Latest news with #PWM
The Star
a day ago
- Business
- The Star
Singapore: Lower-wage retail workers to receive up to 6% pay bump from Sept 1
Arfah Mohamad Nasir, 23, is working on a flower bouquet at Far East Flora Centre. Lower-wage resident retail workers can expect an annual salary bump over the next three years. -- ST PHOTO: BRIAN TEO SINGAPORE (The Straits Times/ANN): Lower-wage resident retail workers can expect an annual salary bump ranging from 5.1 per cent to 6 per cent over the next three years. Full-time retail staff will receive these increments, amounting to $130 to $160 per year, from Sept 1, 2025, to Aug 31, 2028. Part-timers who work less than 35 hours a week can also expect an increase of close to 6 per cent in their hourly gross pay from Sept 1, before further hikes in subsequent years. The pay increase from Sept 1, 2027, is subject to review in 2026, as it may be adjusted upwards if the economic situation improves. The announcement was made by the Tripartite Cluster for Retail Industry (TCR) on Aug 11, after the Government accepted its new recommendations on the Progressive Wage Model (PWM) for the retail sector. TCR introduced its first set of recommendations in 2022, leading to an annual pay hike of 8.4 per cent to 8.5 per cent over three years for lower-wage retail staff who are Singaporeans and permanent residents. In a press release on Aug 11, the National Trades Union Congress said TCR has taken a 'balanced and pragmatic approach' while proposing the new round of more modest wage hikes, given the challenges facing employers in the retail sector. Many of them are grappling with rising operational costs, a manpower shortage, growing competition from e-commerce platforms as well as overseas retail options, especially with the Johor Bahru-Singapore Rapid Transit System Link set to begin operations in early 2027. Minister of State for Manpower Dinesh Vasu Dash noted that the global uncertainties were also taken into consideration. 'The Government is also watching the economic outlook closely, and if there's a requirement for us to make further changes along the way, we will consider that as well,' he told reporters during a visit to Far East Flora Centre on Aug 11. Under the new recommendations by TCR, entry-level retail workers will receive a monthly gross salary of at least $2,305 from Sept 1, up from the current $2,175. This excludes their overtime pay. Those who are more senior will see their baseline pay go up from S$2,395 to S$2,535 from Sept 1. For assistant retail supervisors, the baseline pay will rise from S$2,635 to S$2,790 from Sept 1, and will hit S$3,100 from Sept 1, 2027. To help businesses adjust to the higher labour costs, eligible employers will receive co-funding of up to 40 per cent of the salary increase in 2025, and 20 per cent in 2026. 'This will alleviate cost pressures, while enabling businesses to drive transformation efforts to enhance productivity and raise wages sustainably,' the Manpower Ministry said in a press release. Introduced in 2012, the PWM helps to uplift workers' wages through skills upgrading and productivity improvement. It has been implemented in sectors such as cleaning, security and landscape, as well as lift and escalator maintenance. More than 53,000 retail workers are now covered under the PWM. As at 2023, there were over 24,500 retail enterprises in Singapore employing about 142,000 workers. - The Straits Times/ANN
AsiaOne
2 days ago
- Business
- AsiaOne
More than 53,000 retail workers to see wage increase of at least $130 from Sept 1, Singapore News
Over 53,000 retail workers can expect an increase in wages effective Sept 1, the Tripartite Cluster for Retail (TCR) announced on Monday (Aug 11). The new set of progressive wage model (PWM) recommendations for the retail sector includes an increase of at least $130. The PWM was first introduced in 2022. From Sept 1, retail workers will earn at least the entry-level PWM wage of $2,305, up from the existing wage of $2,175. From 2025 to 2027, the baseline monthly gross wages will increase from $2,305 to $2,565. Retail workers can expect a year-on-year increase of up to $160 in the next three years. Under the PWM, employers must pay at least the PWM wage to eligible workers for their job level and meet the PWM training requirements for eligible workers, according to the Ministry of Manpower. The PWM recommendations involve a "two plus one year" schedule of wage increases approach, which translates to fixed annual wage increments between Sept 1, 2025 and Aug 31, 2028. Both full-time and part-time retail staff will receive these increments, amounting to $130 to $160 per year, from Sept 1, 2025 