Singapore is most liveable city in Asia

Singapore is most liveable city in Asia
 
Europeans and Americans view country as best in region while Asians say it is world’s top spot

By Grace Ng 
WINNING HANDS DOWN: Singapore comes up tops in an annual poll of expatriates that compares living standards in 254 locations across the globe. It scored well for its fine infrastructure and health facilities, cosmopolitan population, and low health risks and crime rates. — BT FILE PHOTO
 
SINGAPORE has hit another home run with expatriates - Europeans and Americans reckon it is the best place in Asia to live, while Asians say it is the top spot anywhere in the world.
The annual survey, which has a major influence on luring foreign talent, compares living standards in 254 locations across the globe.

For the sixth straight year, Asian expatriates have named Singapore as the best city worldwide for quality of life.

Its fine infrastructure and health facilities, cosmopolitan population, and low health risks and crime rates scored the Republic plenty of points among those surveyed, according to the poll by human resources consultancy ECA International.

Singapore trumped the Australian cities of Sydney and Melbourne, which were ranked the second and third most attractive places worldwide for Asians to call home.

Europeans and Americans were also sold on Singapore, ranking it as their preferred choice in Asia, although on a global scale, they opted for Copenhagen. The Danish capital also ranked as the fifth best place worldwide for Asians to live in.
About 1,500 companies globally buy the report, so the ranking can greatly influence hiring policies.

ECA recommends that companies do not need to pay any ‘hardship’ allowances to their workers assigned to Singapore. This allowance, which can comprise up to 30 per cent of an expat’s salary, is paid to workers in countries where the standard of living is lower than in their home base.

The more comfortable the location, the lower the allowance and Singapore’s is set at zero.

However, there were some negatives this year with scores for air quality in Singapore hit by the smoke haze.

The Republic’s score for availability of quality accommodation also declined slightly, primarily due to the collective sale fever which has ‘reduced the supply of decent-standard accommodation in Singapore, irrespective of cost’, said Mr Lee Quane, ECA International’s general manager.

This narrowed the gap between Singapore and other locations such as Hong Kong, which jumped eight places in the rankings to No. 4 on the list of Asian cities with the best quality of life for Asians.

Hong Kong’s scores improved, thanks to significantly better scores for personal security.

Mr P.Maran, an Indian national in his 40s working for a technology multinational firm here, said Singapore was ‘by far the best place for Asians to live as it is safe, clean and is closer to home than other locations such as Australia’.

But he noted that the cost of such high-quality living comes at a price. ‘The cost of everything from rental to transport to children’s education is shooting up,’ he said.

While this survey did not rank Singapore in terms of cost of living, an ECA study last November showed that the Republic rose 10 places in a global survey of the most expensive places for expatriates to live.

But despite the jump, Singapore, at No. 122, is still significantly cheaper for expats than Hong Kong and other key global centres, such as London - at No. 10.
 
Popular choices

Top 10 locations in the world for
Asians to live

1. Singapore

2. Sydney (Australia)

3. Melbourne (Australia)

3. Kobe (Japan)

5. Copenhagen (Denmark)

6. Canberra (Australia)

7. Vancouver (Canada)

8. Wellington (New Zealand)

9. Yokohama (Japan)

10. Dublin (Ireland)

Source : Straits Times   - 05 March 2008

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S’pore factories post surprise expansion

S’pore factories post surprise expansion 

By Chia Yan Min 
MAIN CONTRIBUTOR: The manufacturing sector’s positive growth was due to the booming pharmaceuticals industry, say economists. — PHOTO: BLOOMBERG NEWS
 
THE Singapore manufacturing industry has grown for the ninth consecutive month, delivering a ‘nice surprise’ last month, according to economists.
Data out yesterday showed that the Purchasing Managers’ Index (PMI) posted a reading of 50.3 last month.

The PMI surveys purchasing executives at more than 150 companies in Singapore and is a gauge on how they see future activity. A reading above 50 indicates an expansion of manufacturing, while one below that figure indicates a contraction.

The PMI dipped 0.2 percentage point from January’s reading of 50.5, a marginal decrease attributed to lower export orders, a slight decrease in production output, as well as a relatively sharper drop in the stocks of finished goods and input prices.

