Singaporeans benefit from the investments of GIC and Temasek which supplement the annual Budget through the Net Investment Returns Contribution (NIRC)4. The NIRC, estimated to be S$19.6 billion in Financial Year (FY) 2021, has allowed the Government to make further investments for the long term, such as in education, R&D, healthcare and improving our physical environment.
The Government generally budgets to take in 50% of NIRC at the start of each FY. The actual NIRC taken in at the end of the FY may vary due to changes in the fiscal position and differences in the actual outturn for the maximum NIRC, compared to what was budgeted at the estimates stage.
[4] The NIRC comprises up to 50% of the Net Investment Returns on the net assets invested by GIC, MAS and Temasek, and up to 50% of the net investment income from the remaining assets.