SINGAPORE: Most households in Singapore remain financially resilient amid the COVID-19 pandemic, although those that are highly leveraged or employed in badly hit sectors may be more vulnerable as economic uncertainties persist, said the country's central bank on Tuesday (Dec 1).
In its annual financial stability review, the Monetary Authority of Singapore (MAS) also urged households to exercise prudence when taking up new debt or committing to property purchases.
It noted an uncertain outlook for the Singapore economy that “could have dampening effects on income streams”. It also expects resident unemployment to “remain elevated” next year and recovery in the labour market to be drawn out.
MAS said it recognises that some homeowners could face difficulties servicing their mortgages and has worked with the financial industry to roll out relief measures earlier this year. These measures were recently extended to support cash-strapped individuals and businesses until next year.
About 36,000 mortgage relief applications have been approved and 8,700 individuals were granted revolving unsecured debt relief as of the third quarter.
“Given the uncertain economic outlook, households should avail themselves of these support measures if needed and factor in possible volatility in future income streams when considering large purchases and loans,” the central bank said in its report.
“Whenever possible, they should also continue servicing or consolidating their existing obligations to enhance resilience against unexpected shocks.”
The report said Singapore’s household balance sheets were “relatively healthy” at the onset of the pandemic, reflecting the financial buffers built up over the years.
Household net wealth rose to 4.4 times of gross domestic product in the third quarter from 3.8 times a year ago, it cited as an example.
“While the increase is partly due to the fall in GDP, asset values continued to hold up despite the economic slowdown,” MAS said.
“Further, liquid assets such as cash and deposits continued to exceed total liabilities, providing households a financial buffer against income shocks.”
Its simulations also suggest that Singapore households’ debt servicing burden remains manageable under stress.
Government transfers and relief measures have mitigated the impact of a sharp fall in employment and incomes in the first half of the year, the central bank added.
SOME RISKS
But leverage risk has edged up even though growth in overall household debt moderated.
MAS said aggregate household debt has continued its downward trend since the introduction of cooling measures in July 2018, but nominal GDP fell by a larger margin due to the pandemic.
As a result, household debt as a percentage of GDP rose from 63.1 per cent in the first quarter to 65 per cent in the April to June quarter before hitting 67.1 per cent in the third quarter.
Other indicators that were mentioned include the credit risk profile of housing loans. This has remained sound, with macro-prudential measures encouraging prudent borrowing and improving equity buffer.
But as household resilience is tied to employment and income, credit risk for housing loans could increase further if the economic downturn persists, said the central bank.
The unsecured credit charge-off rate - a leading indicator for credit quality of housing loans - has crept up in the third quarter, suggesting that more households could face difficulties in housing payments, it added.
“Close monitoring of housing loans from more vulnerable households is necessary in the upcoming months given the expectation that the labour market recovery will be protracted.”
Turning to the property market, the report noted how rentals for private homes have moderated alongside the increase in vacancy rates.
Vacancy rates for private residential properties rose from 5.4 per cent in the second quarter to 6.2 per cent in the third quarter. Rentals declined for the second consecutive quarter during the July to September period, as the private residential property rental price index fell by 0.5 per cent.
The weakness in rentals was observed for both landed and non-landed properties.
“Should demand for rental properties continue to fall, borrowers relying on rental income to meet their mortgage instalments on investment properties could face difficulties in repayment,” said MAS.
“Prospective buyers should accordingly factor in the possibility of further weakness in rental income when committing to purchases of investment properties.”
In the 112-page report, the central bank also urged local corporates and banks to stay vigilant and prudent as an uneven economic recovery will “impinge on jobs and corporate profits”.
“The risk of financial stresses remains during this protracted recovery period. Continued vigilance and prudence therefore remain warranted,” it wrote.
The extension would not come as a surprise as the seven-day moving average of unknown local cases in Hong Kong as at Monday (Nov 30) was 16. The threshold agreed by Singapore and Hong Kong is five cases.
So far, Hong Kong has a total of more than 6,300 cases, including 109 deaths. The number of daily new infections has crossed 70 for more than a week.
This spike was led initially by a growing dance club cluster of more than 500, most of whom are tai-tais and their young dancing instructors.
Professor Ben Cowling, an infectious disease expert from the Hong Kong University, said he expected the fourth wave to begin sooner when measures were relaxed in September as there is always a risk of transmission re-surging if infections are reintroduced.
"I think the priority now has to be to strengthen social distancing measures, taking reference from the measures that were effective in curtailing the second and third waves in March-April and July-August respectively. That includes recommending civil servants to work from home, and closing gyms and other leisure facilities," he said.
In the past week, the government has made a series of orders, from mandating dance club visitors to go for compulsory tests to ordering patrons of specific eateries to go for the tests as the virus circulates.
From Dec 2 for two weeks, dine-in services will end two hours earlier at 10pm, with patrons capped at two per table. Bars, pubs, saunas, clubs, nightclubs and party rooms will remain closed.
All amusement game centres, leisure venues, museums, cinemas, theme parks, karaoke establishments, mahjong clubs and swimming pools must be closed.
The tightening of measures comes as local transmissions, particularly among the city's rich and powerful, have spread like wildfire, initially with some socialites linked directly to the dance club cluster and later, expanded as they continued to mingle over meals and mahjong.
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Having an early start to planning for your retirement is key to having peace of mind in your golden years. Take the guesswork out of the equation as CPF gets you started with your retirement planning. Here are some CPF numbers you need to know.