‘The slight dip of 0.2 point of the PMI to 50.3 reflects a degree of uncertainty, as markets react suspiciously to measures taken by the US government to stave off a recession,’ said Associate Professor Lau Geok Theng, vice-chairman of the Singapore Institute of Purchasing and Materials Management’s (SIPMM’s) governing council. The SIPMM is the organisation that prepares the PMI.

CIMB-GK economist Song Seng Wun said: ‘Our forecast was for it to fall below 50 because February was shortened due to Chinese New Year. The PMI reading is a nice surprise.’

He added that last month’s PMI points to a manufacturing industry that is continuing to expand despite volatility in the financial markets and the slowdown in the United States.

Economists attribute the sector’s positive growth to the booming pharmaceuticals industry, which cushioned the decline of the offshore marine and transport engineering segments. Both posted negative growth figures in the last quarter.

Electronics recorded a 0.4 percentage point expansion from 50.8 in January to 51.2, an encouraging sign that the sector might see an export and output rebound after a relatively slow start to the year, said economists.

But OCBC economist Selena Ling is not optimistic about manufacturing’s continued expansion.

‘Even though the numbers are above market expectations, the outlook for the next few months will probably not swing to the bullish side,’ she said.

‘The US is unlikely to be able to avoid a recession, and that is going to hit global demand for manufacturing and electronics.’

Source : Straits Times   - 05 March 2008

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OCBC accepts offer for Straits Trading - Singapore

OCBC accepts offer for Straits Trading  - Singapore

By Fiona Chan 
 
OCBC Bank has decided to sell its shares in The Straits Trading Company to the family of the late Tan Chin Tuan, a former OCBC chairman, bringing a conclusive end to the protracted battle for the tin- mining and property company.
This reverses the bank’s stand last month, when it said it would reject bids for its 6.2 per cent stake, which it said was a ‘long-term investment’.

At that time, the Tan family was battling OCBC’s founding Lee family for control of Straits Trading. But the Lees withdrew their offer on Sunday and said they would accept the rival bid of $6.70 per share instead.

The next day, Great Eastern Holdings, threw its 19.92 per cent stake in with the Tans. Yesterday, Straits Trading director Michael Hwang also said he would either accept the Tans’ offer or sell his shares in the open market at the same or a higher price.

With these acceptances, the Tan family will now own more than 74 per cent of Straits Trading.

Together, OCBC, Great Eastern and the Lees own 33.4 per cent of Straits Trading. The bank once said this block could command a premium if sold together. But with the other companies throwing in the towel, OCBC has decided to follow suit. The bank said yesterday that its stake has ‘lost the added value’ of being part of a combined stake.

The bank will book a $127.5 million gain by selling the shares.

Mr Tan’s grand-daughter, Ms Chew Gek Khim, said yesterday: ‘It is good to see that the Lees, OCBC and Great Eastern acted independently and came to this decision to the benefit of their different stakeholders.’

Ms Chew started the ball rolling in January by making a surprise takeover bid for Straits Trading. The ensuing bidding war drove up its share price to record highs.
Source : Straits Times   - 05 March 2008

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Temasek to testify at US hearing on sovereign funds

Temasek to testify at US hearing on sovereign funds 
It will give views to congressional panel on role and impact of investments
By Bryan Lee, Economics Correspondent 
LIKELY TOPICS: Temasek, represented by Mr Israel, and the Norwegian and Canadian pension funds are set to speak on transparency and investment goals. — SINGTEL
 
TEMASEK Holdings will today present its views to a United States congressional panel on an issue that is becoming a political hot potato in the US.
The Singapore investment company will be giving testimony on the role and impact of investments in the US by funds linked to national governments, such as Temasek.

Temasek, represented by executive director Simon Israel, has been invited - along with two other state-owned funds - to testify on its transparency and investment goals.

The joint hearing before two US House of Representatives sub-committees comes as the US and Europe seek input and support for planned guidelines for these funds.

Known as sovereign wealth funds (SWFs), the funds are typically seen as opaque, leading to suspicions that their investment motivations extend beyond commercial gains.

