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The Star
2 days ago
- Business
- The Star
Former senior minister Teo Chee Hean to be next Temasek chairman, taking over from Lim Boon Heng
Teo Chee Hean will first join Temasek's board as deputy chairman on July 1, before taking the helm in October. - ST FILE SINGAPORE: Former senior minister Teo Chee Hean will be the new chairman for state investor Temasek Holdings, succeeding Lim Boon Heng, who will be stepping down on Oct 9, 2025. Teo will first join Temasek's board as deputy chairman on July 1, before taking the helm in October. Lim has served as the chairman for 12 years, notably guiding Temasek's global expansion and supporting the fight against the Covid-19 pandemic, among other efforts such as in corporate governance and sustainability. In a separate statement, Prime Minister Lawrence Wong said: 'I thank Lim for his dedicated service at Temasek – under his stewardship, Temasek has expanded its global presence, strengthened its governance processes, and established itself as a leader in sustainable development.' 'I also welcome Teo as the incoming chairman. With his extensive experience in public service and deep understanding of Singapore's strategic priorities, I am confident he will build on Temasek's strong foundations, and steer its continued success in an increasingly complex global environment,' added Wong, who is also Finance Minister. Temasek executive director and chief executive Dilhan Pillay Sandrasegara said on June 6 that Teo has had a 'remarkable' public service career across multiple domains. 'I'm pleased to welcome Teo Chee Hean as our fifth chairman... We are privileged that Temasek can benefit from his perspectives and extensive experiences, and we look forward to his stewardship as we navigate the opportunities and challenges ahead,' he said. Teo, a key figure in Singapore's third-generation leadership, served as deputy prime minister from 2009 to 2019 and as Coordinating Minister for National Security from 2011. He was appointed Senior Minister in 2019. He began his career in the navy in 1972 and rose to become chief of navy before leaving the armed forces in 1992 to enter politics. His first Cabinet role was as minister of state for finance and communications. He later held ministerial portfolios in home affairs, defence, education and environment. Temasek also announced on June 6 that Cheng Wai Keung, Stephen Lee and Bobby Chin will be retiring from the board in the coming months. Cheng, who is deputy chairman, and Lee, a director, will step down on June 30 after nearly 14 years and eight years of service, respectively. Chin, also a director, will retire on July 31 after serving for 11 years. Temasek has a net portfolio value of $389 billion as of March 21, 2024. It is a significant contributor to Net Investment Returns Contribution (NIRC), alongside sovereign wealth fund GIC and central bank Monetary Authority of Singapore, which is used for Government spending. Teo noted that in an 'era of deepening global uncertainty', Temasek must remain clear minded on critical matters such as international relations, security and climate change. 'As a key Singapore institution with a global investment footprint, Temasek understands that its long-term success requires both addressing today's risks and opportunities and anticipating tomorrow's trends,' he said. 'I look forward to working with Temasek's Board, management team and members of the wider Temasek family to build on the achievements of Temasek and chart a path for its continued success in the new global environment.' - The Straits Times/ANN
Straits Times
3 days ago
- Business
- Straits Times
Former senior minister Teo Chee Hean to be next Temasek chairman, taking over from Lim Boon Heng
Mr Teo Chee Hean will first join Temasek's board as deputy chairman on July 1. PHOTO: ST FILE Former senior minister Teo Chee Hean to be next Temasek chairman, taking over from Lim Boon Heng SINGAPORE - Former senior minister Teo Chee Hean will be the new chairman for state investor Temasek Holdings, succeeding Mr Lim Boon Heng who will be stepping down on Oct 9, 2025. Mr Teo will first join Temasek's board as deputy chairman on July 1, before taking the helm in October. Mr Lim has served as the chairman for 12 years, notably guiding Temasek's global expansion and supporting the fight against the Covid-19 pandemic, among other efforts such as in corporate governance and sustainability. In a separate statement, Prime Minister Lawrence Wong said: 'I thank Mr Lim for his dedicated service at Temasek - under his stewardship, Temasek has expanded its global presence, strengthened its governance processes, and established itself as a leader in sustainable development. 'I also welcome Mr Teo as the incoming chairman. With his extensive experience in public service and deep understanding of Singapore's strategic priorities, I am confident he will build on Temasek's strong foundations, and steer its continued success in an increasingly complex global environment,' added Mr Wong, who is also Finance Minister. Temasek executive director and chief executive Dilhan Pillay Sandrasegara said on June 6 that Mr Teo has had a 'remarkable' public service career across multiple domains. 