Sembawang, Nee Soon retailers hit by fee hike
By Sumita Sreedharan, TODAY | Posted: 11 December 2012 0717 hrs
SINGAPORE: Already facing dwindling profits because of the shopping malls that have sprung up nearby, hundreds of heartland retailers in the Sembawang and Nee Soon Group Representation Constituencies will be hit by higher fees - the increase is up to four-fold - for using the demarcated areas outside their shops.
The fee hike, the first in 17 years for shopkeepers in the constituencies, will be implemented in April and some 630 businesses will be affected, according to the Sembawang-Nee Soon Town Council.
A visit by TODAY found that most shops use these Outdoor Display Areas - usually demarcated by yellow or red lines - to showcase their wares or to rent out to other businesses.
Responding to this newspaper's queries, a Sembawang-Nee Soon Town Council spokesperson said that fees for the outdoor advertising areas in neighbourhood or town centres will go up four-fold for Outdoor Display Areas that are between 1 and 8 sq m, from S$30 to S$120.
Similarly, the fees will increase from S$50 to S$240 for areas that are between 8.01 and 16 sq m.
For areas that are above 16 sq m, the retailers will have to pay S$20 per sq m, instead of the current S$100 flat fee.
The new fees in other parts of the estate are half that in the neighbourhood or town centres. Previously, the town council charged the same fees for all outdoor advertising areas, regardless of location.
Even though operating costs have increased substantially, the fees charged by the Sembawang-Nee Soon Town Council have "lagged substantially behind" other town councils, its spokesperson said. "After the review, the (fees) will range from S$2 to S$8 a day, still amongst the lowest in Singapore," she said.
Mr Lee Aik Chin, 60, who runs an IT services business at Woodlands Centre, said he will stop using the Outdoor Display Area outside his shop because of the hike. He said he was unhappy that the town council did not explain the rationale of the fee increase to the retailers.
Mr Edmund Wong, who owns Guan Chuan Chan Medical Hall, currently pays S$600 a year for about 9.3 sq m of outdoor advertising area.
With the fee hike, he will have to pay about S$3,000 a year. He will continue to pay for the space as it is "a way to attract customers".
"Business has been bad ... with the current circumstances, it makes it harder for us," said Mr Wong.
The fee hike by Sembawang-Nee Soon Town Council comes after Tampines Town Council raised its fees in September by 150 per cent for shops in the neighbourhood and town centres, and doubled the fees for shops in other parts of the estate.
- TODAY
- wong chee tat :)
Tuesday, December 11, 2012
Pay increment, bonus for 2013 expected to dip: report
Pay increment, bonus for 2013 expected to dip: report
By Imelda Saad, Dylan Loh | Posted: 10 December 2012 1702 hrs
SINGAPORE: Global consulting firm Hay Group has predicted cautious pay rises for Singaporean workers as 2012 comes to a close.
In its latest report, the group said pay increases and bonuses for next year are expected to slide.
Hay Group said salary increases averaged 4.6 per cent this year - slightly higher than the 4.4 per cent in 2011. But pay increases for next year are expected to dip 0.2 percentage points back to 4.4 per cent.
The Singapore Human Resources Institute agreed, saying increments will hover around 4 per cent.
The Institute expects the manufacturing, construction and logistics sectors to face a tighter squeeze.
The Institute's executive director, David Ang, said: "For those company who are not doing well, and it's sort of breaking even.
"I think the important thing is to inform the workers on the prospect of their business and at the same time collectively bite the bullets to hope for better times to come."
As for bonuses, the actual average variable bonus this year is said to be 2.6 months. For next year, it is expected to dip slightly to 2.5 months.
The Hay Group said hiring seems to have picked up in Singapore, despite the continuing uncertainty in the global economy.
Fifty-eight per cent of those surveyed said they are planning to increase staffing levels, compared to 50 per cent this time, last year.
But economist Dr Tan Khay Boon from SIM Global Education said this does not mean firms will splurge on hiring.
Dr Tan said: "The company want to meet the demand for the customers and therefore they need more workers to help them out in the operations. But, they are also very careful about the bottom-line.
"That's why they prefer to hire the worker at the same cost or better still, at the lower cost instead of expanding the cost to get the workers."