This is the amount you can expect to receive every month if you join CPF LIFE with $272,900 in your CPF Retirement Account (RA) at the age of 65. This may seem to be a big sum of money, but with attractive CPF interest rates, you can achieve this by setting aside $181,000, the current Full Retirement Sum, at the age of 55. For higher payouts, you can top up your RA.
There are three CPF LIFE Plans: Escalating, Standard and Basic Plan. Ask yourself whether you prefer a monthly payout that increases each year to help you cope with rising prices, or a fixed budget even if it means being able to buy less as things get more expensive as the years pass. Plan ahead and build up your CPF savings to meet your retirement goals.
*Based on the CPF LIFE Standard Plan computed for a CPF member turning 55 in 2020.
You can start receiving the monthly payouts any time from the age of 65.
However, if you do not have immediate needs, you may wish to defer receiving your payouts. For every year that you defer, the payouts will increase by up to 7 per cent. This will give you up to a 35-per-cent increase in monthly payouts if you choose to start receiving them at 70.
You have until the age of 70 to start your payouts, after which they will automatically begin.
The Government helps you grow your CPF savings by paying good interest.
Singaporeans who are 55 and above earn 6 per cent on the first $30,000 of their total CPF savings, and 5 per cent on the next $30,000.
Boost your retirement savings by making small and regular top-ups to your Special Account before you turn 55, and Retirement Account afterwards.
Adding just $5 a day to your CPF savings will net you over $35,000** in 15 years with the power of compound interest.
The earlier you top up your CPF accounts, the more you will benefit.
**Computed using the base interest of 4 per cent per annum on your Special or Retirement Account.
Article From & Read More ( When do CPF payouts start? 3 things you need to know when planning your retirement - The Straits Times )
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SINGAPORE: From February next year, eligible non-bank financial institutions will have direct access to retail payment services like Fast and Secure Transfers (FAST) and PayNow.
This will allow users to make real-time funds transfers between bank accounts and e-wallets, as well as across different e-wallets, said the Monetary Authority of Singapore (MAS) in a media release on Monday (Nov 30).
Currently, most e-wallets require the use of debit or credit cards to top up funds. Transfers between e-wallets are also not possible.
Businesses that are partnered with any of the 23 FAST or nine PayNow banks will benefit from this move.
E-wallets that have traditionally been "closed-loop ecosystems" will also be able to receive real-time payments from other users of e-wallets of mobile banking applications that join FAST or PayNow.
"This will enable businesses to access a larger market of consumers than before for receiving e-payments instantly and seamlessly," said MAS.
The eligible institutions, which have to be licensed as major payment institutions under the Payment Services Act, will be able to connect directly via a new Application Programming Interface (API) payment gateway.
"The API payment gateway is better geared to the technology architecture of banks and non-bank financial institutions, and can also be used by other banks and non-bank financial institutions in future," said MAS.
MAS managing director Ravi Menon said direct access to FAST and PayNow "closes the last-mile gap in Singapore's e-payments journey".
"Consumers who may not have ready access to debit or credit cards to fund their e-wallets will now have the option to do so directly through their bank accounts," said Mr Menon.
He added that the adoption of e-payments will become "even more simple" for individuals and businesses.
SINGAPORE: For more than two years since she started working at a bank, Mavis (not her real name) has been keeping a secret from her bosses: She suffers from depression and anxiety.
While her company has hired counsellors, Mavis has never used their services, and seeks external counselling instead.
She has kept her mental health condition under wraps due to the “toxic” work culture, said the 25-year-old associate, and she fears that her chances of a promotion will be stymied if her condition is out in the open.
“Some have told me that (the company counsellors) will report back to the bank, though my boss said that this doesn’t happen - but you never know,” she said.
"In my industry, you are expected to work very hard and expected to have endurance … Those who can work a lot and handle a lot are seen as better."
A former trainee at a law firm, who wanted to be known only as Chloe, had a similar experience.
The 26-year-old, who began working at the firm early last year, developed anxiety attacks throughout her six-month traineeship. Things worsened to the point where she broke down during several lunch breaks, after feeling like she was manipulating her clients by withholding information.
“I felt like I had to lie to my client ... and I was under so much anxiety. During lunch, I would go down to cry, because I felt like I just couldn’t cope.”
Like Mavis, Chloe did not tell her bosses about her deteriorating mental health, but put on a poker face when she returned to the office after each breakdown.
“I have friends in the legal practice, and the advice given to me was that I could not speak to anybody about (my emotional issues). The concern was really stigma, so I had to go for private counselling,” said Chloe, who is no longer with the firm but is furthering her studies.
This is what some employees here have to face. But what about the employers? What do they have to say?
Those interviewed stressed that they are open to listening to their staff about whatever problems they may have, including mental health issues. However, they admit that a line has to be drawn, especially when it comes to business-critical roles.
If the employees continue to fall short of expectations or are unable to work for long periods of time due to their mental health conditions, the employers said they may have no choice but to refer the workers to other roles within the company or fire them.
Still, having to support staff who have reached their breaking point may not be the biggest challenge when it comes to mental health issues at the workplace in Singapore.
It is actually tackling the stigma surrounding mental illness and encouraging employees to speak up about their problems, based on interviews with workers, employers, human resource (HR) experts, general practitioners (GPs) and psychologists.
While calls to improve mental health awareness in the workplace are not new, the issue has taken on an added urgency this year with COVID-19 creating new stresses and pressures for everyone.
