CNA938 Rewind - Mind Your Money - The importance of Legacy Planning with a greying population
With a fast-growing ageing population, why does legacy planning become even more relevant? For those without financial training, Hui Wong speaks with Wong Sze Keed, newly-elected President of the Life Insurance Association, Singapore from 2025-2026, to highlight the urgency of Legacy Planning.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
CNA
26 minutes ago
- CNA
China's Pop Mart, maker of the Labubu doll, says profit soars nearly 400% in first half
SHANGHAI: China's Pop Mart, which has taken the world by storm with its ugly-cute Labubu doll, reported a nearly 400 per cent first-half net profit on Tuesday (Aug 19) on high demand for the toys and a shift towards higher-margin overseas markets. Net profit of 396.5 per cent and a 204.4 per cent jump in revenues exceeded numbers flagged in an earnings preview last month, forecasting revenue growth of 200 per cent in the first half of 2025 and a recurring net profit increase of at least 350 per cent on the year. Shares in Pop Mart have risen more than 200 per cent year-to-date, making the Chinese toy company more valuable than traditional industry giants like Barbie-maker Mattel and Hello Kitty parent company Sanrio. Pop Mart often sells its collectable figurines in so-called "blind boxes" with buyers not knowing the exact design they will receive until they open the packaging. One of the major drivers of the toothy-grinned Labubu's success has been its popularity with celebrity fans, who include Lisa of K-pop group Blackpink, singer Rihanna and ex-football star David Beckham. Pop Mart is pledging to increase the supply of the dolls, which have sold out in stores around the world. Its CEO, Wang Ning, in an interview with Chinese state media last month, said sales of Labubu will surpass 10 million units per day from September this year. Pop Mart classifies Labubu under its The Monsters intellectual property (IP) characters. It said on Tuesday that The Monsters raked in 4.81 billion yuan (US$669.88 million) in the first half, accounting for 34.7 per cent of total revenue. Four other IPs earned over 1 billion yuan during the period, including Molly and Crybaby, it added. The company now has 571 stores - 40 of which it opened in the first half of this year - as well as 2,597 automated robot shops across 18 countries and regions, it added.
Straits Times
an hour ago
- Straits Times
National Wages Council seeks public views on salary, employment guidelines by Sept 1
Sign up now: Get ST's newsletters delivered to your inbox The council will continue to set out its yearly guidance on progressive wage growth for lower-wage workers. SINGAPORE – The National Wages Council (NWC) is seeking public views to develop its annual guidelines on salaries and employment issues in Singapore. The NWC takes into account Singapore's economic competitiveness, labour market conditions, inflation, productivity growth as well as the global economic outlook in its deliberations. It will also continue to lay out its annual guidance on the range of Progressive Wage growth for lower-wage workers. The Progressive Wage Model is a wage ladder tied to skill and productivity improvements currently in place for lower-wage workers in seven sectors and two occupations – including the cleaning and security sectors – with wage floors at each rung increasing according to a pre-determined schedule. Members of the public who are keen to provide their feedback and suggestions on the upcoming guidelines can do so at by Sept 1. The NWC, which comprises representatives from the Government, employers and employees, will convene on Sept 1. The guidelines are expected for release by November, covering the period from Dec 1, 2025, to Nov 30, 2026. While real wage growth in Singapore picked up in 2024 as inflation eased, the Ministry of Manpower (MOM) said it could slow down in 2025 due to ongoing geopolitical tensions and global trade uncertainties. After accounting for inflation, which eased from 2023, real wages grew by 3.2 per cent in 2024, up from 0.4 per cent in 2023, said MOM in its annual wage practices report released on May 28. Top stories Swipe. Select. Stay informed. Singapore What led to Changi Airport runway incident involving 2 China Eastern Airlines planes in Aug 2024 Singapore Fairprice apologises after woman finds worm in salmon bought from Bedok North outlet Singapore CPIB nabs 9 suspects for alleged match-fixing in national basketball league Singapore Live Singapore-raised seafood on sale at 3 Giant supermarkets from Aug 19 Singapore Singapore seals carbon credit deal with Thailand, its first South-east Asian partner Asia Singaporean man sentenced to 72 years' jail in Malaysia for murdering wife and stepson Singapore Court to assess if teen who advertised vapes for sale on WhatsApp can receive probation Administrative and support services reported the highest wage growth at 8.7 per cent in 2024, largely due to the Progressive Wage Model. This was followed by financial services at 6.7 per cent, and community, social and personal services at 5.7 per cent. But wage growth in the manufacturing and wholesale trade industries was below average, coming in at 5.1 per cent and 4.2 per cent, respectively, due to ongoing geopolitical and trade tensions. These two sectors are expected to further moderate in the coming year. The council has 37 members, led by chairman Peter Seah, who also chairs DBS. There are nine new faces, including Mr Tan Cheng Kwee, the incoming deputy chief executive of the Workforce Singapore; National Trades Union Congress director of migrant workers segment Michael Lim; and Ms Noor Irdawaty Jammarudin, general secretary of the built environment and Urban Trades Employees' Union.
