Latest news with #DrTanSeeLeng
CNA
05-07-2025
- Business
- CNA
'No perfect' CPF system exists, but its self-reliance principle is still pertinent: SM Lee
SINGAPORE: As Singaporeans live longer, the Central Provident Fund's (CPF) philosophy of self-reliance remains as pertinent as ever, Senior Minister Lee Hsien Loong said on Saturday (Jul 5). He added that while there is "no perfect CPF system", Singaporeans are generally in a good state now. As society's needs and working patterns change, and life expectancies lengthen further, the government will have to adapt and update the CPF scheme to keep it "fit-for-purpose" for new generations, he said. "This will be a perpetual process of innovation and adaptation. But that's the nature of many public policy issues," he said, adding that there is never a "once-for-all final solution". The CPF scheme is one such government policy that will always evolve and improve, but the same can be said of many others, including housing, healthcare, education and security, he added. SM Lee was speaking at the launch of a commemorative book by CPF to mark its 70th anniversary at Our Tampines Hub. The launch was also joined by Minister for Manpower, Dr Tan See Leng. At the launch, CPF also introduced a new one-stop financial guidance platform, Plan Life Ahead, Now! (PLAN), where members can access a personalised dashboard of financial planners. In Singapore, each generation funds its own retirement needs, SM Lee said. 'While self-reliance works well for the majority of the population, we recognise its limits for lower-income workers and for those who have not been in the workforce, such as housewives,' he added. In these cases, the government complements members' savings with targeted state support, such as the Workfare Income Supplement scheme, Silver Support Scheme and tax incentives to encourage voluntary CPF contributions from family members, he said. The government also provides additional support through packages for the Pioneer, Merdeka and Majulah generations, and periodic top-ups, which ensures a certain degree of intergenerational equity. 'But the basic principle remains: You must try your best to provide for your own future needs. And if that is still not enough, the government will be there to help you,' he said. Looking back at the past 70 years of CPF's history, SM Lee said "some very tough choices" were made in adjusting CPF rules and schemes. For example, the government had to cut employers' contribution rates by 15 per cent in 1985, after the total CPF contribution rate of 50 per cent from both employees and employers proved too high to sustain. The government also had to repeat the process of cutting CPF contribution rates during the Asian Financial Crisis in 1997, and in the early 2000s after the 9/11 terrorist attacks in the United States. It took them until 2015 to finally reach the total contribution rate of 37 per cent, which is about the "right level for the long term", SM Lee said. "NO OTHER PAINLESS WAY OUT" In his speech, SM Lee recalled meeting the late Lord Paul Myners, a British financial expert and UK city minister, who had done a comprehensive review of institutional investments made by UK insurance companies and pension funds. "He explained to me bluntly that with people living longer, there were basically only three ways for them to still have enough for retirement: One, save more while working. Two, spend less every month, to make their retirement savings last longer; or three, work longer and retire later," he said. "There is no other painless way out." All countries are confronted with this trilemma, and Singapore is no exception. "But that doesn't mean there is no way forward. It is still possible to make balanced, practical and politically workable arrangements in these three dimensions, to ensure Singaporeans' retirement adequacy," he said. The delinking of the CPF withdrawal age from retirement age has made it easier to raise retirement and re-employment ages to encourage workers to work longer, he said. While the national retirement age is 63, many choose to continue working, perhaps in a lighter job, beyond that, he added. SM Lee said that every change to the CPF system must be "carefully thought through". "In the end, for the whole CPF system to function and endure, Singaporeans must have faith that the scheme is sound and that the rules ultimately serve their best interests," he said. Today, public trust in the CPF is "very high", SM Lee added. People "faithfully" make their contributions every month, and many members voluntarily top up their own and their family members' CPF accounts with cash. Even when members reach 65 years old - when CPF payouts start - about 30 per cent do not make any withdrawals. "They are confident their money is safe, and they know that they are getting more than a fair deal," SM Lee said. NEW FINANCIAL PLANNING TOOL SM Lee penned the forward of the new book, called Save & Sound: 70 Years of CPF, which can be downloaded at CPF's website. The book chronicles the organisation's journey over the past seven decades and documents how the CPF system has evolved over the years. Through its new one-stop financial guidance platform, CPF members can access a personalised dashboard which consolidates digital CPF planners, such as the retirement payout planner, home purchase planner and the health insurance planner. The dashboard also pools together curated educational resources and features a new financial fitness questionnaire, where members can conduct self-assessments on their overall financial health. Announcing the launch of PLAN with CPF, CPF Board CEO Melissa Khoo said the dashboard seeks to enable members to make more informed financial decisions across different life stages. 'As we mark our 70th anniversary, we want to build on the CPF Board's legacy of service and innovation, and strengthen our commitment to support members through life's milestones, she said. CPF will also hold a CPF70 and Life's Supermarket exhibitions at Our Tampines Hub, which runs until Jul 10.