This, coupled with a recent upswing in their number and stature, has led to calls for greater transparency, which is likely to be a key feature in the voluntary code of conduct - being crafted by the International Monetary Fund (IMF).
Temasek’s testimony comes a fortnight after officials from the Ministry of Finance (MOF) and the Government of Singapore Investment Corp met their US Treasury counterparts to discuss the rules.

Singapore is supportive of the guidelines, Minister of State (Finance and Transport) Lim Hwee Hua told the Parliament on Monday, adding that the Republic is widely seen as being in a good position to advance the IMF’s efforts.

‘We are not passive observers in the debate… The MOF, as well as the two agencies, are actively engaged in dialogues with the investment-recipient countries, including the US, which is where the SWF debate is most prominent.’

US lawmaker Paul Kanjorski, who chairs one of the House sub-committees, said today’s hearing will take ‘initial steps to examine the investments and to discuss whether there is a need for increased transparency’.

He said: ‘Our goal is to ensure the soundness of our financial markets, but we must put our national interests first.’

Mr Luis Gutierrez, the chairman of the other sub-committee, said talks will also look into the potential need for ‘good governance’ principles.

Temasek will be testifying along with Norway’s Government Pension Fund - Global and the Canadian Pension Plan Investment Board.

The Singapore and Norwegian funds are largely seen as among the most transparent SWFs. The Canadian fund is not an SWF but is owned by the Canadian government and has substantial investments in the US, reported Reuters.

Mr Gutierrez said the hearing is particularly timely, as the rate of cross-border investment has grown rapidly over the last year alone.

Major banks hit by the US sub-prime debacle have received cash infusions from several Asian and Middle East SWFs, including Temasek, which pumped US$4.4 billion (S$6.1 billion) into Merrill Lynch in December.

SWFs have invested US$21.5 billion in US firms over the past year, according to congressional estimates, excluding public pension funds, and some other state firms.

Separately, Temasek’s board representative at Taiwan’s E.Sun Financial Holding, Mr Eric Chen, resigned on Monday.

Sources said Temasek will sell back US$267 million of outstanding convertible bonds, part of a US$400 million tranche bought in March 2006. Temasek has converted a third of the original bonds into a 6.28 per cent stake in the Taiwan bank.

E.Sun executives said Temasek is looking to sell its shares in the company.

But sources said no decision has been made yet, and that Mr Chen’s resignation was not necessarily a prelude to Temasek’s exit from the firm.

 Growing debate
The congressional hearing today comes as the United States and Europe seek input and support for an upcoming voluntary code of conduct that the International Monetary Fund is drawing up.

Apart from looking at the role and impact that sovereign wealth funds (SWFs) have on the US economy and businesses, the discussion will extend to hot topics like the debate on whether SWFs need to be more transparent and be subject to ‘good governance’ principles.

Investments by SWFs in American companies are accelerating. Congress estimates that these funds pumped US$21.5 billion (S$30 billion) into US businesses last year.

Many SWFs are widely seen to be opaque about their operations and are viewed with suspicion, especially by the West, over their motives. As they are government-owned, sceptics question if they invest for political goals, on top of commercial gains.
Source : Straits Times   - 05 March 2008

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8,000 workers a year to get help to obtain degree - Singapore

8,000 workers a year to get help to obtain degree  - Singapore

By Lynn Lee 
 
ABOUT 8,000 workers a year who missed out on tertiary education will now get government help to pay for their first university degrees.

The scheme is for citizens and permanent residents who take up part-time degree programmes at the three local universities and private institution, UniSIM.

Minister of State (Education) Gan Kim Yong explained that this is to ensure public funds are spent only on quality courses, in response to questions on MOE’s role in encouraging life-long learning.

The Finance Minister announced in this year’s Budget that the Government would subsidise up to 40 per cent of the cost of part-time degree courses for working adults.

It already helps defray part of the price tag for advanced and specialist diplomas at the polytechnics.

MPs cheered the news during the debate on the Education Ministry’s budget yesterday, but asked for several assurances.

Mrs Josephine Teo (Bishan-Toa Payoh GRC), for instance, felt working adults need help choosing a course that will boost their career options. Otherwise, they might end up wasting their money and effort.

Mr Gan agreed, but said the Government cannot influence how employers pay them after graduation.