CNA
an hour ago
- CNA
Malaysia hopes to make cross-border ride-hailing services with Singapore 'a reality': Transport Minister Loke
KUALA LUMPUR: Malaysia hopes to introduce cross-border ride-hailing services with Singapore in a bid to enhance connectivity between the two countries but stressed that its implementation must be jointly pursued, Malaysian Transport Minister Anthony Loke said. Speaking in Parliament on Monday (Aug 18), Loke said that the matter had previously been raised with Singapore's former transport minister Chee Hong Tat but claimed that its southern neighbour was not ready to discuss the proposal at that time. Loke did not say when the discussion was previously held. 'As a matter of principle and policy, we are ready to discuss with Singapore to enhance cross-border connectivity but this cannot be carried out unilaterally.' he said in response to a question by Member of Parliament for Tebrau Jimmy Puah on cross-border traffic congestion and ride-hailing drivers. 'Both parties must agree before it can be implemented,' Loke was quoted as saying by the New Straits Times, adding that any proposal for cross-border ride-hailing services would require in-depth discussions between the two governments. 'We hope to continue these discussions and hope that Singapore will respond positively so that this idea can become a reality.' CNA has reached out to Singapore's Ministry of Transport for comment on Loke's latest remarks. It is also not the first time Malaysia has indicated interest in integrating ride-hailing services for cross-border travel. Earlier this month, Johor's Chief Minister Onn Hafiz Ghazi said that cross-border ride-hailing services were among various topics discussed during his recent meeting with Singapore's Acting Transport Minister Jeffrey Siow. In a Facebook post on Aug 1, Onn Hafiz said that such services between Singapore and Johor could serve as a 'catalyst' for a more user-friendly, safe and competitive transport system, while strengthening integration between both countries' public transport networks. In June, Onn Hafiz had also said that the state government is in talks with ride-hailing company Grab to revise the Cross-Border Travel Agreement, as part of broader efforts to enhance Johor's tourism and transportation sectors ahead of Visit Johor 2026. In a statement on Aug 3, Singapore's Land Transport Authority (LTA) confirmed that officials from both countries had met on Aug 1 to discuss cross-border service arrangements However, no decision was made on the issue. 'While we are open to ideas to improve the cross-border commuting experience, we would like to clarify that LTA has no plans to fully liberalise cross-border point-to-point transport via ride-hail services,' said the authority. LTA added in its statement that it is considering the use of ride-hailing apps to book cross-border trips on licensed taxis and increasing the number of boarding and alighting points in Singapore and Malaysia. Liberalisation is distinct from allowing licensed cross-border taxis to use ride-hailing platforms, as it would allow any private hire vehicle on such platforms to ferry passengers across the Causeway. CNA had earlier reported that while demand is growing for more convenient cross-border travel options between Singapore and Johor Bahru, commuters are choosing not to use licensed taxi services. One key reason cited by these licensed taxi drivers and transport experts is the lack of door-to-door service, which has made unlicensed taxi services more appealing as they tend to offer flexible pick-up and drop-off points. Under the cross-border taxi scheme, up to 400 taxis from Singapore and Malaysia are licensed to pick up and drop off passengers only at a single designated point in the other's country - Larkin Sentral in Johor Bahru for Singapore taxis and Ban San Street Terminal in Singapore for Malaysian taxis. However, the scheme is underutilised with approximately 300 licensed cross-border taxi drivers across Singapore and Malaysia in total, according to Singapore's LTA earlier this month. Licensed taxi drivers from both sides have expressed concerns on the implications of liberalising ride-hailing and extending cross-border travels to private-hire cars. Dr Rosli Khan, managing director of MDS Transport Consultancy based in Malaysia, said that introducing ride-hailing apps to operate cross-border is not straightforward and would require bilateral agreements that harmonise these regulatory areas, which is 'politically and administratively complex'. 'For example, if a Malaysian driver commits a fare offence in Singapore, or vice versa, which country's authorities will take action? The current legal framework is not designed for such shared enforcement,' he previously told CNA. CLAMPDOWN ON ILLEGAL SERVICES Separately, Malaysia's Road Transport Department on Aug 13 detained and seized four private hire vehicles driven by Singaporean individuals found to be operating ride-hailing services illegally in Malaysia since Aug 9. Loke on Monday said that the four individuals are still under investigation by the Road Transport Department. 'Why is there this special operation? Because at the Singapore level, they are also enforcing the law on private vehicles from Malaysia, especially those from Johor Bahru entering Singapore, which are being stopped … they are said to be providing illegal services, such as e-hailing services,' Loke told Parliament. 'So, we are also taking the same approach in enforcing our laws as a reciprocal approach to what is being implemented in Singapore, but we hope there is a better long-term solution so that this cross-border connectivity can be improved,' he said. LTA has been carrying out patrols at Gardens by the Bay and Changi Airport, as well as working with the Immigration and Checkpoints Authority (ICA) at a land checkpoint to clamp down on these illegal services. A total of 19 drivers were caught, and all their vehicles were impounded, LTA said on Aug 6. Ride hailing and chartered car drivers in Johor have also planned to form an association following the LTA's recent crackdown on the illegal cross-border services. Local Malaysian media had reported that the group hoped to get the attention of Loke for him to look into their plight.