And with more people forced to work from home as the pandemic rages on, the boundaries between work and rest have been blurred, taking a further toll on the mental health of many employees.
But even before the coronavirus struck, the mental health situation here has been a growing concern: The Singapore Mental Health Study conducted between 2016 and 2018 found that one in seven people experienced a mental disorder in their lifetime, compared with one in eight people in 2010’s Mental Health Study.
Just earlier this week, TODAY reported that the Ministry of Manpower (MOM) is investigating allegations made against a firm here where a former employee has committed suicide allegedly due to harsh working conditions.
In introducing the advisory, Manpower Minister Josephine Teo said “protecting workers’ mental health has become even more important” during the pandemic.
Among its guidelines are:
To appoint mental wellness advocates to raise employees’ awareness of mental well-being and mental health conditions through talks and workshops.
To provide access to counselling services such as through Employee Assistance Programmes.
To review HR policies to ensure hiring practices, workplace practices and performance management systems are non-discriminatory and merit-based in nature.
To form informal support networks such as peer support programmes, parenting support groups, or a mentor/buddy system.
While these guidelines are a step in the right direction, more can be done in ensuring that these initiatives are not treated as a paper exercise, and that cultural changes are enacted at the workplace, HR experts and mental wellness advocates said.
Ms Anthea Ong, founder of the WorkWell Leaders Workgroup, a community of leaders from various companies and national agencies which champion workplace mental well-being, said that the guidelines are “solid building blocks” but it will be up to the bosses to take the lead in eradicating stigma at the workplace.
“If the leaders do not catch on and only leave it to the HR department to go and fulfil the requirements on the advisory, then I don’t think we have actually made a dent,” she said.
“Until it is actually embraced, acknowledged and acted upon by the leaders ... only then do we start seeing these programmes, policies and practices making an impact on the ground,” said Ms Ong, a former Nominated Member of Parliament.
CHALLENGES FACED BY EMPLOYERS
While larger firms may have more resources to implement the tripartite advisory guidelines, this is not always the case for small and medium enterprises (SMEs), many of which are feeling the crunch from the current economic slowdown.
Mr Adam Esoof Piperdy, chief executive officer and founder of events company Unearthed Productions, said that SMEs like his are in a “very precarious position” during the pandemic and it may not be practical for them to tick every box in the advisory.
“Such measures would (require) quite a high investment. I think what we would rather do is to have more informal practices of checking in with each other,” he added.
Office workers wearing face masks are seen in the financial business district in Singapore on Nov 23, 2020. (Photo: AFP/Roslan Rahman)
Even for larger firms with comprehensive mental health initiatives, the issue of employees not speaking up about their conditions remains a problem - one that has been exacerbated by remote working.
Ms Anuradha Purbey, people director at insurer Aviva Europe and Asia, said that a consequence of remote working is that managers are not able to meet their employees on a frequent basis.
“Hence, it becomes harder to ‘visibly’ identify any mental health and other challenges that employees are facing,” she said.
“So, we have to rely, primarily, on the online catch-ups and frequent surveys.”
And like what Mavis and Chloe faced, Ms Anuradha acknowledged that the stigma surrounding mental illness is what prevents many firms from detecting mental health issues in the first place, since employees are reluctant to reach out for help.
“While mental health awareness has been gaining traction in Singapore, for many it is still considered taboo to acknowledge their struggles,” she said.
“At Aviva, we want to make talking about mental health as normal as talking about physical health and continue to do what we can do to remove this stigma."
While there are firms which are willing to cut some slack for employees with mental health issues, they also said that there is a limit to how much employers can do.
Mr Piperdy, for example, said that he will try his best to get any colleagues struggling with mental health to seek professional help or give them days off if they are unable to cope. However, since the event industry is a client-facing role, he cannot continually make concessions at the risk of letting his clients down.
“At the end of the day, the job scope doesn’t change … if they’re not able to manage the workload that comes in, which is something we actively do, then I think we will help this person to transition to another job, maybe we will look for opportunities for this person.
"We have successfully redesignated some of them, to find suitable jobs in more fixed, permanent (roles) such as working in a venue instead of working for an events company,” Mr Piperdy added.
“But we are actively trying to avoid that by having early intervention, coaching and mentorships.”
TAKING THE FIRST STEP: BOSSES SAYING ‘IT’S OK TO NOT BE OK’
In recent years, some companies in Singapore have come up with a slew of measures to promote mental wellness at the workplace, many of which are in line with the tripartite advisory’s guidelines.
For instance, national media network Mediacorp introduced earlier this month an emotional and mental well-being support initiative that consists of emotional and mental wellness training and a one-on-one confidential counselling service, among other things.
Mediacorp Chief Human Resources Officer Yvonne Ee said: “As part of our corporate wellness initiative, we continue to support our people with resources they need to adapt positively and perform well, during these unprecedented times.”
She added: “Through (the initiative), we look to create an environment where staff can build strong mental and emotional resilience, and feel secure as they continue to contribute to the organisation.”
Biopharmaceutical firm AstraZeneca Singapore said that among its mental wellness initiatives is an internal online platform for employees to discuss mental health issues and queries within chat groups. It also has in place the employee assistance programmes which provide confidential counselling.
President of AstraZeneca Singapore Vinod Narayanan said: “While we continue to build our open and inclusive culture at the workplace, we also recognise the impact COVID-19 has on mental well-being of our employees and will continue to build that space where it is safe for employees to speak openly about mental health issues.”