‘This is up to the market to decide. (But) there are two things the Government can do to ensure that our part-time degree programmes will add value to students, and we have done so.’

The first is to fund only courses at reputable institutions.

The second is to provide resources to help working adults decide which course to take. To that end, the Manpower Ministry recently launched an online Career Compass, a tool to help people better understand the job market so they can sign up for courses accordingly.

The universities will also counsel prospective students and hold information sessions for them.

And MOE will work with them to track the progress of these mature students after graduation, so the programmes can be improved to better suit their needs.

Source : Straits Times   - 05 March 2008

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New rules to govern private school standards - Singapore

New rules to govern private school standards  - Singapore

A council will carry out checks, implement stiffer penalties and start new certification

By Sujin Thomas 
 
FROM early next year, private schools will face fines and other penalties if they flout new rules and minimum quality standards to be set for their courses, teachers and facilities.
They will also have to renew their registrations periodically, unlike now when registrations are one-off.

These new measures will be introduced in legislation - a Private Education Bill - to be tabled by the end of this year, to deal with private schools with shoddy standards.

Minister of State for Education Gan Kim Yong announced this yesterday after MPs - including Dr Ong Seh Hong (Marine Parade GRC), Mr Yeo Guat Kwang (Aljunied GRC) and Dr Amy Khor (Hong Kah GRC) - raised concerns that Singapore’s reputation for providing quality education had been compromised by errant private schools.

A recent Straits Times report highlighted at least a dozen private schools with shockingly inadequate standards in courses, staff and facilities.

There were schools offering unaccredited degrees taught by lecturers with dubious qualifications.

The number of private schools in Singapore has ballooned from 150 in 1987 to 1,200 last year.

As part of the new regulatory framework, private schools that wish to enrol foreign students must obtain a new quality certification called EduTrust, said Mr Gan.

This will replace the existing CaseTrust for Education scheme, which focuses mainly on the protection of fees paid by students.

This was started three years ago by the Consumers Association of Singapore (Case) to encourage the private education industry to raise its standards.

It ensures that students’ fees are protected by requiring schools to deposit them into a separate bank account or by buying insurance.

‘EduTrust will introduce new requirements over and above those required under CaseTrust, including minimum standards of academic processes,’ said Mr Gan.

Also from next year, private schools will be held accountable by an independent Council for Private Education, which will be set up by the Education Ministry.

The council will be headed by the former principal and chief executive officer of Nanyang Polytechnic, Mr Lin Cheng Ton.

Council members will be ‘highly regarded individuals with expertise in education, quality assurance and business’, said Mr Gan.

Government agencies such as the Economic Development Board, Singapore Tourism Board and Case will also be represented.

The council will decide on all registration and quality certification of private schools and carry out checks on the schools.

News of the stricter standards and stiffer penalties were welcomed by the more reputable privates schools here, such the Management Development Institute of Singapore (MDIS).

MDIS secretary-general R. Theyvendran said: ‘It’s a very positive and timely move.

‘We hope that there will not be any more damage done to the system by the few who do not have the passion to enhance the education system.’
Source : Straits Times   - 05 March 2008

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Others countries have realised value of foreign labour

Others countries have realised value of foreign labour 

By Alvin Foo 
 
OTHER countries - such as Australia, Britain, Canada and South Korea - are catching onto Singapore’s ’secret’ of boosting its labour pool by using foreign workers.
Manpower Minister Ng Eng Hen told Parliament yesterday that these countries have realised the value of using foreign labour to beef up a limited local workforce.

Singapore’s ’secret’ behind its successful labour policies, said Dr Ng, was allowing businesses here access to foreign workers to meet their manpower needs.

Rather than taking jobs away from Singaporeans, this has resulted in the creation of good-paying jobs for Singaporeans, he said.

Dr Ng noted that Australia and Britain have liberalised their policies to attract foreign talent recently. And countries that have controlled the admission of lower-skilled foreign workers tightly, such as Canada, and even traditionally closed societies such as South Korea, have also begun to relax their criteria for allowing in foreign workers to support growth.

He said: ‘These countries realise businesses will relocate if they cannot have workers to compete effectively.

‘A result of that would be a slowing economy, fewer jobs created and declining incomes.’

