How the Net Investment Returns Contribution (NIRC) Is Capped

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.

Verified

Ministry of Finance related to 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. The Net Investment Returns component uses expected long-term real returns, including capital gains, rather than that year's actual investment returns.

Record details

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. The Net Investment Returns component uses expected long-term real returns, including capital gains, rather than that year's actual investment returns.

Dates describe this record’s own period and applicability. A verification date does not mean a rule is currently in force.

Sources

https://www.mof.gov.sg/policies/reserves/net-investment-returns-contribution/ Accessed 2026-10-20

Collection as of 2026-11-04 · An expanding collection. Published counts show available knowledge, not complete coverage of Singapore. Machine-readable: JSON · sgfact.mof.nirc-spending-cap