'I'm pleased to welcome Mr Teo Chee Hean as our fifth chairman... We are privileged that Temasek can benefit from his perspectives and extensive experiences, and we look forward to his stewardship as we navigate the opportunities and challenges ahead,' he said. Mr Teo, a key figure in Singapore's third-generation leadership, served as deputy prime minister from 2009 to 2019 and as Coordinating Minister for National Security from 2011. He was appointed Senior Minister in 2019. He began his career in the navy in 1972 and rose to become chief of navy before leaving the armed forces in 1992 to enter politics. His first Cabinet role was as minister of state for finance and communications. He later held ministerial portfolios in home affairs, defence, education and environment. Temasek also announced on June 6 that Mr Cheng Wai Keung, Mr Stephen Lee and Mr Bobby Chin will be retiring from the board in the coming months. Mr Cheng, who is deputy chairman, and Mr Lee, a director, will step down on June 30 after nearly 14 years and eight years of service respectively. Mr Chin, also a director, will retire on July 31 after serving for 11 years. Temasek has a net portfolio value of $389 billion as of March 21, 2024. It is a significant contributor to Net Investment Returns Contribution (NIRC), alongside sovereign wealth fund GIC and central bank Monetary Authority of Singapore, which is used for Government spending. Mr Teo noted that in an 'era of deepening global uncertainty', Temasek must remain clear minded on critical matters such as international relations, security and climate change. 'As a key Singapore institution with a global investment footprint, Temasek understands that its long-term success requires both addressing today's risks and opportunities and anticipating tomorrow's trends,' he said. 'I look forward to working with Temasek's Board, management team and members of the wider Temasek family to build on the achievements of Temasek and chart a path for its continued success in the new global environment.' Join ST's WhatsApp Channel and get the latest news and must-reads.
AsiaOne
27-04-2025
- Business
- AsiaOne
GST hike, housing, immigration: 5 political parties discuss hot-button issues in TV roundtable , Singapore News
The People's Action Party (PAP)'s policies on housing, immigration, and the recent GST hike were scrutinised on Sunday (April 27) evening as it sparred with four other opposition parties in a live roundtable. The 90-minute broadcast featured Chee Hong Tat from the incumbent PAP, Michael Thng from the Workers' Party (WP), Ravi Philemon from Red Dot United (RDU), Lim Tean from People's Alliance for Reform (PAR) and Stephanie Tan from the Progress Singapore Party (PSP). On taxes, Lim said there was "absolutely no need" to raise the goods and services tax (GST) from seven per cent to nine per cent. He pointed out that the Government had enjoyed Budget surpluses, especially during the 2024 financial year when it was $6.4 billion. "That's a lot of money to finance free healthcare, education and school meals," said Lim, who is facing a three-way contest for Potong Pasir SMC in the General Election. The PAR chief called for GST to be exempted on necessities such as food, groceries and healthcare. Meanwhile, Thng said that the decision to raise the GST in 2022 was "the wrong tool used at the wrong time" and that "it placed a tremendous burden on the average Singapore family". Thng, who is on the WP team for Tampines GRC, suggested alternatives to generate revenue such increasing the Net Investment Returns Contribution from the current 50 per cent to 60 per cent, as well as impose a minimum corporate tax rate of 15 per cent. Chee defended the Government's decision to raise the GST, calling it a "difficult decision" to generate addition revenue to support the healthcare needs of seniors. The transport minister pointed out that the existing measures such as the Assurance Package and GST vouchers mean that those in lower and middle income households will "actually pay much lower than the nine per cent GST rate". Chee, who is helming the PAP's team to contest Bishan-Toa Payoh GRC, said: "We have heard proposals from the opposition parties, rolling back GST, exempting certain items from GST, loosening the use of reserves. "I would like Singaporeans to think about whether these proposals are sustainable and whether it will mean Singaporeans will end up having less now and less for the future." Chee refutes PSP's 'affordable housing scheme' On housing, Tan pointed out to her party's manifesto, which said that Singaporeans should be required to cover only the construction cost when buying a Build-To-Order flat, instead of the cost of land. Lim claimed that permanent residents are causing the "surge" in prices for resale flats, which in turn "pulls along" BTO flat prices. Chee countered that PSP's proposed "affordable housing scheme" is more of a "buy now, pay more" scheme. "I would like to maybe raise a question to ask Ms Tan, how would you know that it wouldn't crash the market? There is a risk that such a move could have a negative impact on the housing market, affecting existing homeowners." Immigration policies The party