards of living are improving;

  



• 


  Income inequality examines the spread of incomes across a society;

  



• 


  Intergenerational income mobility measures the extent to which individuals' incomes and their standing in the income ladder differs from their parents'.

  




This paper reviews trends in income growth, inequality and mobility in Singapore using data from the Department Statistics (DOS), and puts them in international perspective.

Read our key findings here (1,149 KB).

Read the Economic Society of Singapore SG50 Distinguished Lecture by DPM Tharman on Singapore's social policies here.