10. Ong's maiden speech in Parliament in 2011.

He spoke about the challenges of small, medium enterprises (SMEs), and the issues of elderly healthcare and licensed moneylenders:

"Mr Speaker, Sir, thank you for allowing me to join in the Motion for thanking President Tony Tan for his Opening Address to the Twelfth Parliament. The President has illustrated a robust overview of the various aspect of Singapore’s society, an inclusive nation where all must come together as one people to face our challenges with confidence and build our future together. As a new Member of this House, I am thankful for the opportunity to serve and I am deeply humbled at the task at hand.

Singapore has evolved, both as a country and as a society. We have very high literacy rate, the world’s busiest airport and seaport, and are one of the most wired nations in the world. It will be foolish to assume that these milestones were achieved by sheer luck. Credit must be given to those who have brought us here. These include our forefathers, our citizenry who have worked hard, and former Members of this House, who pored through policies always putting society before self. Allow me to express my gratitude to them on record.

Sir, the buzzword today is the “new normal”. The social landscape in Singapore is vastly different from 10 years ago. However, relevance today does not equate to continued relevance in this globalised world. As we strive to embrace and make globalisation work for Singapore, we should never neglect segments of society that cannot adapt to this rapidly changing world. Sir, allow me to speak of some issues that affect Singaporeans today.

We have an ageing population with 530,000 elderly Singaporeans aged above 60 years. The pace will increase notably next year when the first cohort of the baby boomers reaches 65 years of age. While the reasons are obvious from lower birth rates, better health care and longer life span, the solutions in tackling these issues facing an ageing population are far and few. Sir, I understand the severity of the task confronting our policymakers in the face of this insurmountable issue. They have, on the one hand, worked with the fundamental philosophy that the family remains the primary unit of care and support, while, at the same time, develop interventionist policies to tackling the challenges of an ageing population head-on.

Sir, I wish to speak on two issues: retirement financing and elderly healthcare. It is understood that most health problems develop at older age, with weaker immunity and a sedentary lifestyle. While healthcare in Singapore is largely subsidised, to many, it is still a significant financial burden on families. It is also unfortunate that in many cases, many of our seniors have little or no Medisave, MediShield or other insurance coverage. Therefore, they are fully dependent on the younger generation for payments of medical bills. We have a world-class medical infrastructure. Similarly, we should also have a world-class framework to alleviate the burden of medical cost. It is evident that with better quality of life, health awareness and medical facilities, life expectancy could continue to rise. Presently, we have 29,000 elderly who are 85 years and above, who are not covered by MediShield. We should review the extension of MediShield coverage for elderly citizens beyond the age of 85 years. This will provide greater peace of mind for the elderly and their loved ones.

Sir, residents I meet during the Meet-the-People sessions often lament that the Government seeks to lock up their CPF funds such that they will never see them. While I understand why they feel such angst, their understanding is usually far from the truth. I see wisdom in the Government’s rationale in ensuring there is adequate CPF funds to see them through their retirement years. However, the truth is that many Singaporeans do not have enough money to retire. The problem is magnified when a sole-breadwinner retires and has both himself and his spouse to support.

The typical Singaporean’s argument that the CPF is their money is not wrong. It is an undeniable fact. Therefore, retirement policies regarding CPF must be relooked. At the same time, there must be built-in flexibility in the way CPF is withdrawn when retirement age comes. We must never become a society, where we “work till we die”. While raising the retirement age is an option, it cannot be a panacea. Retirement is a milestone that must be respected. Therefore, we must look at the issues surrounding drawing of CPF monies as well as addressing people’s thinking that their CPF money is being unfairly held back.

Sir, the elderly need not be a burden to society. We will get old. It is a fact of life. No one seeks to be a burden on another person. Similarly, nobody wishes to be sick and requires regular medical attention. However, unforeseen circumstances, from illness to disabilities force an individual to rely heavily on someone for care and assistance. While the family remains at the forefront of care and support, we must never assume that the family is sufficient in providing assistance. There is a real limit to complete assistance by family members. Therefore, we have to up our game, in providing a holistic care for our elderly. I applaud the Health Ministry in providing more space for community hospitals; however, we cannot and must not stop here.

Professional care must extend beyond the gates of a community hospital. Many a time, families are at wits end in caring for elders who are chronically ill, such as stroke and dementia, and thus may need specialised care, such as colostomy or tracheostomy. Therefore, I urge the Health Ministry to look at these cases and frame policies that will extend care beyond the walls of a hospital to the confines of an individual’s home.

In Singapore, we have about 300,000 full-time domestic workers. While a majority of them perform household chores, there is a significant and growing number hired to double-up or solely to look after the elderly. While it is commendable that the families pay lower levy in such cases, we have a problem at hand. Many a time, families have difficulty getting domestic help. They are hurdled with long waiting time while they struggle to care for their elderly sick. Even when they get one, these domestic helpers are not mentally prepared, physically abled and trained to care for the elderly sick, making them an occupational hazard. It does not help that in most cases, the domestic worker is usually alone with the elderly at home.