representatives at the roundtable were also asked about immigration, and in particular, foreign workers. PAR's Lim called the Comprehensive Economic Cooperation Agreement (Ceca), a free trade agreement between Singapore and India, a "harmful treaty" and wants it abolished. "We want priority for that Singaporean worker. We want that Singaporean worker to get the best paying jobs. If no Singaporean worker is willing to do the job, we are prepared to allow that employer to employ the foreigner. We are not going to negotiate on that," Lim added. Philemon, who is leading the party's Nee Soon GRC team, proposed a "citizens first" hiring policy where local employees are given priority over foreign talent. He also questioned why foreign wives of Singapore citizens only get Long Term Visit Pass (LTVP) and not Permanent Resident (PR) or citizenship. The moderator from CNA later conducted a fact check before the segment ended and clarified that LTVP is not a prerequisite for PR or citizenship. Tan, who is contesting Pioneer SMC, proposed tighter controls on Employment Pass (EP) holders — a levy "to ensure that Singaporeans are not displaced from good jobs". She said: "We are aware that Singapore needs talents from other countries, but in our opinion, it should be done in a way that is complementary to our Singaporean workforce." Thng spoke about requiring companies to invest in training for potential local employees and mentorship pairing with local and foreign employees for skills transfer. "We know these are not perfect ways of getting at the problem," he said, but explained such plans would help "measure what's going on a little bit better, and allow us to then shape policy as a consequence of that". Chee defended the PAP government's immigration and manpower policies, saying that they "do give priority to our citizens". He acknowledged that it's not possible to preserve all jobs, but pointed out that the "hallmark" of the PAP Government is to balance between offering protection to workers and ensuring that Singapore does not lose its competitiveness. Chee then emphasised the importance of reskilling and upskilling. He said in the past decade, 382,000 resident PMET (professionals, managers, executives and technicians) jobs added to the economy was more than 10 times the 38,000 increase in EP and S Pass holders. "We do need to stay open, we do need to welcome complementary international talent to come to Singapore," he said. "We will put in place comprehensive support for those who need a helping hand." [[nid:717262]] chingshijie@
Straits Times
27-04-2025
- Business
- Straits Times
GE2025: Ong Ye Kung challenges opposition to offer not just buzzwords, but specifics of policy proposals
GE2025: Ong Ye Kung challenges opposition to offer not just buzzwords, but specifics of policy proposals Follow our live coverage here. SINGAPORE - Opposition parties should go beyond generalities and buzzwords in their policy ideas, as policies are the basis by which Singaporeans will decide how they vote, said Health Minister Ong Ye Kung. Speaking to reporters at a walkabout in Bukit Canberra Hawker Centre on April 26, Mr Ong said it was time to move past the excitement of Nomination Day to focus on the policy ideas of the different political parties. 'We've heard many things across different political parties, especially the opposition, as well as their policy ideas, but I would say we are now at the stage where the policy ideas are very general,' he said. 'It's probably a good time to start scrutinising some of these ideas.' Mr Ong, who is leading the PAP's Sembawang GRC team in a three-cornered fight with the Singapore Democratic Party (SDP) and National Solidarity Party (NSP), said many opposition parties are campaigning to cut the goods and services tax (GST) as a way to deal with the rising cost of living. Many, including the WP, PSP and SDP, have advocated against the increase in GST and called for essential items to be exempted from GST. In its election manifesto, the WP had proposed 'less regressive revenue options' that included an increase in the Net Investment Returns Contribution (NIRC) from the current 50 per cent to 60 per cent, and for the first nine years of land sales to be included in the Government's Budget. However, Mr Ong said that the GST increase is needed purely to be able to subsidise healthcare for an ageing population. He noted that the Government's healthcare expenditure was up to $9 billion in 2015, around $23 billion a decade later, and expected to reach $30 billion in 2030. Even as they called for the GST to be cut, Mr Ong said the opposition has asked for government spending to rise in many other areas. 'Singaporeans and voters need to know: how do you bridge this gap (when) you are spending more and collecting less?' he said. 'And I think the question will be: are you thinking of spending the reserves?' Parties should explain if they plan to do so, he added. Public housing policy is another popular topic for the opposition, said Mr Ong, who added that among the ideas thrown up is for land cost to be removed or reduced in the pricing of Build-To-Order (BTO) flats, so as to make these cheaper. The PSP and SDP are among the opposition parties which have made such proposals. Referring to these proposals, Mr Ong said the question remains as to whether these flats can then be resold on the resale market after reaching their minimum occupancy period. If they can be resold, the resale price will still be the same given that the resale market will not change, which means that the gains from selling will be much more, he noted. 