Independent Singapore
27-06-2025
- Business
- Independent Singapore
Singapore launches GaN hub to power next-gen semiconductors
SINGAPORE: Singapore launched a new S$123 million semiconductor facility to boost its role in chip technologies and get a share of the growing gallium nitride (GaN) market. The new centre, located in One North, is called the National Semiconductor Translation and Innovation Centre for Gallium Nitride (NSTIC GaN). With plans to start commercial operations in mid-2026, NSTIC GaN will offer wafer fabrication and prototyping services to local companies and researchers. Dr Tan See Leng, Minister in charge of Energy and Science & Technology, said, 'In a world marked by strategic fragmentation, investing in GaN technologies improves our ability to compete globally and develop unique skills. This centre is a step forward in securing high-value semiconductor growth for Singapore.' GaN semiconductors' benefits GaN semiconductors offer superior voltage and frequency performance with less heat output than silicon. This means they are crucial for compact electronic systems in 5G and 6G infrastructure. They also have applications for autonomous vehicles, satellite communications, and military radar due to improved energy efficiency and advanced technology. It is the first local facility to offer both 6-inch GaN-on-Silicon Carbide and 8-inch GaN-on-Silicon wafer lines. This permits the production of both high-performance defence-grade electronics as well as commercial power devices. Wafer diameter affects chip output per batch, directly impacting cost and efficiency. Dr Tan stressed: 'Access to local fabrication lowers capital barriers and speeds up time to market. SMEs and start-ups can now prototype and develop chips locally, without facing prohibitive upfront costs.' A*STAR, DSO National Laboratories, and Nanyang Technological University (NTU) are spearheading the NSTIC GaN project as part of an initiative to strengthen Singapore's semiconductor ecosystem. Other nodes include an advanced photonics R&D centre and a $500 million advanced packaging facility in Tampines. The launch also saw several agreements signed to support industry partnerships. A notable collaboration involves NSTIC GaN, DSO, and the local startup WaferLead, which will work together to develop high-quality silicon carbide substrates. This is a critical component in GaN wafer manufacturing. Waferlead, which produces wafers for electric vehicles, renewable energy systems, and data centres, expects that using NSTIC's shared infrastructure could yield capital expense savings ranging from $6 million to $10 million. Its CEO, Dr Sunil Wickramanayaka, shared: 'These savings can be invested in market expansion and product development. Singapore is a key node in the global semiconductor industry. EDB estimates Singapore makes about 10% of global chips and 20% of semiconductor manufacturing equipment worldwide. Semiconductors account for nearly 6% of the city-state's GDP and provides jobs for over 35,000 people. The industry benefits from Singapore's strategic location, reliable regulations, and skilled workers. Exploring GaN and other novel materials is part of the industry's efforts to remain competitive.
Malay Mail
14-06-2025
- Business
- Malay Mail
Singapore, Indonesia push for low-carbon, clean energy future with new sustainability MoUs
SINGAPORE, June 14 — Singapore and Indonesia on Friday signed three Memoranda of Understanding (MoUs) to create win-win partnerships that would enable clean energy transition, facilitate industrial decarbonisation, and generate investments in the development of sustainability-related activities. Singapore's Ministry of Trade and Industry (MTI) said in a statement that the three MoUs are on Cross-Border Electricity Trade (CBET), Carbon Capture and Storage (CCS), and a Sustainable Industrial Zone (SIZ). The MoUs were signed by Singapore's Minister-in-charge of Energy and Science & Technology, Dr Tan See Leng, and Indonesia's Minister for Energy and Mineral Resources, Dr Bahlil Lahadalia, during the former's visit to Jakarta, Indonesia. Dr Tan said the MoU marks a significant milestone in Singapore's continued partnership with Indonesia under the Prabowo administration and reflects the resolve of both countries to pursue robust low-carbon and sustainability initiatives. 'These win-win partnerships will support both countries in achieving a resilient and low-carbon energy future, and generate new investments into green activities, while we do our part for global climate action,' he said in the statement. MTI said the CBET MoU, which builds on previous MoUs on energy cooperation, will see both MTI and Indonesia's Ministry of Energy and Mineral Resources (ESDM) aim to put in place the necessary policies, regulatory frameworks, and business arrangements for CBET within 12 months. Meanwhile, under the CCS MoU, a joint working group will be set up to study components of a legally binding government-to-government agreement on CCS that will be necessary for implementing cross-border CCS projects. Under the SIZ MoU, a joint task force will be established by MTI and ESDM to study the development of potential industries within the sustainable industrial zone (SIZ) in Bintan, Batam, and Karimun (BBK). 'The MoU reflects recognition by both countries of the importance of providing regulatory certainty for renewable energy projects, which will in turn create spin-off investments in Indonesia,' it added. — Bernama
CNA
20-05-2025
- Automotive
- CNA
A*Star launches new semiconductor R&D platforms to help deepen innovation
Singapore is gearing up for the electric vehicle wave, with new R&D platforms launched by A*Star giving local firms access to new materials that are critical for EV technologies. Second Minister for Trade and Industry, Dr Tan See Leng, shared this during a semiconductor conference attended by over 700 companies from 23 countries. Singapore will also open the world's first industry-grade R&D line for silicon carbide, a material that is set to be a game-changer in semiconductor chipmaking. Nasyrah Rohim reports.