Employees at AstraZeneca Singapore having a team “kopichat” lunch session while working from home. (Photo: AstraZeneca Singapore)
In response to queries, business consultancy PwC Singapore said it provides several avenues to support mental health including an employee assistance programme, workshops, support groups and online resources to drive awareness of the subject.
Online marketplace Carousell said it has a dedicated wellness programme where employees “come together as a team to focus on our well-being”, at least once a month. It is also looking into establishing an employee assistance programme to offer support to employees struggling with personal and work-related problems.
While companies ramping up their mental wellness initiatives is a positive sign, HR experts said that this has to be coupled with bosses who lead by example in creating a more open company culture.
Earlier this week, Bloomberg reported that Economic Development Board managing director Chng Kai Fong had opened up about his mental health struggle during the pandemic at a technology conference on Nov 22.
Mr Chng - who was formerly the principal private secretary to Prime Minister Lee Hsien Loong - said that family matters that occurred in April had affected his emotional and mental state, leading to feelings of “heat and anger” and depressive bouts.
According to Bloomberg, Mr Chng said he wanted to openly share his experience with others who might be facing mounting pressure to lead during times of fear and uncertainty.
“We can do a lot more as leaders to acknowledge that (it’s OK not to be OK) and to share a little bit more about ourselves,” Mr Chng said. “And that builds trust.”
Otis Asia Pacific president Stephane de Montlivault, who is a member of the WorkWell Leaders Workgroup, said that being more open about his struggles with mental health meant that employees of the elevator company were more willing to share their problems as well.
“I shared my personal situation as I happened to also have a number of difficulties (amid COVID-19). I lost a colleague and very close friend who died in a car accident … and shortly after that my father-in-law had a heart attack and was in the ICU,” he isaid. “I was facing a lot of stress, and had sleeping issues, anxieties."
When he shared these issues at a forum with his employees, many of them started opening up, and subsequently many were willing to go to their bosses directly with their problems, he said.
“(We) made it very open and clear that it is not only okay, but normal and encouraged to talk about our difficulties and to work on them as a team,” said Mr de Montlivault.
“This actually caused us to take some actions in some cases when we found that people had difficulties when we were constrained by not being able to come to the office.”
Agreeing, Ms Ong said that bosses who are willing to reveal their vulnerable side send a clear signal to employees that having mental health issues does not mean that they will not be able to succeed at work.
“That’s a very big part of stigma in the workplace, (which) stems a lot from concerns with career progression and advancement,” she said. “When leaders are the ones sharing, then it says that it does not affect your promotion options, your career progress, and your potential.”
Veteran HR practitioner Carmen Wee said that the employer-employee relationship should be one that is centred on the well-being of the employee. “If employees are fearful in asking for help, there’s something wrong with the culture or leadership approach,” she said.
“If you work in a company where the company respects you, wants to look after their well-being, which employee will not flourish and perform?
”There would not be such a fear if employees “feel supported and don’t feel like their psychological safety is threatened”, she added.
Ms Wee noted that for cases where an employee’s mental health condition becomes too severe to continue working at a company, firing the employee should be a last resort.
Other alternatives such as no-pay leave, counselling and job coaching should first be considered.
“If at the end of the day, the person still can’t cope and the job is still contributing to the stress, there needs to be a heart-to-heart talk, and if everything cannot be worked out, they might have to part ways,” she said.
Even when making such a decision, the company must also be sensitive given the pandemic situation, where it may be difficult to find employment. Employers can introduce the affected workers to new jobs that may be more suitable, or link them up with job courses.
“Each person’s circumstance is different, so the company needs to examine and come up with an individualised plan,” Ms Wee said.
Although awareness of mental health here has grown, there remains a common misconception that physical health takes precedence over it, when both in fact should be viewed on par, said psychologists and GPs whom TODAY spoke to.
Office workers wearing face masks are seen near the financial business district in Singapore on Nov 23, 2020. (Photo: AFP/Roslan Rahman)
Dr Geraldine Tan, director and principal psychologist of The Therapy Room, said that whether it is a physical or mental illness, patients can be “struck down” by it for a prolonged period.
“When they have their diagnosis of anxiety and depression, they cannot go into the office, and someone else has to take over, so it is as bad as having surgery, or breaking your leg,” she said.
Agreeing, GPs said that they would give medical certificates (MCs) regardless of whether it is a physical or mental ailment.
Dr Sunil Kumar Joseph, a GP who runs Tayka Medical Family Clinic in Jurong, reiterated: “Mental illness is treated the same as physical illness from a medical point of view, so there is no issue.”
The World Health Organization (WHO) defines health as “a state of complete physical, mental and social well-being and not merely the absence of disease or infirmity”.
According to the American Psychological Association (APA), physical and mental health are interconnected and cannot be viewed in isolation.
“Stress can take a toll on our physical health, while physical challenges can also bring new stress into our lives,” the APA said on its website.
Regardless of the literature, Dr Sunil said the main obstacle is the stigma that prevents patients from visiting him in the first place. And one policy that propagates the stigma is company-paid insurance, he noted.
“Indirectly, (the company) is able to access all your medical history because you signed a waiver to your rights of confidentiality,” he said. “So very few people who are using corporate insurance are willing to disclose mental health conditions, so that’s one stumbling block.”
He added that a lot of insurers do not pay for mental health treatment.
