Establishment of National Productivity Fund
3.—(1) A fund called the National Productivity Fund is established, into which must be paid —(a)
all moneys from time to time appropriated from the Consolidated Fund and authorised to be paid into the Fund by this Act or any other written law;
(b)
all investments out of moneys in the Fund authorised to be made by this Act and the proceeds of any of those investments, including the net income from those investments;
(ba)
all moneys paid to or recovered by the Board (whether pursuant to any contract entered into, any legal action taken, or otherwise) in connection with the provision of any financing, incentive or grant from the Fund;[Act 29 of 2023 wef 18/09/2023]
(c)
all composition sums paid under section 28; and
(d)
all moneys received by the Board by way of charges and fees for services rendered by the Board to any person.
(2) For the purposes of subsection (1)(b), the net income from investments is the amount ascertained by adding to, or deducting from, the income received from investments of moneys in the Fund any profit derived or loss sustained (as the case may be) from the realisation of those investments.
Purposes of Fund
4.—(1) The moneys in the Fund may be withdrawn and applied for all or any of the following purposes only:(a)
the provision (whether directly or through an intermediary) of financing (but not loans) or incentives (including grants and scholarships) to any public authority, enterprise, educational institution or other person (whether in Singapore or elsewhere) undertaking or facilitating any programme on matters relating to productivity enhancement and continuing education;[Act 29 of 2023 wef 18/09/2023]
(aa)
the provision of grants (whether directly or through an intermediary) to any enterprise, for the purpose of —(i)
making investments in Singapore; or
(ii)
carrying out economic activities in Singapore,
in order to develop the Singapore economy or any part thereof;
[Act 29 of 2023 wef 18/09/2023]
(b)
the payment of expenses incurred by the Board in the performance of its functions and the discharge of its duties under this Act, including any remuneration or allowances payable to the members of the Board who are not public officers;
(c)
the payment of all expenses incidental to or arising from the administration, investment and management of moneys in the Fund.
(2) Except as otherwise provided by this section, a payment must not be made out of the Fund unless the payment is authorised by the Board.
Withdrawals
5. Moneys must not be withdrawn from the Fund unless they are charged upon the Fund or are authorised to be withdrawn under this Act.
Transfer of money upon dissolution
6. Upon dissolution of the Fund during any term of office of the Government (within the meaning of the Constitution), the balance of the moneys remaining in that Fund must be transferred to the Consolidated Fund and be added to the reserves of the Government not accumulated by it during that term of office.