Leading the hiring outlook in the survey are the engineering (33 per cent), sales (29 per cent) and financial (21 per cent) sectors.
Turning to the region, the Hay group said high-growth Asian economies like China, Vietnam, Indonesia and the Philippines can expect significant pay rises in 2013.
The survey, conducted in September, covered over 500 Singapore-based companies from both the private and public sectors.
They were polled on their business sentiments and salary and bonus projections for the next 12 months.
- CNA/ck/lp
- wong chee tat :)
By Imelda Saad, Dylan Loh | Posted: 10 December 2012 1702 hrs
SINGAPORE: Global consulting firm Hay Group has predicted cautious pay rises for Singaporean workers as 2012 comes to a close.
In its latest report, the group said pay increases and bonuses for next year are expected to slide.
Hay Group said salary increases averaged 4.6 per cent this year - slightly higher than the 4.4 per cent in 2011. But pay increases for next year are expected to dip 0.2 percentage points back to 4.4 per cent.
The Singapore Human Resources Institute agreed, saying increments will hover around 4 per cent.
The Institute expects the manufacturing, construction and logistics sectors to face a tighter squeeze.
The Institute's executive director, David Ang, said: "For those company who are not doing well, and it's sort of breaking even.
"I think the important thing is to inform the workers on the prospect of their business and at the same time collectively bite the bullets to hope for better times to come."
As for bonuses, the actual average variable bonus this year is said to be 2.6 months. For next year, it is expected to dip slightly to 2.5 months.
The Hay Group said hiring seems to have picked up in Singapore, despite the continuing uncertainty in the global economy.
Fifty-eight per cent of those surveyed said they are planning to increase staffing levels, compared to 50 per cent this time, last year.
But economist Dr Tan Khay Boon from SIM Global Education said this does not mean firms will splurge on hiring.
Dr Tan said: "The company want to meet the demand for the customers and therefore they need more workers to help them out in the operations. But, they are also very careful about the bottom-line.
"That's why they prefer to hire the worker at the same cost or better still, at the lower cost instead of expanding the cost to get the workers."
Leading the hiring outlook in the survey are the engineering (33 per cent), sales (29 per cent) and financial (21 per cent) sectors.
Turning to the region, the Hay group said high-growth Asian economies like China, Vietnam, Indonesia and the Philippines can expect significant pay rises in 2013.
The survey, conducted in September, covered over 500 Singapore-based companies from both the private and public sectors.
They were polled on their business sentiments and salary and bonus projections for the next 12 months.
- CNA/ck/lp
- wong chee tat :)
OCBC ATM at Bukit Batok East found damaged, no money taken
OCBC ATM at Bukit Batok East found damaged, no money taken
By Ng Lian Cheong, Karen Ng | Posted: 10 December 2012 1846 hrs
SINGAPORE: An Oversea-Chinese Banking Corp (OCBC) automated teller machine (ATM) was found damaged on Monday.
Located at Bukit Batok East Avenue 3, the ATM had its external cover pried open.
However, the inner core of the ATM was not damaged as the culprit was not able to break through it.
No money was taken.
Channel NewsAsia understood from bystanders and shopkeepers in the area that the culprit had taped up the CCTV with masking tape.
The culprit then proceeded to pry open the ATM between 4pm on Sunday and 6:30am on Monday.
As there is more than one CCTV installed near and around the ATM, the culprit's face and actions were all recorded.
No arrests have been made yet.
- CNA/lp
- wong chee tat :)
By Ng Lian Cheong, Karen Ng | Posted: 10 December 2012 1846 hrs
SINGAPORE: An Oversea-Chinese Banking Corp (OCBC) automated teller machine (ATM) was found damaged on Monday.
Located at Bukit Batok East Avenue 3, the ATM had its external cover pried open.
However, the inner core of the ATM was not damaged as the culprit was not able to break through it.
No money was taken.
Channel NewsAsia understood from bystanders and shopkeepers in the area that the culprit had taped up the CCTV with masking tape.
The culprit then proceeded to pry open the ATM between 4pm on Sunday and 6:30am on Monday.
As there is more than one CCTV installed near and around the ATM, the culprit's face and actions were all recorded.
No arrests have been made yet.