One guideline in the tripartite advisory says that companies with flexible employee benefits, such as medical benefits, should consider extending the scope of coverage to include mental well-being programmes, mental health consultations and treatments.
Companies such as Aviva Singapore, consultancy firm PwC Singapore and investment holding company Jardine Cycle & Carriage have health coverage plans that include mental health treatment.
Otis’ Mr de Montlivault said that as per the guidelines, his firm will be looking to include mental health as part of its health coverage as well. In the meantime, Otis employees can tap internal company self-funded insurance which has been expanded to include coverage for psychological support services.
If employees are hesitant to get MCs for their mental ailments, some companies have a policy where a limited number of sick days can be taken without having to produce an MC.Some employers also provide medical leave based on trust, rather than having to always provide MCs.
Employees of the Jardine Matheson Group attending mental health first aid training. (Photo: Photo: Jardines Mindset)
Mr Jeffery Tan, chief executive officer of charity organisation Jardines Mindset Singapore and group general counsel of Jardine Cycle & Carriage, said that if employees report that they have mental health issues without an MC, it will come down to “managerial discretion and empowerment by the supervisors”.
“Even for physical ailments, we don’t always need to be able to produce an MC before we can go off; we can see someone is struggling with an ailment, they can take an afternoon off,” said Mr Tan, who is also part of the WorkWell Leaders Workgroup.
“This is coupled with an element of trust in a safe environment, as opposed to starting off by saying ‘if I have this, are people going to game the system and be less than truthful?’,” he added. “I think those are all the wrong dynamics.”
Agreeing, Ms Audrey Ng, global head of HR for mining firm Anglo-American Marketing, said that trust is “central to the relationship with our teams”.
“We know that the overwhelming majority of them are highly dedicated and committed to achieving great results for the entire organisation, so if we see that someone needs a break, we try to ensure that he or she feels empowered to take some time off with line manager approval,” said Ms Ng.
Still, some employees said taking medical leave as and when they need to is not feasible, as they are on project-based jobs.
A junior art director at an advertising firm, who wanted to be known only as Isabel, said that the number of projects she had to do during the circuit breaker period increased by about 40 per cent as more clients were looking to advertise online.
The longer working hours and higher workload resulted in the 24-year-old feeling stressed and anxious to the point where she would vomit regularly and lose her memory while at work.
She could not take a break as she had to meet the clients’ deadlines, and no one could take over her projects as they would not be familiar with the clients’ requests.
“In advertising, the mindset is always clients first, and that’s very detrimental on the employees,” she said.
WHAT EMPLOYEES CAN DO THEMSELVES
Dr Douglas Kong, a mental health expert and performance coach, said that those who are stressed at work may not be able to identify the signs until it is too late.
“Those who are under stress, or have some issues in their life that they aren’t handling well … they can’t see it, and they do their best to cope and handle it,” he said.
He has seen several cases of employees who would not admit to their stress and anxiety, only for their mental health conditions to worsen and affect their productivity.
“So people think that mental illness is terrible, that you must not have it … But the point is that if you can deal with it earlier... it can allow the person to overcome it and get on with their lives and work,” said Dr Kong.
Mr Adrian Choo, founder of career strategy consulting firm Career Agility International, said that employees must know “when to back off” when caught in a stressful situation.
“Employees themselves need to know when they are being stretched and are hitting the limit… (They) need to ask themselves what is more important, your health or your career?” he said. “Because if you are burnt out, you are of no use to your company anyway.”
For Mavis, the bank employee who is hiding her mental health condition from her bosses, only a significant cultural shift in her company will prompt her to open up about her struggles to her superiors.
“If I see a culture where you’re talking openly about mental health, and it’s very clear that if I say something about it, not just my bosses but my colleagues will not think differently of me,” she said. “(Instead) it will be something that can actually help me, with people being more caring and it is not something that will be looked down on.
”She added: “But right now, it is a far cry from that.”
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런던금속거래소(LME) 아연 가격이 추가 상승했다. 11월 27일 기준 LME 아연 가격은 톤당 2,760달러로 전일 대비 5.5달러 상승했다. 아연 재고는 전일 대비 550톤 감소한 22만1,325톤을 기록했다.
뉴욕증시는 미국의 쇼핑 시즌 성적표를 주시하는 가운데 다우존스 30, 스탠더드앤드푸어스(S&P) 500, 기술주 중심의 나스닥 등 일제히 상승했다. 추수감사절과 블랙프라이데이부터 시작되는 연말 쇼핑 시즌에 대한 기대와 코로나19 백신 낙관론 등이 증시 상승을 견인했다. 아울러 코로나19 백신 개발과 미국 정치 불확실성 감소도 계속해서 증시를 지지하는 요인으로 작용했다. 특히 미국 유통업체들의 온라인 매출이 약 51억 달러를 기록했으며, 전년 대비 약 22% 증가했다. 이는 사상 최대 액수다. 코로나19로 인해 올해 쇼핑 시즌 온라인을 통한 매출이 큰 폭 늘어날 것으로 예상된다.
이에 아연 가격은 주요 증시 강세와 LME 아연 재고 큰 감소로 상승을 이어갔다. 달러 약세 지속과 기업들의 재고 비축에 나서며 아연 상승에 힘을 보탠 것으로 보인다. 최근 중국 산업생산 지표 호조 등으로 아연 가격은 추가 상승할 것으로 전망된다.
SINGAPORE - Customers can now choose from about 17,000 items on the iShopChangi platform, more than triple the number available before the coronavirus outbreak struck.
