SBS Transit and SMRT submit applications for fare adjustments
The PTC commenced its annual fare review exercise on Nov 19, and Friday (Dec 19) is the deadline for public transport operators to submit their applications for fare review for consideration.
SINGAPORE: The Public Transport Council (PTC) has received applications for fare adjustments from Singapore's two public transport operators - SBS Transit and SMRT.
SBS Transit submitted its application for bus and rail fare adjustments "amidst an environment of rising costs", it said in a press release on Friday (Dec 19).
SMRT said last month that it is seeking "a better alignment of fares and operating costs".
The PTC commenced its annual fare review exercise on Nov 19, and Friday is the deadline for public transport operators to submit their applications for fare review for consideration. The decision will be announced in the first quarter of next year, according to the PTC.
Transport Minister Lui Tuck Yew previously told Channel NewsAsia that the maximum allowed public transport fare increase for 2015 is 2.8 per cent.
To evaluate applications, the PTC will take guidance from the fare review mechanism and fare adjustment formula recommended by the Fare Review Mechanism Committee and accepted by the Government in Nov 2013.
- CNA/dl
- wong chee tat :)
Showing posts with label bonus. Show all posts
Showing posts with label bonus. Show all posts
Friday, December 19, 2014
Thursday, October 30, 2014
Lower bonus expectation in finance industry: Survey
Lower bonus expectation in finance industry: Survey
TODAY reports: Of the 696 professionals polled, only 42 per cent are looking forward to an increment to their bonuses, down from last year’s 50 per cent.
SINGAPORE: Fewer professionals in the financial industry here are expecting a bigger annual bonus this year, a survey has found, with the sector’s performance seeing some pullback in recent times amid market and geopolitical uncertainties.
Of the 696 professionals polled by eFinancialCareers in Singapore between September and October, only 42 per cent are looking forward to an increment to their bonuses, down from last year’s 50 per cent.
The survey results come at a time when the finance and insurance sector reported a 5.5 per cent on-year growth in the second quarter of this year, down from the first quarter’s 5.7 per cent and last year’s 10.5 per cent in the fourth quarter, the latest data by the Monetary Authority of Singapore (MAS) shows.
But Mr George McFerran, eFinancialCareers’ director for sales and marketing, said: “Results from the survey are not a reflection of the health of the financial services industry, but indicate that professionals have more realistic expectations when it comes to bonus payout. We’ve often seen a mismatch in the past.”
LONG TERM CAREER PROSPECTS
The Government is, however, cautious about Singaporeans’ long term career prospects in the financial sector, which has halved its hiring since 2012, from about 10,000 new jobs annually in 2010 and 2011. New technologies have further transformed banking operations, Deputy Prime Minister Tharman Shanmugaratnam had said in June during the anniversary dinner of the Institute of Banking and Finance Singapore.
Reflecting this trend, the latest MAS data also reveals slowing employment in the sector this year, from 2,400 new jobs in the first quarter to second quarter’s 1,300 new jobs.
“There is a driving force that is transforming activity across all financial markets and that is technological change,” Mr Tharman had said in June. “Our financial sector has significant opportunities ahead of it… but growth will demand deeper skills and expertise, rather than a large expansion of jobs.”
Against this backdrop, the Government is setting aside about S$60 million this year for training programmes, in a bid to enhance Singaporeans’ banking expertise for an increasingly sophisticated and challenging industry.
-TODAY/cy
- wong chee tat :)
TODAY reports: Of the 696 professionals polled, only 42 per cent are looking forward to an increment to their bonuses, down from last year’s 50 per cent.
SINGAPORE: Fewer professionals in the financial industry here are expecting a bigger annual bonus this year, a survey has found, with the sector’s performance seeing some pullback in recent times amid market and geopolitical uncertainties.
Of the 696 professionals polled by eFinancialCareers in Singapore between September and October, only 42 per cent are looking forward to an increment to their bonuses, down from last year’s 50 per cent.
The survey results come at a time when the finance and insurance sector reported a 5.5 per cent on-year growth in the second quarter of this year, down from the first quarter’s 5.7 per cent and last year’s 10.5 per cent in the fourth quarter, the latest data by the Monetary Authority of Singapore (MAS) shows.
