{"release_id":11,"data":{"id":32691,"release_id":11,"source_id":"sgfact.mof.nirc-spending-cap","kind":"fact","fingerprint":"b13de369d2de9bbf6430a3473b1471d3bdf0cc41eebaa66e1147d15cf108d4d9","title_en":"How the Net Investment Returns Contribution (NIRC) Is Capped","title_zh":"\u51c0\u6295\u8d44\u56de\u62a5\u8d21\u732e\uff08NIRC\uff09\u7684\u4e0a\u9650\u89c4\u5219","domain":null,"status":"verified","date":null,"payload":{"data":{"id":"sgfact.mof.nirc-spending-cap","note":"MOF's NIRC explanation (last updated 22 October 2025) defines the two components and their separate caps; this is a constitutional spending framework, not a claim that the Budget receives exactly 50% of any single year's actual returns.","title":"How the Net Investment Returns Contribution (NIRC) Is Capped","value":"The annual Net Investment Returns Contribution (NIRC) comprises up to 50% of Net Investment Returns on net assets invested by GIC, MAS and Temasek, plus up to 50% of Net Investment Income derived from past reserves from remaining assets. 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The Net Investment Returns component uses expected long-term real returns, including capital gains, rather than that year's actual investment returns.\",\"value_type\":\"string\"}\n"},"related":[{"id":31759,"source_id":"sg.agency.mof","kind":"entity","title_en":"Ministry of Finance","title_zh":"\u8d22\u653f\u90e8"},{"id":35353,"source_id":"sgtopic.government.ministry-of-finance","kind":"topic","title_en":"Ministry of Finance","title_zh":"\u8d22\u653f\u90e8"}]}