That is one of the ways Changi Airport Group (CAG) has moved to help retailers at the airport reach out to non-travellers in Singapore, as international travel remains at a standstill amid the pandemic.
CAG said online sales by Changi Airport retailers have surpassed pre-pandemic numbers, though it did not provide specific figures.
Said CAG spokesman Ivan Tan: "Currently, more than 90 per cent of our customers are non-travellers... Wines and spirits, beauty and electronics continue to be most popular with our customers."
The pivot to online sales comes with barely any travellers passing though the airport. Passenger traffic remains at less than 5 per cent of what it was before the pandemic, and retail sales at Changi Airport have plunged 74 per cent this year.
At Terminal 1 and Terminal 3, which have remained open, only about half of the outlets in the transit areas are operating. Operations at T4 have been suspended, while T2 remains closed after plans for upgrading works were brought forward.
Mr Tan said work has been done to transform Changi's food and beverage business through the launch of the Changi Eats food delivery service in June.
There are now 40 brands offering over 800 food, drink and snack items on the platform.
He said the number of orders received had grown almost fivefold since its launch, proving it was "plugging a market gap and demonstrating how we are value-adding to our customers".
Most recently, it launched shopping tours of its transit areas, held on weekends and by invitation only. They are targeted at customers who would otherwise have been travelling and shopping at Changi during the year-end holiday period.
Mr Tan said: "These shopping tours allow us to continue to engage our customers and share our deep knowledge of travel retail products with them."
SINGAPORE: Mr Calvin Lee (not his real name) has chosen a career in the security industry, a move that is considered rather unusual for a Singaporean in his 30s.
A senior security officer, Mr Lee said he enjoys the work and wants to rise in the ranks - but the long working hours are difficult to put up with.
Security officers work some of the longest hours in Singapore, with many agencies having shifts of 12 hours, six days a week. This translates to 95 overtime hours a month, according to the Security Tripartite Cluster that was formed in 2013 to look into a Progressive Wage Model (PWM) for the industry.
After working for a year at a large security agency, Mr Lee switched to being an in-house security officer with shorter hours. However, this came with a pay cut.
“It really was a horrible experience … literally no life,” he said of his time at the security agency. “Twelve hours work, two hours travel back and forth, six hours of sleep. That leaves you four hours a day to eat, shower, (do) laundry and chores, didn't even have time to watch a show.”
The 95 hours of overtime that are typical for a security officer exceed the 72-hour limit a month set out under the Employment Act, although an overtime exemption (OTE) permit can be granted by the Ministry of Manpower (MOM).
While the permit is a means for companies to respond to emergencies or complete urgent projects on time, security companies have been getting OTEs to meet their operational needs.
NO MORE OVERTIME EXEMPTION
This, however, is set to change.
Three years ago, the Security Tripartite Cluster (STC) recommended removing the OTE for the security industry, as well as increasing basic wages so that the gross pay of security officers does not fall as a result of the shorter number of hours worked. This is slated to start from January 2021.
Despite the impact of COVID-19, the STC reviewed these recommendations two months ago and agreed to push on without delay, it told CNA on Friday (Nov 27) in a joint reply with MOM and Ministry of Home Affairs (MHA).
As overtime exemptions for the security industry will no longer be issued, the upshot is that security agencies will have to stick to a maximum of 72 hours of overtime a month.
This still means 12-hour shifts, but instead of working six-day weeks, officers will work five days for two weeks of the month, and six days for two weeks of the month.
To ensure that most security officers will not experience a fall in gross wages when the OTE is removed, the PWM stipulates that the basic salary of security officers will rise by S$150, which is double the annual PWM wage increase over the past two years.
From next year, entry-level officers will have to be paid a basic wage of at least S$1,400 and a security supervisor should get a minimum of S$1,785. An officer’s gross monthly pay is usually more than S$2,200 after adding overtime pay and allowances.
"It is necessary for the security industry to take a decisive step to eliminate its reliance on excessive overtime hours," said the STC in a 2017 report when it released its recommendations on removing the OTE.
"The STC strongly urges security agencies to start planning early and to work with their service buyers to review their operations and manpower needs."
Authorities said that the lead time of three years has allowed the industry to increase hiring and adjust its operations and work patterns. The percentage of licensed security agencies that have applied for OTE has decreased from 76 per cent in 2017 to 19 per cent as of October 2020.
“WE RAN ON RED BULL AND COFFEE”
It is a tough industry. Some officers work beyond the stipulated 72 hours a week to earn more.
Several security officers, who all requested anonymity, told CNA that they have worked or have heard of people who have done back-to-back 12-hour shifts.
“When you’re resting, you’re not resting … you feel like you’re locked down - work here and live here. It’s like going to National Service but different,” said a former security officer, who left the industry a few years ago.
“We ran on Red Bull and coffee."
Back when he was in the industry, it was a regular occurrence, he said. He added that he and his colleagues did not mind the long hours, as long as they felt that the salary was good.
“We were short of men ... a lot of them were more than happy to do it because of the lucrative payment,” said the former officer, who also did not want to be named. “They were mostly Malaysians.”
Mr Jourdan Sabapathy, executive director of the Security Association Singapore (SAS), said there is evidence that there has been an increase in officers doing back-to-back shifts based on feedback from their members.
“We have been advising our agencies and the officers that this is illegal and really should not be continued,” he said.
Mr Steve Tan of the Union of Security Employees (USE) said that the union has been running classified ads to ask officers to come forward if they have grievances or if they know of agencies with illegal practices.