But Mr George McFerran, eFinancialCareers’ director for sales and marketing, said: “Results from the survey are not a reflection of the health of the financial services industry, but indicate that professionals have more realistic expectations when it comes to bonus payout. We’ve often seen a mismatch in the past.”
LONG TERM CAREER PROSPECTS
The Government is, however, cautious about Singaporeans’ long term career prospects in the financial sector, which has halved its hiring since 2012, from about 10,000 new jobs annually in 2010 and 2011. New technologies have further transformed banking operations, Deputy Prime Minister Tharman Shanmugaratnam had said in June during the anniversary dinner of the Institute of Banking and Finance Singapore.
Reflecting this trend, the latest MAS data also reveals slowing employment in the sector this year, from 2,400 new jobs in the first quarter to second quarter’s 1,300 new jobs.
“There is a driving force that is transforming activity across all financial markets and that is technological change,” Mr Tharman had said in June. “Our financial sector has significant opportunities ahead of it… but growth will demand deeper skills and expertise, rather than a large expansion of jobs.”
Against this backdrop, the Government is setting aside about S$60 million this year for training programmes, in a bid to enhance Singaporeans’ banking expertise for an increasingly sophisticated and challenging industry.
-TODAY/cy
- wong chee tat :)
Wednesday, July 10, 2013
Students from local universities temper salary expectations
Students from local universities temper salary expectations
By Saifulbahri Ismail
POSTED: 10 Jul 2013 6:11 PM
University students are better managing their expectations on the salary of their first job. An online survey by talent company Universum showed that business students expect an average monthly salary of about S$3,300 -- that is a reduction of eight per cent from 2012.
SINGAPORE: University students are better managing their expectations on the salary of their first job. An online survey by talent company Universum showed that business students expect an average monthly salary of about S$3,300 -- that is a reduction of eight per cent from 2012.
Meanwhile, engineering students maintained their expected monthly salary at S$3,354.
The survey polled more than 6,000 students from Nanyang Technological University, National University of Singapore and Singapore Management University.
Universum said the lower expectations could be due to the tight labour market, as well as concerns over the viability and ease of finding a good first job upon graduation.
Students also continue to rank foreign companies more favourably as an ideal place to work.
The survey showed foreign employers have the edge over local companies in areas like training and development. However, private home-grown companies have better friendly work environment than their foreign counterparts.
Joakim Strom, managing director of Universum, said: "We will see more local companies (in the list) going forward because the local companies tend to start offering similar things as the foreign companies, such as international career opportunities and training.
"And I think the local companies are picking up very fast in terms of what they should offer to students in their career and development."
- AFP/ac
- wong chee tat :)
By Saifulbahri Ismail
POSTED: 10 Jul 2013 6:11 PM
University students are better managing their expectations on the salary of their first job. An online survey by talent company Universum showed that business students expect an average monthly salary of about S$3,300 -- that is a reduction of eight per cent from 2012.
SINGAPORE: University students are better managing their expectations on the salary of their first job. An online survey by talent company Universum showed that business students expect an average monthly salary of about S$3,300 -- that is a reduction of eight per cent from 2012.
Meanwhile, engineering students maintained their expected monthly salary at S$3,354.
The survey polled more than 6,000 students from Nanyang Technological University, National University of Singapore and Singapore Management University.
Universum said the lower expectations could be due to the tight labour market, as well as concerns over the viability and ease of finding a good first job upon graduation.
Students also continue to rank foreign companies more favourably as an ideal place to work.
The survey showed foreign employers have the edge over local companies in areas like training and development. However, private home-grown companies have better friendly work environment than their foreign counterparts.
Joakim Strom, managing director of Universum, said: "We will see more local companies (in the list) going forward because the local companies tend to start offering similar things as the foreign companies, such as international career opportunities and training.
"And I think the local companies are picking up very fast in terms of what they should offer to students in their career and development."
- AFP/ac
- wong chee tat :)
Monday, May 6, 2013
74% of S'poreans unhappy with bonus payout: survey
74% of S'poreans unhappy with bonus payout: survey
POSTED: 06 May 2013 1:29 PM
A survey has found that seven in 10 Singaporeans will leave their current employers -- despite receiving their bonuses this year.