until Aug 31, 2028. The third-year wage adjustment is subject to review due to the uncertain economic outlook. The recommended PWM baseline gross wages for full-time resident retail workers, excluding overtime pay, will begin at the current gross wage and see a year-on-year increase of $130 per month. "As the retail sector transforms and faces headwinds, so must our approach to helping our retail workers adapt and make progress in their career and wages," TCR chair and National Trades Union Congress (NTUC) assistant secretary-general Yeo Wan Ling said. "In addition to raising wages for retail workers, the recommendations also help to build the foundation for a stronger and more future-ready retail workforce." A changing, challenging landscape The PWM recommendations are part of a "sustained national effort to uplift lower-wage workers" and ensure fair compensation for their skills and contribution, the statement said. They come amid a "challenging landscape" for the retail sector, where brick-and-mortar shops are experiencing shrinking footfall due to growing competition from e-commerce platforms and overseas retail alternatives. The upcoming Johor Bahru-Singapore RTS Link set for 2026 is also a cause for concern for local retail. Businesses also face rising operational costs, manpower shortages and evolving customer expectations, NTUC added. To tackle these changes, aside from increased PWM wages, the TCR has also recommended refining job roles and descriptions. These updates will incorporate expectations such as increased use of digital tools and technologies and a greater emphasis on customer service delivery, as well as a clearer distinction between supervisory roles. The TCR also recommends expanding the list of approved workforce skills qualification (WSQ) training modules across all job levels. Qualifications from institutes of higher learning such as polytechnics and ITEs will also be recognised as meeting PWM training requirements. A whole-of-society support effort is also needed to uplift lower-wage workers in the retail sector, according to TCR. Under their recommendations, employers are encouraged to invest in workforce training and productivity improvements, while consumers can play their part by supporting local retailers. [[nid:718461]] khooyihang@
Business Times
2 days ago
- Business
- Business Times
Singapore retail workers will get progressive wage model hike of at least S$130 from September
[SINGAPORE] A new set of progressive wage model (PWM) recommendations for the retail sector were announced by the Tripartite Cluster for Retail (TCR) industry on Monday (Aug 11). The recommendations will mean that retail workers will have a PWM wage increase of at least S$130 from when the new recommendations take effect on Sep 1. The PWM recommendations were first unveiled in 2022, which had set a three-year schedule of sustained PWM wage increases till 2024. They were submitted by the tripartite partners – the National Trades Union Congress (NTUC), Ministry of Manpower and the Singapore National Employers Federation. These recommendations aim to raise wages, strengthen career progression and support skills upgrading for retail workers in Singapore. They will cover more than 53,000 retail workers on the island. Enhancements include improvements to the PWM wage schedule, career ladder and training requirements. For example, the recommended PWM baseline gross wages for a full-time retail assistant will rise from S$2,175 to S$2,305 per month as at Sep 1, 2025, to S$2,435 the year after and S$2,565 from September 2027. Job roles and descriptions across the retail PWM have also been recommended to be refined, incorporating aspects such as the expectation of an increased use of digital tools. The TCR also recommended an expansion of the approved workforce skills qualification training modules. TCR chair and NTUC assistant secretary-general Yeo Wan Ling said: 'As the retail sector transforms and faces headwinds, so must our approach to helping our retail workers adapt and make progress in their career and wages.' The recommendations come amid falling footfall for brick-and-mortar shops as e-commerce and overseas retail competition intensifies, said an NTUC statement. They also arrive before the launch of the Johor Bahru-Singapore rapid transit system link in December 2026. The fast shuttle link between the two cities will make it more convenient for Singapore residents capitalising on the ringgit exchange rate to shop in Johor Bahru. Retail businesses are also facing rising operational costs, manpower shortages, and evolving customer expectations driven by omni-channel shopping behaviours, said the statement.