- CNA/lp
- wong chee tat :)
Low-interest environment driving investors to seek higher yields
Low-interest environment driving investors to seek higher yields
By Thomas Cho | Posted: 10 December 2012 1959 hrs
SINGAPORE: The low-interest environment is driving investors to seek higher returns as global economic conditions improve.
Flushed with liquidity from major central banks' monetary easing, most analysts agreed that there is little upside left on safe assets like sovereign government debts.
Instead, analysts are seeing more investors investing in high yield bonds often classified as distressed that offer returns of over 6 percent per annum.
With the US Presidential election and China's leadership change out of the way, Asian investors are working up an appetite for riskier assets.
But this time, they are putting their money in fixed income products instead of Asian equities, which offer far better returns than bonds.
Thailand and Philippines stock indices have showed a over 30 percent return so far this year, while, bigger market like Hong Kong's Hang Seng Index gained some over 20 percent.
Schroder Investment Management's head of Asian Fixed Income, Rajeev De Mello, said: "Interest rates are going to remain close to zero. So for a lot of investors who need returns, they don't have too much choice -- it is either they buy bonds or buy equities.
"But for many types of investors, equities may be just too riskier and they may need a more predictable revenue stream."
In recent months, Asia has seen a growing number of corporate debt issues, which are oversubscribed.
Some investors are even drawn to beaten-down corporate bonds.
CreditSights' senior credit analyst, Sandra Chow, said: "In the past couple of weeks, we've seen a big shift into the high yield sector. A lot of bonds which was previously traded at double-digit yield are now coming to single-digit or even lower yields."
The credit quality of corporate bonds may not be improving, but analysts said bond funds face growing pressure from clients to deliver better-than-market returns of 9 to 10 percent.
Apart from market liquidity, French bank, Credit Agricole says wealthy individuals in Asia are also on the lookout for steady returns for their growing wealth.
Based on an estimated rate of growth 8 percent a year, China alone is expected to generate some US$560 billion of net new wealth every year.
- CNA/lp
- wong chee tat :)
By Thomas Cho | Posted: 10 December 2012 1959 hrs
SINGAPORE: The low-interest environment is driving investors to seek higher returns as global economic conditions improve.
Flushed with liquidity from major central banks' monetary easing, most analysts agreed that there is little upside left on safe assets like sovereign government debts.
Instead, analysts are seeing more investors investing in high yield bonds often classified as distressed that offer returns of over 6 percent per annum.
With the US Presidential election and China's leadership change out of the way, Asian investors are working up an appetite for riskier assets.
But this time, they are putting their money in fixed income products instead of Asian equities, which offer far better returns than bonds.
Thailand and Philippines stock indices have showed a over 30 percent return so far this year, while, bigger market like Hong Kong's Hang Seng Index gained some over 20 percent.
Schroder Investment Management's head of Asian Fixed Income, Rajeev De Mello, said: "Interest rates are going to remain close to zero. So for a lot of investors who need returns, they don't have too much choice -- it is either they buy bonds or buy equities.
"But for many types of investors, equities may be just too riskier and they may need a more predictable revenue stream."
In recent months, Asia has seen a growing number of corporate debt issues, which are oversubscribed.
Some investors are even drawn to beaten-down corporate bonds.
CreditSights' senior credit analyst, Sandra Chow, said: "In the past couple of weeks, we've seen a big shift into the high yield sector. A lot of bonds which was previously traded at double-digit yield are now coming to single-digit or even lower yields."
The credit quality of corporate bonds may not be improving, but analysts said bond funds face growing pressure from clients to deliver better-than-market returns of 9 to 10 percent.
Apart from market liquidity, French bank, Credit Agricole says wealthy individuals in Asia are also on the lookout for steady returns for their growing wealth.
Based on an estimated rate of growth 8 percent a year, China alone is expected to generate some US$560 billion of net new wealth every year.
- CNA/lp
- wong chee tat :)
Raising fares to improve bus drivers' pay "should be last resort"
Raising fares to improve bus drivers' pay "should be last resort"
By Kimberly Spykerman | Posted: 10 December 2012 2117 hrs
SINGAPORE: Industry observers say transport operators should look at alternative ways to raise the salaries of bus drivers.
Passing the buck to commuters should be the last resort, say observers.