SINGAPORE: A survey has found that seven in 10 Singaporeans will leave their current employers -- despite receiving their bonuses this year.
Online recruitment company JobStreet.com recently conducted a survey with 1,962 Singaporean employees in April 2013 in an effort to understand Singaporeans' acceptance with regard to their bonus payout.
62 per cent of those surveyed are senior level executives.
Amongst the 60 per cent of respondents who received bonuses this year, 74 per cent were dissatisfied with the payout. Most respondents said their bonuses averaged around one and two months of salary.
The highest bonuses received, at six months or more, were from the Finance & Banking, Marine and Offshore, Oil and Gas and Manufacturing sectors. However, this group only represented two per cent of the total respondents who received their bonuses this year.
Most of the employees surveyed were paid bonuses between S$2,000 and S$5,000.
26 per cent indicated their bonus had increased compared to last year. 33 per cent said their bonus remained the same, while 40 per cent reported receiving lower bonuses.
Among respondents who received bonuses, 75 per cent indicated they are harbouring intentions of leaving the company. Of those, 26 per cent are leaving despite being satisfied with their bonus payout.
Monetary rewards, such as bonuses and increment, were identified as the most powerful incentives with regards to encouraging high performance and retaining employees.
Most respondents commented that while fringe benefits like company incentive trips and medical and welfare entitlements are appreciated, cash incentives are more practical in dealing with the increasing cost of living in Singapore.
- CNA/ac
- wong chee tat :)
POSTED: 06 May 2013 1:29 PM
A survey has found that seven in 10 Singaporeans will leave their current employers -- despite receiving their bonuses this year.
SINGAPORE: A survey has found that seven in 10 Singaporeans will leave their current employers -- despite receiving their bonuses this year.
Online recruitment company JobStreet.com recently conducted a survey with 1,962 Singaporean employees in April 2013 in an effort to understand Singaporeans' acceptance with regard to their bonus payout.
62 per cent of those surveyed are senior level executives.
Amongst the 60 per cent of respondents who received bonuses this year, 74 per cent were dissatisfied with the payout. Most respondents said their bonuses averaged around one and two months of salary.
The highest bonuses received, at six months or more, were from the Finance & Banking, Marine and Offshore, Oil and Gas and Manufacturing sectors. However, this group only represented two per cent of the total respondents who received their bonuses this year.
Most of the employees surveyed were paid bonuses between S$2,000 and S$5,000.
26 per cent indicated their bonus had increased compared to last year. 33 per cent said their bonus remained the same, while 40 per cent reported receiving lower bonuses.
Among respondents who received bonuses, 75 per cent indicated they are harbouring intentions of leaving the company. Of those, 26 per cent are leaving despite being satisfied with their bonus payout.
Monetary rewards, such as bonuses and increment, were identified as the most powerful incentives with regards to encouraging high performance and retaining employees.
Most respondents commented that while fringe benefits like company incentive trips and medical and welfare entitlements are appreciated, cash incentives are more practical in dealing with the increasing cost of living in Singapore.
- CNA/ac
- 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 :)
Monday, December 10, 2012
Bonuses drive year-end property demand: analyst
Bonuses drive year-end property demand: analyst
Posted: 08 December 2012 2107 hrs
SINGAPORE: December is normally a lull period for the property market, but some developers have now picked this period to launch their units and this includes three new executive condominiums (ECs).
The Topiary, an EC development in Sengkang, was launched on Friday. Within a day, more than 200 units were sold.
"Usually at the end of the year, people probably will travel and go for holidays. But the fact was that on the first day of launch which was yesterday, we sold 200 over units. It proves that there are still many people in Singapore waiting to buy houses," said Mark Teo, senior group division director at ERA.
"And of course, the second thing is that at the end of the year, usually we will have the certainty of getting some bonuses, so this is also another consideration."
Chris Koh, Chris International director, said: "Many of the developers who've launched their projects recently have reported good sales. So, for a developer, if you have everybody buying at this point of time, you wouldn't want to hold back your launch."
About 10 per cent of the Topiary are million-dollar units. These include the 4-bedroom apartments and 4-bedroom dual-key units.
So far, all 16 penthouse units have been sold.
