Current Affairs
DBS Bank to introduce scheme allowing two employees to share one full-time role
Singapore’s biggest bank, DBS, will be rolling out a new job-sharing scheme which will help employees who need more flexible work arrangements, on top of other initiatives focused at changing the way its staff work in a post-pandemic era.
DBS said on Tuesday (17 November) that under the scheme, two employees will be sharing the responsibilities of one full-time role. This allows the bank to operate successfully in split teams over the last few months.
Additionally, employees under the scheme will also keep all existing medical benefits in full and continue to be covered under DBS’s insurance plans.
The bank will also offer more part-time work arrangements. The Straits Times (ST) reported that this scheme is done on a voluntary basis and not introduced as part of cost-cutting measures.
According to an implementation guide about the scheme by the Ministry of Manpower and the Singapore National Employers Federation, job sharing is a flexible work arrangement in which two or more individuals share the responsibilities of a single full-time job.
The job can be segregated based on function, geography, time or workload, and the arrangement needs a proper handover of duties.
However, job-sharing scheme is not common in Singapore. In fact, only 1.3 per cent of companies in the city-state offered such opportunities as at June 2019. The wages of staff under this scheme is adjusted based on their new work arrangements.
Singapore Human Resources Institute president Low Peck Kem said that this scheme is not common in Singapore as it makes companies manage multiple employees for one full-time job and not many of companies have benefitted cost-wise as a result of it.
However, she explained that if the scheme is used properly, it can assist firms in retaining talent and improve productivity.
“The benefits for employees are clearly the choice to have flexible work arrangements, suited to different stages of an employee’s life. Employees can meaningfully contribute to the economy as well as balance other life interests,” she said, as reported by ST.
DBS to allow remote working
If that’s not all, DBS Bank will also allow employees to work up to 40 per cent of their work time remotely. The bank will also come up with more “project-specific, data-driven squads”, as opposed to the conventional functional departments.
DBS has 12,000 employees in Singapore. More than 7,200 staff across the bank – 4,300 of whom are based in Singapore – will also be upskilled or reskilled in other areas like design thinking, data and analytics, artificial intelligence and machine learning.
“As the way we live, bank and work continue to change dramatically, we must address the magnitude of the disruptions before us. We are prepared to radically transform the way we work by introducing a comprehensive range of measures which include (these initiatives),” said DBS chief Piyush Gupta.
Besides DBS, United Overseas Bank also announced last week that it will be giving the majority of its employees the choice to work remotely two days a week after COVID-19 restrictions are lifted.
Standard Chartered also recently said that it would allow staff in nine markets to apply for formal flexi-working arrangements.
Current Affairs
Hotel Properties Limited suspends trading ahead of Ong Beng Seng’s court hearing
Hotel Properties Limited (HPL), co-founded by Mr Ong Beng Seng, has halted trading ahead of his court appearance today (4 October). The announcement was made by HPL’s company secretary at about 7.45am, citing a pending release of an announcement. Mr Ong faces one charge of abetting a public servant in obtaining gifts and another charge of obstruction of justice. He is due in court at 2.30pm.
SINGAPORE: Hotel Properties Limited (HPL), the property and hotel developer co-founded by Mr Ong Beng Seng, has requested a trading halt ahead of the Singapore tycoon’s scheduled court appearance today (4 October) afternoon.
This announcement was made by HPL’s company secretary at approximately 7.45am, stating that the halt was due to a pending release of an announcement.
Mr Ong, who serves as HPL’s managing director and controlling shareholder, faces one charge under Section 165, accused of abetting a public servant in obtaining gifts, as well as one charge of obstruction of justice.
He is set to appear in court at 2.30pm on 4 October.
Ong’s charges stem from his involvement in a high-profile corruption case linked to former Singaporean transport minister S Iswaran.
The 80-year-old businessman was named in Iswaran’s initial graft charges earlier this year.
These charges alleged that Iswaran had corruptly received valuable gifts from Ong, including tickets to the 2022 Singapore Formula 1 Grand Prix, flights, and a hotel stay in Doha.
These gifts were allegedly provided to advance Ong’s business interests, particularly in securing contracts with the Singapore Tourism Board for the Singapore GP and the ABBA Voyage virtual concert.
Although Iswaran no longer faces the original corruption charges, the prosecution amended them to lesser charges under Section 165.
Iswaran pleaded guilty on 24 September, 2024, to four counts under this section, which covered over S$400,000 worth of gifts, including flight tickets, sports event access, and luxury items like whisky and wines.
Additionally, he faced one count of obstructing justice for repaying Ong for a Doha-Singapore flight shortly before the Corrupt Practices Investigation Bureau (CPIB) became involved.
On 3 October, Iswaran was sentenced to one year in jail by presiding judge Justice Vincent Hoong.