'It will really be like striking a big lottery. That must surely attract a lot more people to apply for BTO flats and really (increase) the queue and wait times for flats,' he added. The SDP has also suggested a non-open market scheme, where flats will not have a land cost component but can be resold only to the Housing Board at a lower price than what they were bought for. Mr Ong said such a proposal would be a fundamental change to Singapore's home ownership system. 'Only people who breach HDB rules, or defaulters of mortgages, will sell back to HDB at a lower price. Are they therefore really suggesting to treat everybody like HDB defaulters, making this a mainstream system?' On foreign talent, Mr Ong said the Government has been balancing trade-offs, such as regulating their entry to the extent that businesses often struggle to fill vacancies, particularly for blue-collar jobs. Yet opposition parties have called for further restrictions, he noted. For instance, the SDP has suggested vetting foreign professionals before they may work in Singapore. It is also among opposition parties that have proposed that firms seeking to hire foreigners must first show that they cannot find such talent locally. The PSP has in turn proposed lengthening the duration that employers must advertise jobs on the MyCareersFuture portal before they can apply for Employment Passes to hire foreign talent. Mr Ong said businesses will find it even more difficult if such proposals were implemented. He said: 'Some may have to close down. Foreign investment may slow down, which means we cannot create as many jobs as possible as we formerly can for Singaporeans.' As for healthcare, the Health Minister noted that opposition parties like the SDP have proposed a 'single-payer system', but that most Singaporeans do not know what this means. Mr Ong explained that a hospital bill is currently paid in three ways. First, the government will pay a subsidy. Second, MediShield Life, which is the National Health Insurance Scheme, kicks in and pays for the next part of the bill, and the remainder is paid for by MediSave. A single-payer system 'basically means either you use only subsidy and abolish MediShield Life, or you purely rely on national health insurance and no more subsidy', he said. SDP, for instance, has proposed a health insurance system without multiple schemes like Medishield Life or Careshield, channelling the savings straight to supporting primary care. Mr Ong said: 'When the opposition proposed a single payer system, they need to explain to Singaporeans what it means and which part you want to get rid of - the subsidy or Medishield Life?' He noted that these four topics - cost of living, foreign talent, housing and healthcare - have been the key ones that he had been hearing about in the last few days. 'It's time, I think, for Singaporeans and voters to scrutinise these policies and compare the policies across political parties,' he said. Join ST's WhatsApp Channel and get the latest news and must-reads.
CNA
26-04-2025
- Politics
- CNA
GE2025: Scrutinise WP's plans, as there is 'no silver bullet' to challenges that Singapore faces, says PAP's Edwin Tong
SINGAPORE: The People's Action Party (PAP) knows there is 'no silver bullet' to the challenges lying ahead for Singapore, and voters should not be persuaded by "rhetoric" that promise a solution, said Minister for Culture, Community and Youth Edwin Tong at Bedok Stadium on Saturday evening (Apr 26). 'Don't listen to people saying, 'We have got a solution. It will solve everything. Vote us, not the PAP, we will solve everything for you.' There is no silver bullet and this is a multifaceted, complex economic situation,' said Mr Tong at the PAP's East Coast rally – one of three happening at the time. "In this election, we have to go beyond mere rhetoric and soundbites," he added. In his speech, Mr Tong, who is helming the People's Action Party (PAP) team contesting East Coast GRC in the 2025 General Election, acknowledged that his challenger from the Workers' Party (WP) Yee Jenn Jong had said he wants to improve Singapore. 'I agree with him. We must all be in politics for the service of Singapore and Singaporeans. But at the same time, this also needs to be done in a practical way that makes sense,' said Mr Tong. The PAP's five-member slate contesting East Coast GRC includes Senior Minister of State for National Development and Digital Development and Information Tan Kiat How, Ms Jessica Tan, as well as new faces Hazlina Abdul Halim and Dinesh Vasu Dash. All five candidates spoke on Saturday evening, in the team's first rally of the election. Of the five, only Mr Tan and Ms Tan have been retained from the party's previous East Coast GRC slate in 2020. Among those who spoke at the PAP East Coast team's first rally was Deputy Prime Minister Heng Swee Keat, who announced his retirement from politics ahead of the upcoming elections. He was the former anchor minister in East Coast GRC. Other former PAP MPs who spoke at Saturday's rally include ex-Minister for Manpower Lim Swee Say, who represented the Bedok ward from 2011 to 2020, and Mr Sitoh Yih Pin, the former MP for Potong Pasir SMC. STANDING UP TO SCRUTINY During his speech, Mr Tong struck out against some of the WP's suggestions for addressing cost of living concerns through alternative revenue channels to the goods and services tax (GST). 