Forbes
28-07-2025
- Forbes
Ugreen Unveils Its Super-Fast 80Gbps Thunderbolt 5 NVMe Enclosure For SSDs
The new Ugreen 80Gbps NVMe enclosure includes a built-in PWM Turbofan, which is very quiet but can ... More shift enough air through the enclosure to actively cool the SSD. If you've got a recent Mac or a Windows laptop with a Thunderbolt port, then you should be using a compatible external SSD with it for faster storage. With the latest Thunderbolt-compatible computers, you can take advantage of some incredible transfer speeds. For example, this new Ugreen NVMe 80Gbps SSD enclosure can harness the extra speed offered by Thunderbolt 5 ports which are now available on the latest Apple Mac mini M4 Pro models. The Ugreen enclosure can accept M.2 NVMe SSDs and supports Thunderbolt 4/5 interfaces with read and write speeds up to 7,000 MB/s, depending on the type of SSD you fit in the enclosure. With a faster SSD you can speed up your workflow by backing up faster and more efficiently by transferring massive files thanks to a 80Gbps bandwidth which can see a 100GB 8K video file transferred in under 15 seconds. Advanced Chip Technology Built around the advanced JHL9480 chip, the Ugreen 80Gbps NVMe enclosure not only has a fast rating but it's also works with Windows, Linux and macOS computers. You choose the SSD you want to put inside the enclosure based on the kind of speeds and performance you're looking for. The Ugreen 80Gbps NVMe enclosure would be suitable for the new Mac mini M4 Pro as well as any ... More computer that has Thunderbolt 4 or USB 4 ports. One myth about SSDs is they run cooler than a traditional mechanical hard drives. However, that's not always the case. The faster an SSD is, the hotter it will run and so you need an enclosure that can cool the SSD down either using a massive heatsink or with a fan. Without adequate cooling, the SSD could have its speed throttled by its controller chip to keep the heat in check. To handle the heat issue, the Ugreen 80Gbps NVMe enclosure has a built-in PWM Turbofan which is very quiet but able to shift enough air through the enclosure to actively cool the SSD and keep it working efficiently. The fan speed is automatically adjusted depending on the internal temperature of the enclosure. Thanks to the fan's variable speed, it can quickly discharge any heat generated by the SSDs memory chips. By reducing the operating temperature of the SSD, the transfer speeds can be stabilized and the life of the unit will be extended. Incidentally, the fan inside the Ugreen enclosure only kicks into action when the internal temperature reaches 40°C. The Ugreen 80Gbps NVMe enclosure takes M.2280 NVMe SSDs. Thunderbolt 5 And USB 4 Designed for use with Thunderbolt 5 and USB4 V2.0, the Ugreen 80Gbps NVMe enclosure is also backward compatible with Thunderbolt 4, USB4 V1.0. It works with computers like the Apple MacBook Pro M4 Pro / M4 Max, Mac Mini M4 Pro. However, the enclosure is not compatible with Thunderbolt 3, USB 3.2, 3.1, 3.0 and USB2.0 so make sure your computer has a Thunderbolt 4/5 or a USB4 ports. The Ugreen 80Gbps NVMe SSD enclosure only supports M Key and M+B Key NVMe 2280 SSDs with a maximum supported capacity of 8TB, which is a lot of high-speed storage. The enclosure is compatible with SSDs from Crucial, WD, Kingston, Integral and PNY. This slim enclosure is made from an aluminum alloy and comes with an external silicone case that protects it from knocks and drops, making it suitable for portable use. The enclosure comes with a Thunderbolt cable but if you are using the enclosure with some Macs that have Thunderbolt 4 ports, you may need to use a Thunderbolt 4 cable. Finally, the new enclosure is not compatible with PCIe GEN 5 or SATA SSDs. The new Ugreen 80Gbps NVMe SSD enclosure is available now from Amazon and other retailers and is priced at $199.99 / £179.99 / €189,99.