“We have had quite a few tip-offs so far,” he said, adding that they work with MOM to clamp down on such practices.
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MOM said that in addition to enforcement against such violations, it educates companies and workers on their employment obligations and rights through its Workright inspections and roadshows.
As a rule, security agencies cannot deploy their officers to work shifts that exceed 12 hours, but officers can work for up to two employers. While the vast majority of security officers work for only one security agency, some work part-time or on an ad-hoc basis, such as at events.
"Allowing security officers to work for a second employer provides them greater flexibility in their work arrangements," authorities said in an email to CNA.
"For security officers who take on additional assignments, employers must take all practical measures such as scheduling breaks in between shifts to protect the security officer from safety and health risks."
Employers should also have effective fatigue management techniques to detect cases of security officers who may be working longer hours or for multiple employers, MOM, MHA and STC said.
"Security officers also play a part to care for their own safety at work and health by having enough rest.”
CHALLENGES OF CUTTING OVERTIME HOURS
While the impending cap on overtime hours is meant to improve working conditions and attract people to the industry, there are implications for various stakeholders.
For one, it will lead to a greater shortage of security officers in the short term, said industry players.
USE’s Mr Tan acknowledged that there may be officers who will now take on a second job.
“They look for another job to work OT (overtime), which they’re used to, instead of getting more rest, which is our intention,” he said.
With a perennial manpower crunch in the industry, there is no lack of jobs for willing officers to take up.
There is a shortfall of 10,000 to 15,000 full-time officers, noted Mr Sabapathy. While there are about 70,000 to 80,000 licensed security officers, only around 50,000 are active and working full-time.
Mr Kelvin Goh of Soverus security agency said that he will have to hire more officers and even drop some contracts that will not be profitable.
“Contract prices would have to be high enough to make sure that we can pay for the guards ... I’ll probably slim my company size down a little bit next year just to make sure that we earn enough money to pay the guards,” he said.
“For me, I drop the contracts, but a lot of companies are trying to do it at the same rate or even lower,” he added, calling them “low ballers”.
Ms Morrine Henson, managing director of Alwatch Security Management, said she is happy to pay employees more, but that most buyers are not willing to pay higher prices for security contracts.
“Why are we mandated on the amount that we have to pay our people ... but to advise clients to pay a higher amount to us is considered price-fixing,” she asked.
Mr Tan said that they have heard many complaints about “low ballers” recently, adding that it is a worrying trend.
“We are very, very concerned. The last thing we want to see is the unintended outcome where we try to tighten conditions … (but) squeeze out all the best security agencies, leaving all these low ballers.”
SLOW ADOPTION OF TECHNOLOGY
The security PWM that was introduced in 2016 has benefitted about 36,000 security officers, authorities said.
Between 2014 and 2019, the real median gross income of security officers grew by 36 per cent from S$1,758 to S$2,391, outstripping the 21 per cent growth in national real median income.
But Mr Tan has seen that buyers are resisting price increases. He thinks that not enough of them are considering alternatives like using technology to ease the manpower crunch.
Some examples of these are visitor management and licence plate recognition systems, robots and smart cameras.
Mr Tan suggested tightening requirements for buyers and providers of security services. For example, buyers should make sure that the human resource standards for the vendor are up to mark, and companies need to be more open about the cost of the services so that buyers have more information with which to assess tenders.
Mr Sabapathy of SAS said that it is a “tricky situation” unless all the stakeholders in the industry cooperate to adopt technology and redesign jobs.
“There are agencies who are willing to take it up, but if the buyers don’t make the first move, it’s very difficult,” he said.
In the meantime, security officers like Mr Lee feel underpaid and overworked.
He said: "It's a job that when something bad happens, the security guards have to stay in the building that is on fire to make sure everyone else gets out first or approach a potentially dangerous person ... if nothing happens people think (the officer) is overpaid but when something does happen they want the best."
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런던금속거래소(LME) 니켈 가격이 추가 상승 전환했다. 11월 27일 기준 LME 니켈 가격은 톤당 1만6,373달러로 전일 대비 318달러 상승했다. 니켈 재고는 전일 대비 1,116톤 증가한 24만1,752톤을 기록했다.
연말 쇼핑 시즌 소비 기대와 코로나19 백신 낙관론에 뉴욕증시는 일제히 상승했다. 입원이 필요한 중증 환자가 처음으로 9만명을 넘어서는 등 여전히 미국 내 코로나19 상황은 상당히 불안해 보이지만, 블랙프라이데이를 시작으로 크리스마스까지 이어지는 소비 시즌의 시작과 백신 공급이 가져올 경기 회복 기대감이 맞물리며 올해 말까지 경기가 좋아질 것이라는 전망이 지배적인 모습이다. 한편 전문가들은 블랙프라이데이 소비 지표를 기다리고 있다고 밝혔는데, 해당 통계가 유통업계를 비롯한 기업들의 실적과 직접적으로 연동될 것으로 예상된다.
니켈 가격은 LME 니켈 재고 폭증에도 상승을 나타냈다. 최근 투기적 매수 세력에 오름세를 키웠던 니켈 시장은 기업들 또한 재고 비축에 나서면서 니켈 가격은 상승한 것으로 분석된다. 한편 차주 증시 또한 발표되는 결과에 따라 니켈 가격은 변동성을 가져올 것으로 보인다.