They are commenting on Transport Minister Lui Tuck Yew's suggestion that bus fares may go up in future to help improve the wages of bus drivers and that the public transport fare review, due next year, will consider this issue.
It's not easy getting Singaporeans to come on board as bus drivers.
So salary increments might make the job more appealing.
The question is: who will foot the bill?
Some industry observers said it should not be assumed that commuters will have to bear the additional costs as the two public transport operators remain profitable.
"So, from the passengers' side and the general public point of view, it may be difficult for them to swallow," said Professor Lee Der-Horng, an associate professor at the Department of Civil and Environmental Engineering, National University of Singapore (NUS).
"...if they can first of all pursue their internal resources and try to improve their operations and see if they can further cut down operating costs, then perhaps, it wouldn't be necessary to approach the public and seek an increase in public transportation fare."
MP Gan Thiam Poh, who is also a member of the Government Parliamentary Committee (GPC) for Transport, said: "I feel strongly that the operators should try to explore or exhaust other means, such as other revenue, such as revenue coming from advertisements, rental or whatever...I think passing on (the costs) to consumer, that should be the last resort."
But even if salaries for bus drivers are raised, it might not be enough to get Singaporeans to bite.
Industry observers say that the long hours, rigorous work and the desire to have a job of higher value are among the main reasons Singaporeans shun the job.
Hence, a dependency on foreign manpower in this area might become unavoidable.
According to the chairman of the Public Transport Council, Gerard Ee, Singapore also lacks the body count and has an ageing workforce. That is why it must look to foreign manpower to fill the gaps in certain essential industries.
"Some jobs are just not popular, and as long as people have choices, they will give it a miss," said Mr Ee.
Industry observers also suggested that the operators look beyond Malaysia and China when hiring bus drivers, "so we will not be overly-reliant on a particular country or a particular region", said NUS' Professor Lee.
Suggestions to nationalise public transport have been raised but some observers said that this could result in inefficiencies and a drop in service levels.
- CNA/ir
- wong chee tat :)
By Kimberly Spykerman | Posted: 10 December 2012 2117 hrs
SINGAPORE: Industry observers say transport operators should look at alternative ways to raise the salaries of bus drivers.
Passing the buck to commuters should be the last resort, say observers.
They are commenting on Transport Minister Lui Tuck Yew's suggestion that bus fares may go up in future to help improve the wages of bus drivers and that the public transport fare review, due next year, will consider this issue.
It's not easy getting Singaporeans to come on board as bus drivers.
So salary increments might make the job more appealing.
The question is: who will foot the bill?
Some industry observers said it should not be assumed that commuters will have to bear the additional costs as the two public transport operators remain profitable.
"So, from the passengers' side and the general public point of view, it may be difficult for them to swallow," said Professor Lee Der-Horng, an associate professor at the Department of Civil and Environmental Engineering, National University of Singapore (NUS).
"...if they can first of all pursue their internal resources and try to improve their operations and see if they can further cut down operating costs, then perhaps, it wouldn't be necessary to approach the public and seek an increase in public transportation fare."
MP Gan Thiam Poh, who is also a member of the Government Parliamentary Committee (GPC) for Transport, said: "I feel strongly that the operators should try to explore or exhaust other means, such as other revenue, such as revenue coming from advertisements, rental or whatever...I think passing on (the costs) to consumer, that should be the last resort."
But even if salaries for bus drivers are raised, it might not be enough to get Singaporeans to bite.
Industry observers say that the long hours, rigorous work and the desire to have a job of higher value are among the main reasons Singaporeans shun the job.
Hence, a dependency on foreign manpower in this area might become unavoidable.
According to the chairman of the Public Transport Council, Gerard Ee, Singapore also lacks the body count and has an ageing workforce. That is why it must look to foreign manpower to fill the gaps in certain essential industries.
"Some jobs are just not popular, and as long as people have choices, they will give it a miss," said Mr Ee.
Industry observers also suggested that the operators look beyond Malaysia and China when hiring bus drivers, "so we will not be overly-reliant on a particular country or a particular region", said NUS' Professor Lee.
Suggestions to nationalise public transport have been raised but some observers said that this could result in inefficiencies and a drop in service levels.
- CNA/ir
- wong chee tat :)
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