"The purchasers of penthouses are both the first-timers as well as the upgraders," said Mr Teo. "But there is one common thing, which is usually, there are more family members and some of them may be multi-generation."
Two other developments located in Woodlands and Tampines will be open for bookings after Christmas.
Industry watchers said the low interest rates have contributed to the upbeat mood.
They added that it is one reason why so many buyers turn up for viewing during the weekends.
- CNA/xq
- wong chee tat :)
Posted: 08 December 2012 2107 hrs
SINGAPORE: December is normally a lull period for the property market, but some developers have now picked this period to launch their units and this includes three new executive condominiums (ECs).
The Topiary, an EC development in Sengkang, was launched on Friday. Within a day, more than 200 units were sold.
"Usually at the end of the year, people probably will travel and go for holidays. But the fact was that on the first day of launch which was yesterday, we sold 200 over units. It proves that there are still many people in Singapore waiting to buy houses," said Mark Teo, senior group division director at ERA.
"And of course, the second thing is that at the end of the year, usually we will have the certainty of getting some bonuses, so this is also another consideration."
Chris Koh, Chris International director, said: "Many of the developers who've launched their projects recently have reported good sales. So, for a developer, if you have everybody buying at this point of time, you wouldn't want to hold back your launch."
About 10 per cent of the Topiary are million-dollar units. These include the 4-bedroom apartments and 4-bedroom dual-key units.
So far, all 16 penthouse units have been sold.
"The purchasers of penthouses are both the first-timers as well as the upgraders," said Mr Teo. "But there is one common thing, which is usually, there are more family members and some of them may be multi-generation."
Two other developments located in Woodlands and Tampines will be open for bookings after Christmas.
Industry watchers said the low interest rates have contributed to the upbeat mood.
They added that it is one reason why so many buyers turn up for viewing during the weekends.
- CNA/xq
- wong chee tat :)
Thursday, November 29, 2012
339,000 workers to receive Workfare Special Bonus instalment
339,000 workers to receive Workfare Special Bonus instalment
Posted: 29 November 2012 1137 hrs
SINGAPORE: About 339,000 older and low-wage workers will get their third payment of the Workfare Special Bonus (WSB) by Saturday.
The bonus is part of the government's S$3.2b "Grow & Share" package announced in February 2011 to help them cope with rising costs of living.
The bonus, which is given on top of the regular Workfare Income Supplement (WIS), is paid in four instalments.
Two of the instalments amount to 50 per cent of WIS for work done in 2010, and 25 per cent of WIS each year for work done in 2011 and 2012.
The first instalment was paid in May 2011 and the second, in December 2011.
Eligible workers will be paid fully in cash.
For instance, a WIS recipient aged 60 and earning S$1,000 a month will receive S$700 in WSB on December 1. This is on top of the S$2,800 that he would have received in WIS this year, making it a total of S$3,500.
A worker who is 45 years old and earning the same wage will receive S$350 in WSB this year on top of the S$1,400 that he would have received in WIS, giving a total of S$1,750.
The WSB is expected to cost the government about S$450 million over three years.
- CNA/xq
- wong chee tat :)
Posted: 29 November 2012 1137 hrs
SINGAPORE: About 339,000 older and low-wage workers will get their third payment of the Workfare Special Bonus (WSB) by Saturday.
The bonus is part of the government's S$3.2b "Grow & Share" package announced in February 2011 to help them cope with rising costs of living.
The bonus, which is given on top of the regular Workfare Income Supplement (WIS), is paid in four instalments.
Two of the instalments amount to 50 per cent of WIS for work done in 2010, and 25 per cent of WIS each year for work done in 2011 and 2012.
The first instalment was paid in May 2011 and the second, in December 2011.
Eligible workers will be paid fully in cash.
For instance, a WIS recipient aged 60 and earning S$1,000 a month will receive S$700 in WSB on December 1. This is on top of the S$2,800 that he would have received in WIS this year, making it a total of S$3,500.
A worker who is 45 years old and earning the same wage will receive S$350 in WSB this year on top of the S$1,400 that he would have received in WIS, giving a total of S$1,750.
The WSB is expected to cost the government about S$450 million over three years.
- CNA/xq
- wong chee tat :)
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