런던금속거래소(LME) 연 가격이 최근 9일 연속 상승했다. 11월 27일 기준 LME 연 가격은 톤당 2,053달러로 전일 대비 21.5달러 상승했다. 연 재고는 전일 대비 50톤 감소한 11만2,675톤을 기록했다.
뉴욕증시는 일제히 상승했다. 연말 쇼핑 시즌 소비 동향과 코로나19 백신 관련 소식, 미국 정권 이양 등으로 상승했다. 추수감사절과 블랙프라이데이부터 시작되는 연말 쇼핑 시즌에 대한 기대가 커진 상황에서 코로나19로 인해 올해 쇼핑 시즌 온라인을 통한 매출이 많이 늘어날 것으로 예상된다. 미국소매협회(NRF)는 올해 11∼12월 연말 시즌의 소매 판매는 전년 대비 3.6∼5.2% 증가한 7,553억∼7,667억 달러에 달할 것으로 내다봤다. 또한 미국에서 코로나19 백신이 12월 중순에 출시될 것으로 예상된다. 한편 미국에서 코로나19로 입원한 환자 수는 처음으로 9만명을 넘어섰다. 전일 하루 신규 확진자는 11만 명대로 떨어졌다.
이에 연 가격은 LME 연 재고 감소와 주요 증시 강세에 또 한 번 상승했다. 달러 약세 속에 긍정적인 수요 기대감이 더해진 영향에 연 가격은 초강세를 나타낸 것으로 분석된다. 특히 기업의 재고 비축에 나서면서 연 가격은 강세를 이어갈 것으로 전망된다.
But a year and a half later, with leisure and business air travel practically disappearing amid the raging Covid-19 pandemic, the situation is markedly different.
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LAS VEGAS: Tony Hsieh, the retired CEO of Las Vegas-based online shoe retailer Zappos.com, who spent years working to transform the city's downtown area, has died. He was 46.
Hsieh was with family when he died on Friday (Nov 27), according to DTP Companies, which he founded. He died of injuries suffered in a Nov 18 fire in New London, Connecticut, Downtown Partnership spokesperson Megan Fazio told Hearst Connecticut Media on Saturday.
The Day newspaper reported the day of the fire that one person had been removed from a waterfront home in New London with possible burns and smoke inhalation. The person, whose name authorities did not release, was eventually taken to Bridgeport Hospital, which has a burn center.
Fire Chief Thomas Curcio was quoted by The Day as saying that crew members arrived around 3.30am after a report of someone trapped in part of the house, that firefighters had to force their way in, and that they removed the victim, performed CPR and took him to a hospital.
Hsieh recently retired from Zappos after 20 years leading the company. The online shoe retailer shared a tribute on social media late Friday.
“The world has lost a tremendous visionary and an incredible human being,” the statement said. “His spirit will forever be a part of Zappos.”
Former President Bill Clinton speaks with Zappos CEO Tony Hsieh, during a forum on the final day of the annual gathering of the Clinton Global Initiative America, at the Sheraton Downtown, in Denver, Jun 25, 2014. (Photo: AP/Brennan Linsley)
Hsieh was a Harvard University graduate who joined the company - then called ShoeSite.com - in 1999. Zappos was sold to Amazon for US$1.2 billion in 2009, but Hsieh had remained with the company until his retirement.
“Tony’s kindness and generosity touched the lives of everyone around him, and forever brightened the world,” a DTP Companies statement said. “Delivering happiness was always his mantra, so instead of mourning his transition, we ask you to join us in celebrating his life.”
For years, Hsieh also worked to revitalise downtown Las Vegas, pledging US$350 million in 2013 for redevelopment. The same year he moved Zappos' headquarters into the former Las Vegas City Hall building.
“Tony Hsieh played a pivotal role in helping transform Downtown Las Vegas,” Nevada Governor Steve Sisolak tweeted Friday night. “Kathy and I send our love and condolences to Tony’s family and friends during this difficult time.”
From left: Marie J Toulantis, CEO of Barnes & Noble.com, Tony Hsieh, CEO of Zappos.com, Rob Norman, CEO of GroupM Interaction Worldwide, Bill Gates, Chairman of Microsoft, Matt Ackley, VP of Internet Marketing and Advertising, eBay., Patrick Byrne, CEO of Overstock.com and Jim Barr, President, Online, Sears Holdings, May 21, 2008. (Photo: AP/Stephen Brashear)
Many tributes poured out on social media.
“Your curiosity, vision, and relentless focus on customers leave an indelible mark,” Jeff Bezos, Amazon’s CEO and president, posted on Instagram. “You will be missed by so many, Tony. Rest In Peace.”
“Tony Hsieh might be the most original thinker I’ve ever been friends with,” former venture investor Chris Sacca tweeted. “He questioned every assumption and shared everything he learned along the way. He genuinely delighted in making anyone and everyone happy.”
Skateboarder and entrepreneur Tony Hawk added: “Tony Hsieh was a visionary. He was generous with his time and willing to share his invaluable expertise with anyone.”
“A truly original thinker, a brilliant entrepreneur, and a kind-hearted and generous friend to so many,” tweeted entrepreneur Max Levchin.
Ali Partovi, CEO of the venture capital fund Neo, was a partner in one of Hsieh’s earliest ventures, the internet advertising company LinkExchange. In a tweet on Saturday, Partovi said Hsieh was one of the most creative people he had ever known.
“I’ll remember your unique combo of genius and mischief, and your infuriating ability to bet against all odds and win,” Partovi said.
