Clarification by Deputy Prime Minister and Minister for Finance

The following statements were made as part of the Annual Budget Statement by the Deputy Prime Minister and Minister for Finance (Mr Lawrence Wong) at the Sitting of 16 February 2024:

(a) The Deputy Prime Minister and Minister for Finance (Mr Lawrence Wong): All local employees at companies that hire foreign workers must be paid the LQS. [Please refer to "Annual Budget Statement", Official Report, 16 February 2024, Vol 95, Issue 123, Budget section.]

(b) Mr Lawrence Wong: The Matched Retirement Savings Scheme (MRSS) helps Singaporeans aged 55 to 75 with less CPF savings to save more, by providing dollar-for-dollar matching for cash top-ups to their CPF accounts. [Please refer to "Annual Budget Statement", Official Report, 16 February 2024, Vol 95, Issue 123, Budget section.]

Written statement by Mr Lawrence Wong circulated with leave of the Speaker in accordance with Standing Order No 29(5):

I wish to make the following factual corrections to the Annual Budget Statement. The statements above should respectively be read as follows:

(a) The Deputy Prime Minister and Minister for Finance (Mr Lawrence Wong): All local employees at companies that hire foreign workers must be paid at least the LQS.

(b) Mr Lawrence Wong: The Matched Retirement Savings Scheme (MRSS) helps Singaporeans aged 55 to 70 with less CPF savings to save more, by providing dollar-for-dollar matching for cash top-ups to their CPF accounts.