Dr Ng stressed that Singapore would have faced slower growth with fewer jobs created if it had relied solely on its limited local labour pool. Last year, he said that 92,100, or 39 per cent, of jobs created went to Singaporeans, and that more locals are now employed than ever before.

Last year, 1.6 million Singaporeans aged 25 to 64 were working - a record employment rate of 76.5 per cent. That same year also saw median monthly wages for Singaporeans in full-time employment rising 7.7 per cent to $2,330.

Dr Ng expects employment to continue growing this year, but it is likely to be slower than last year when a record 236,600 jobs were added in just over a year - a growth of 9.5 per cent that is ‘hard to believe’, he noted.

He said the bulk of new jobs will be in the services sector, especially the tourism-related industries driven by strong tourist traffic and various large-scale events slated for this year.

Dr Ng also offered an assurance that there will be sufficient jobs for locals this year, including new job seekers.

He said that expanding Singapore’s local workforce with foreign manpower has increased job opportunities for Singaporeans, allaying fears that it might result in citizens being pushed out of jobs.

Dr Ng added: ‘In today’s borderless global economy, businesses move to places where capital, ideas and labour are readily available.

‘This is the virtuous circle we need to keep in - to match business plans to manpower availability and concentrate talent here to maximise innovation, entrepreneurial skills and capacity.’

Source : Straits Times   - 05 March 2008

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More incentives for husbands to top up wives’ Singapore CPF accounts

More incentives for husbands to top up wives’ Singapore CPF accounts 

By Keith Lin 
 
MEN, be dutiful husbands.
Top up the Minimum Sum in your wives’ Central Provident Fund (CPF) accounts.

Manpower Minister Ng Eng Hen made this call yesterday in Parliament as MPs urged him to do more for Singaporeans who have little CPF funds - such as housewives and the self-employed - and are thus in danger of having no money in their old age.

When husbands top up their wives’ CPF accounts, he said, the Government will be able to make matching contributions.

This is through the new Life Bonus scheme and the extra interest that such accounts will attract.

The Life or L-Bonus scheme is to enable those with low CPF balances to join the new national annuities programme, CPF Life.

Under the L-Bonus scheme, the Government gives out $4,000 to those with at least $20,000 in their Minimum Sum accounts when they enrol for CPF Life.

CPF Life gives participants an income every month for life. To start in 2013, it is compulsory for those with a Minimum Sum balance of at least $40,000 at age 55. Those with less can opt in.

Yesterday, Non-Constituency MP Sylvia Lim and Nominated MP Siew Kum Hong said not automatically including those with less funds could see the lower-income not benefiting from CPF Life. This would be ‘ironic’, said Ms Lim.

Responding, Dr Ng cautioned such persons should be brought onto the scheme ‘on the correct terms’. He said: ‘The cardinal principle…underpinning the viability of CPF Life must be that a member can spend only what he saves.’

But family members can help, since rules have been relaxed, and tax reliefs introduced to encourage top-ups for loved ones, he said.

Now, cash top-ups to the Minimum Sum will no longer be subjected to annual caps or restrictions on age and specific family ties. Members can also claim tax relief of up to $7,000 for top-ups to their own and family members’ accounts.

Dr Ng illustrated the difference such top-ups could make.

Let us say a housewife has $8,000 in her CPF account.

If her husband tops up her account by $20,000 when she is 50, she stands to have $37,600 when she turns 65, the age at which she can start drawing an income from her Retirement Account and CPF Life annuities scheme.

The additional $9,600 is from the extra interest on CPF savings the Government is paying from this year and the L-Bonus.

Her husband can claim a tax relief of $7,000 and save up to $1,400 in taxes.

Dr Ng said the message the Government is sending out through such measures is simple and clear.

‘Family members who can afford to should support one another.’

Source : Straits Times   - 05 March 2008

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Salary, property determine what you pay - Singapore

Salary, property determine what you pay  - Singapore
DOING THE MATH: Given Mr Yeo’s salary, he can expect a subsidy of 73 per cent if he opts for a C-class ward. — ST PHOTO: MUGILAN RAJASEGERAN
 
MEANS testing for admissions to subsidised wards will look at monthly salaries for the employed, and property values for retirees.
How are the numbers worked out?
I earn $3,200 a month, so I will continue getting the full subsidy at public hospitals.