'Let me ask you, who amongst us would like to pay more tax, pay more GST? But there's also a growing need to look after Singaporeans,' said Mr Tong. On the WP's suggestion to increase the tax for multinational corporations (MNCs) to raise revenue, Mr Tong said that MNCs provide 'the bulk of good paying jobs' for Singaporeans. 'What if they leave Singapore, and with that the good jobs they provide to Singaporeans? Will Singapore be better off or worse off?' said Mr Tong. As for the suggestion that the government could raise the current 50 per cent Net Investment Returns Contribution (NIRC) to 60 per cent, Mr Tong said this would mean the reserves grow at a slower rate and give less resources to subsequent generations. Mr Tong said: 'It's not a bad idea from a politician's perspective, but from the perspective of safeguarding Singapore's long term interests for our children and their children and our children's children's children, would that be prudent? Would that be safe? Would that be wise?' He added that policy ideas had to be tested against practical execution and its impact on future generations, lest it start a path down a 'slippery slope'. 'We invite our residents to look at our plans, scrutinise our plans, but don't just look at our plans before you vote. Look at the Workers' Party's plans,' said Mr Tong. 'Ask them: What are those plans? Do they stand up to scrutiny? Do they benefit us long term? Do they help a subsequent generation of Singaporeans?' THE PAP IS NOT 'FEARMONGERING' Pointing to evolving global circumstances, Mr Tong on Saturday noted that some opposition parties have said the PAP was using 'scare tactics' and 'fearmongering' by addressing these circumstances that 'deeply impact' Singapore. 'We all know that we'll be going into this General Election at very difficult times,' he said. 'Between international armed conflicts and serious trade wars to culture wars – which divide our society, fracture our societies and have fault lines based on identity – global stability and world order have come under very serious threat. 'Society is being polarised, focusing more and more on having to choose one side over the other, which leaves us less and less common space and less and less moderate viewpoints in the middle ground.' These changes are felt by everyone in the world, not just Singapore, Mr Tong added. 'But at the same time, the PAP will always be upfront with Singaporeans. We will say it as it is and what our concerns are. We will give Singaporeans the truth, and we will share with you what steps we will take to help you navigate these difficulties.' Referring to the 'fearmongering' that some opposition parties had accused the PAP of doing, PAP newcomer Mr Dinesh said the threat to Singapore is real in his speech that followed Mr Tong's. 'But do you think that our growth forecast next year would have been revised downwards if the threat to our economy isn't real?' said the former CEO of the Agency for Integrated Care. 'Locally, there is talk of being a first world parliament, but there have been more opposition MPs in the previous five years," he said. "What have they been doing? And they have been talking and talking and talking since 1981. Singaporeans are tired of their talking. We want action." Fellow PAP newcomer Mdm Hazlina also acknowledged the concerns of many Singaporeans that she had heard from walking the ground in the past few days. 'Our young seniors are worried about turbulent waters ahead. I'm sorry, but you are right. Your concerns are not unfounded. We are a small nation, but a mighty one. So be prepared, but be brave and be united,' she said. Ms Jessica Tan, who represented the ward's Changi-Simei division for 19 years, said in her speech: 'There is great uncertainty and increased cost of living pressures. There are no shortcuts. 'Don't let anyone fool you. There are no shortcuts to addressing these concerns. It will require both near-term support and longer-term structural and innovative solutions.' The ruling party's slate is like a 'sturdy tree' that has grown over generations, said Mr Tan Kiat How, who represented the ward's Kembangan Chai Chee division in the previous term. Mr Tan was the first of the candidates to speak. 'Much like a sturdy tree, the leaves might change. The seasons come and go. But the PAP roots are deep here in East Coast… So I urge you to not cut down this tree in exchange of sweet promises made to you about good profits from cutting down the tree to sell it as timber,' he said. 'Every time election comes around, there may be sweet promises that may look good and sound good in the short term, but in the long term, you are destroying the roots of a sturdy tree.'