Time of India
25-07-2025
- Business
- Time of India
All cylinders are firing and that led to record Rs 1,400 crore profit for Motilal Oswal group in Q1: Raamdeo Agrawal
Raamdeo Agrawal , Chairman, Motilal Oswal Group , highlights the unprecedented expansion in the capital market, fueling Motilal Oswal's record performance. The company witnessed substantial growth in operating revenue and bottom line, driven by exceptional performance in its AMC, PWM, and capital market segments. Treasury gains further contributed to a bumper profit of Rs 1,430 crores for the quarter. How was the quarter gone by? It was marred by some challenges, regulatory hurdles, etc. The FII sentiment was a little dampened, there are question marks on tariffs. How did business shape up for you? Raamdeo Agrawal: The capital market jashna (celebration) is still on as the kind of expansion that is happening in the capital is historical. Irrespective of what I have seen in the last 40-50 years, this is unprecedented and that is impacting the performance of Motilal Oswal. We have 24% operating revenue growth and 21% bottom line growth year on year which is a record and the declared profit at Rs 1,430 crores for the quarter is also very big but that has to be seen in terms of what happened in Q4 in terms of mark to market. Explore courses from Top Institutes in Please select course: Select a Course Category Technology healthcare Leadership Degree Others Cybersecurity CXO Management Project Management Digital Marketing Data Analytics others MBA Design Thinking Data Science MCA Product Management Healthcare Finance Data Science Operations Management Public Policy PGDM Artificial Intelligence Skills you'll gain: Duration: 12 Weeks MIT xPRO CERT-MIT XPRO Building AI Prod India Starts on undefined Get Details There was a loss in the Q4 and that kind of over amplifies the profit in this quarter, but nevertheless, it is a bumper result by every measure. It is led by two-three segments which have been doing exceptionally well. Our AMC had the highest growth – 70-75% growth in AUM – and hence profits. The PWM also grew very strongly. In the capital market, we have become the number one QIP company. Every day, so many companies are closing their QIPs or IPOs and block deals and that is where we have raised about Rs 30,000 crore for Indian corporates in this quarter and that has led to expansion in revenues. On top of it, the Treasury has done exceptionally well in this quarter because the market itself is up about 9-10%,. Maybe the entire treasury is up 14-15%. All in all, all cylinders are firing and that led to over Rs 1,400 crore profit for this quarter which in our history is by far the biggest. Want to talk about these segments individually. Let's talk about the brokerage income first because you are seeing a little bit of muted performance. But again that was the story of Q1. How do you see that panning out in the future quarters? Raamdeo Agrawal: This is muted because of this change in the regulatory framework, weekly expiry and all that peaked out sometime in September last year. Another quarter of a muted performance from only broking is going to continue because the peak was in September last year. I would think that July, August, September – the current quarter would also compare very well with the April, May, June quarter. But by year-on-year comparison, it will look muted and then things will start picking up. By the fourth quarter, it will look like a 30-40% growth kind of situation and that is the one segment that is almost 50% of the entire revenue and profit, which year-on-year is looking a bit weaker because of regulatory action. Otherwise, other segments of the market, other businesses are doing very well. Live Events You Might Also Like: Best-case scenario is a time correction in market; rebound possible in Q2: Dinshaw Irani Is it coming as a relief that Sebi has now lifted restrictions on Jane Street? That was also sort of dampening sentiment. Raamdeo Agrawal: Yes, I mean, they were not my clients, so we were not that greatly impacted but yes, broader market activities could have got impacted and now normalcy will be restored once they start trading. I would not know what exactly was the impact, but if that was a main factor in terms of counterparty volumes, then that will help us. What does the future hold for the Motilal Oswal Group? Wealth management is a key segment that you are focusing on. What are the IPO plans ? Is it before the close of this fiscal? Raamdeo Agrawal: No, I do not think any segment of the company is going to go public. They are all drawing a lot of strength from each other. So, I do not think there is anything on the cards for taking one particular segment of the company public. I mean, at some point of time, of course, housing finance will go public, but otherwise the rest of the capital market will remain under one roof. As far as the future is concerned, the expansion of the capital market which started from 2020 on the back of relentless participation by retail in a big way with the number of demat accounts jumping from 40 million to 200 million and we are set to again double from 200 million to 400 million in another five years. I see a relentless expansion of new clients and existing clients also participating very strongly because the returns are very attractive compared to the fixed income segment in the market. The only caveat is that corporate performance is not that rosy. So far, in Q1 we have seen very few very good results. So, we have to see how the monetary and fiscal loosening that has happened in the last six months plays out in the second half of the year when the economy picks up. Except for the concerns over corporate earnings or some kind of hesitation at this juncture, I would say everything is fine, inflation is under control, interest rates are low, liquidity is ample, banks are being asked to lend. So, you got to have a little patience in the market. In the longer run, we are very well placed to be one of the sectors in the economy which will grow 20-25% for the next five to seven years. You Might Also Like: Wait 1-2 quarters more before turning positive in IT; CRAMS safer in pharma: Nischal Maheshwari