Maybe not. To be fair to all, the Health Ministry will calculate monthly salary as 1/12 of your annual package, which includes bonuses.

To qualify for the full 80 per cent subsidy in a Class C ward, you would need to earn $2,954 a month if you get a 13th month bonus. Divided over 12 months, your salary would then come to $3,200, which is the cut-off mark for the full subsidy.

If you get three months’ bonus, then you would need to earn $2,560 a month to qualify for the same subsidy.
I am a retiree living in a private house. How much subsidy do I get?

You will get the full 80 per cent subsidy in C-class ward and 65 per cent in B2, if your house has an annual value of less than $11,000.

If it is more, then your subsidy falls to 65 per cent in C class and 50 per cent in B2.

To find out your property’s annual value, go to www.iras.gov.sg. Select ‘For property buyers’. There is a $2.50 charge for the service.
I earn $6,000 but have to support two sets of parents. Can I get a higher level of subsidy?

You can explain your special circumstances to the hospital’s medical social worker. Health Minister Khaw Boon Wan has promised to be flexible for cases that merit it. Whether you get a higher level of subsidy will depend on individual circumstances.
SALMA KHALIK

Source : Straits Times   - 05 March 2008

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Asthma patients can soon use S’pore Medisave

Asthma patients can soon use S’pore Medisave 

From next month, 2 more illnesses will be covered under scheme for chronic diseases

By Lee Hui Chieh 
DEFRAYING COSTS: Mr Wong Che Wai, 62, suffers from a lung condition known as chronic obstructive pulmonary disease. From next month, he too will be able to use part of his Medisave to pay for his treatment. — PHOTO: BETTY CHUA FOR THE STRAITS TIMES
 
ASTHMA patient Koh Chwee Seng, 58, sees a doctor every six months and pays about $240 for the consultation and his medication each time.
From next month, he can choose to pay about $60 for each visit, and let Medisave take care of the rest.

But this scheme puts a cap - $300 - on the Medisave amount he can draw for his yearly $480 asthma bill. The $300 makes up 62 per cent of his annual bill.

Mr Koh, who is semi-retired, said: ‘My Medisave is not being put to good use at the moment. It’s good that I can use it to help ease cash flow.’

He is among about 120,000 asthma patients and 60,000 patients with a lung condition called chronic obstructive pulmonary disease (COPD) who will be able to use Medisave for their treatment from next month.

These illnesses are the latest additions to a list of chronic diseases for which the compulsory medical savings account can be tapped.

These illnesses were picked because they affect a significant number of people, for whom keeping the condition under control will cut down the likelihood of their needing hospitalisation, said a Health Ministry spokesman.

The scheme began with diabetes in October 2006; in January last year, the list was expanded to cover high blood pressure, high cholesterol and stroke.

Last year, 91,000 patients withdrew $17 million from Medisave to pay for treatment for these four diseases.

Under the scheme, patients need to pay a portion of their bill in cash, before they can use Medisave: The first $30, plus 15 per cent of the balance of the bill, plus an administration fee of $3.14.

A patient who has used up $300 from his Medisave account for the year can use a family member’s Medisave account, subject to the same annual cap. He can use up to 10 accounts in turn.

Those with asthma and COPD need at least one drug daily, usually an inhaled steroid, to stave off attacks of breathlessness; they also need an inhaler for relief when such attacks happen.

Most asthma patients have mild to moderate conditions, said Dr John Abisheganaden, a senior consultant with Tan Tock Seng Hospital’s (TTSH) Department of Respiratory Medicine. They typically see a doctor three to four times a year and pay $650 to $800.

At TTSH, a year’s treatment can range from $250 for the mildly asthmatic to $1,500 for those severely so. At Changi General Hospital (CGH), asthma and COPD patients are seen every two to six months and pay $50 to $400 every three months.

Dr Abisheganaden said that some patients ‘under-dose’ themselves to make their prescriptions last, so their being able to use Medisave may help.

Dr Augustine Tee, an associate consultant at CGH’s Department of Respiratory Medicine, said his patients often lament the high cost of medication. He said: ‘Medisave will defray the costs.’

Source : Straits Times   - 05 March 2008

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