Respite care in nursing homes is limited, more expensive and there are currently severe shortages in the system. All we have now for elder care financing is a rudimentary system in ElderShield that needs to be more comprehensive. Currently, ElderShield pays out only when the insured has deficiency in three Activities of Daily Living (ADL). In fact, care is also required when one suffers from two ADLs. But if ElderShield is to pay for two ADL, the premiums would be substantially higher. So the Government has to study this very carefully. Until ElderShield becomes more robust with wider coverage, there will be very slow development of eldercare services by the private sector. More support must also be considered for needy elderly and caregivers who face emotional and financial strains. Perhaps, the Government can endorse leave entitlements for the caregivers to look after elderly parents so that the caregivers do not need to struggle with their commitments at work and provide care for their elders.

Financing long-term care of the aged is an important issue that must be tackled now. I urge the Government to study this issue with a view to enhance easy access, qualitative home care and family support services for the overall well-being of our elderly. Elderly issues will become more pronounced and acute with our rapidly ageing society. I am, however, heartened to note the President’s assurance to elderly citizens that Singapore will always be their home where they can spend their silver years in peace of mind.

Sir, allow me to shift focus and touch on the predicaments of small- and medium-sized enterprises (SMEs). The 2011 Budget had provisions for local SMEs to increase productivity, with cash grants and corporate income tax rebates. Raising productivity is an important milestone and I am glad the Government sees wisdom in providing reliefs to encourage SMEs to raise productivity. However, on the ground, SMEs are struggling.

Sir, as I said in the beginning, globalisation has meant a continual struggle for companies big and small, to maintain their relevance and succeed in a competitive environment. SMEs, unlike MNCs, have to deal with the three evils of weakening global economy, manpower challenges and rising business costs.

Sir, the first evil is the weakening global economy which is still struggling to find the bottom. Europe and US’ economies are in trouble whilst Japan has been in recession for years now. Despite this bleak global outlook, we can tackle the manpower problem and the rising business costs domestically.

SMEs employ some 65% of our workforce and they have been gravely affected by the recent tightening of foreign manpower supply, particularly in the service sector. I have met several SMEs and representatives of the Association of SMEs. They do understand the Government’s rationale of tightening foreign workers, the need to raise productivity and real incomes of Singaporeans. However, SMEs have stated unequivocally that the pace of tightening foreign manpower is too fast.

Many SMEs owners are faced with non-renewals of their existing skilled and reliable staff. This has seriously affected their business operations and has threatened their business viability. The SMEs would like the Government to be more measured in its pace, give them time to adjust, to introduce technology, to work harder at attracting Singaporeans and to look at re-deployment plans where necessary. Rather than being perceived as “tightening the noose” around the SMEs, I urge the Government to invest in and build our SMEs to the next level.

Sir, SMEs play an important part in Singapore’s economy. Many SMEs provide everyday goods and services, from floral, pastry, retail, delivery to food and beverages and many others in between. They serve as a conduit between the large enterprises and the consumers. Hence, they should never be neglected nor pitched against the MNCs. Their plight must be considered in policy-making and cannot afford to be ignored. I urge the Government to hear them, consult with them and help them as they adjust towards a new normal.

Sir, allow me to touch on two social issues very briefly: the casinos and the problems with licensed moneylenders. Our two casinos have passed their first year of operation. They are extremely profitable. We are all well aware of the detrimental effects of problem gambling. It does not help that gambling is addictive. I urge MCYS to perform an in-depth study on the gambling patterns amongst Singaporeans and foreign workers as well as the credit situation in Singapore.

Finally, Sir, the issue of licensed moneylenders. These credit companies have mushroomed from 160 to about 260 in less than two years. Their methods of advertisements in local dailies and easy access are creating social problems not just for the borrower, but also for their parents, spouses, children and relatives.

I am happy to note the recent measures taken by the Ministry of Law to tighten control before the problem gets out of hand. Sir, I urge the Ministry of Law to also review the Moneylenders Act 2009 and assess the safeguards on interest rates and late payment penalties. For example, for loans amount above $3,000 and income above $20,000 a year, there is no cap to the interest charged and the interest rate is usually a mutual agreement between the borrower and the moneylender.

A resident of mine recently showed me an IOU, where he borrowed $2,000. His interest rate was 180% per annum, which meant that his loan repayment for one year amounted to $5,860 or close to three times the initial amount borrowed. He was late on his payments, and a penalty of 240% interest on principal and interests was levied. His debt is spiralling out of control and he cannot find a way to repay. On top of this, he is now served with a legal letter of demand with legal costs. I do urge the Government to look into this matter with urgency and suggest appropriate amendments to the Moneylenders Act.

Mr Speaker, Sir, Singapore today is at an important junction where traffic is wild with many blind spots. We cannot assume that no accidents will happen as we navigate this volatile traffic. The global outlook does not look very promising, especially in the short term. Nevertheless, tackling crises is not new to Singapore. We have weathered storms quickly and effectively before. This is what makes us unique and has allowed us to maintain a strategic foothold in this globalised world. As we strive to maintain our relevance and prosper, we must never neglect the people, Singaporeans, who have for generations, sweat to defend and provide for this land we call home. I am confident that we will tackle the challenges ahead with gusto.

On happiness quotient, it is an innate desire for parents to provide and increase happiness for our families, just like our forefathers’ desire for its people to achieve happiness. Happiness is relative. It has many ingredients and economics is just one of them. One’s happiness quotient is also linked to one’s value system. How one manages expectations and ambitions. As much as we want the Government to increase our happiness quotient, I believe that we as individuals can influence, increase and pursue our own happiness for ourselves and better yet for others.

Sir, I support the Motion.

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