Net Investment Returns Contribution (NIRC) comprises:

• Up to 50% of the Net Investment Returns (NIR) on the net assets invested by GIC, MAS and Temasek; and

• Up to 50% of the Net Investment Income (NII) derived from past reserves from the remaining assets.
  
  

The annual NIRC amount is published in each years Government Budget.

Prior to FY2009, there was only the NII component.

The NIR component was introduced in FY2009 with the implementation of the NIR framework, which allows the Government to spend up to 50% of the expected long-term real returns (including capital gains) from the net assets invested by our investment entities.