The prosecution had sought a sentence of six to seven months for all charges, while the defence had asked for a significantly reduced sentence of no more than eight weeks.
Ong, a Malaysian national based in Singapore, was arrested by CPIB in July 2023 and released on bail shortly thereafter. Although no charges were initially filed against him, Ong’s involvement in the case intensified following Iswaran’s guilty plea.
The Attorney-General’s Chambers (AGC) had earlier indicated that it would soon make a decision regarding Ong’s legal standing, which has now led to the current charges.
According to the statement of facts read during Iswaran’s conviction, Ong’s case came to light as part of a broader investigation into his associates, which revealed Iswaran’s use of Ong’s private jet for a flight from Singapore to Doha in December 2022.
CPIB investigators uncovered the flight manifest and seized the document.
Upon learning that the flight records had been obtained, Ong contacted Iswaran, advising him to arrange for Singapore GP to bill him for the flight.
Iswaran subsequently paid Singapore GP S$5,700 for the Doha-Singapore business class flight in May 2023, forming the basis of his obstruction of justice charge.
Mr Ong is recognised as the figure who brought Formula One to Singapore in 2008, marking the first night race in the sport’s history.
He holds the rights to the Singapore Grand Prix. Iswaran was the chairman of the F1 steering committee and acted as the chief negotiator with Singapore GP on business matters concerning the race.
Current Affairs
Chee Soon Juan questions Shanmugam’s $88 million property sale amid silence from Mainstream Media
Dr Chee Soon Juan of the SDP raised concerns about the S$88 million sale of Mr K Shanmugam’s Good Class Bungalow at Astrid Hill, questioning transparency and the lack of mainstream media coverage. He called for clarity on the buyer, valuation, and potential conflicts of interest.
On Sunday (22 Sep), Dr Chee Soon Juan, Secretary General of the Singapore Democratic Party (SDP), issued a public statement on Facebook, expressing concerns regarding the sale of Minister for Home Affairs and Law, Mr K Shanmugam’s Good Class Bungalow (GCB) at Astrid Hill.
Dr Chee questioned the transparency of the S$88 million transaction and the absence of mainstream media coverage despite widespread discussion online.
According to multiple reports cited by Dr Chee, Mr Shanmugam’s property was transferred in August 2023 to UBS Trustees (Singapore) Pte Ltd, which holds the property in trust under the Jasmine Villa Settlement.
Dr Chee’s statement focused on two primary concerns: the lack of response from Mr Shanmugam regarding the transaction and the silence of major media outlets, including Singapore Press Holdings and Mediacorp.
He argued that, given the ongoing public discourse and the relevance of property prices in Singapore, the sale of a high-value asset by a public official warranted further scrutiny.
In his Facebook post, Dr Chee posed several questions directed at Mr Shanmugam and the government:
- Who purchased the property, and is the buyer a Singaporean citizen?
- Who owns Jasmine Villa Settlement?
- Were former Prime Minister Lee Hsien Loong and current Prime Minister Lawrence Wong informed of the transaction, and what were their responses?
- How was it ensured that the funds were not linked to money laundering?
- How was the property’s valuation determined, and by whom?
The Astrid Hill property, originally purchased by Mr Shanmugam in 2003 for S$7.95 million, saw a significant increase in value, aligning with the high-end status of District 10, where it is located. The 3,170.7 square-meter property was sold for S$88 million in August 2023.
Dr Chee highlighted that, despite Mr Shanmugam’s detailed responses regarding the Ridout Road property, no such transparency had been offered in relation to the Astrid Hill sale.
He argued that the lack of mainstream media coverage was particularly concerning, as public interest in the sale is high. Dr Chee emphasized that property prices and housing affordability are critical issues in Singapore, and transparency from public officials is essential to maintain trust.
Dr Chee emphasized that the Ministerial Code of Conduct unambiguously states: “A Minister must scrupulously avoid any actual or apparent conflict of interest between his office and his private financial interests.”
He concluded his statement by reiterating the need for Mr Shanmugam to address the questions raised, as the matter involves not only the Minister himself but also the integrity of the government and its responsibility to the public.
The supposed sale of Mr Shamugam’s Astrid Hill property took place just a month after Mr Shanmugam spoke in Parliament over his rental of a state-owned bungalow at Ridout Road via a ministerial statement addressing potential conflicts of interest.
At that time, Mr Shanmugam explained that his decision to sell his home was due to concerns about over-investment in a single asset, noting that his financial planning prompted him to sell the property and move into rental accommodation.
Mr Shanmugam is said to have recused himself from the decision-making process, and a subsequent investigation by the Corrupt Practices Investigation Bureau (CPIB) found no wrongdoing while Senior Minister Teo Chee Hean confirmed in Parliament that Mr Shanmugam had removed himself from any decisions involving the property.
As of now, Mr Shanmugam has not commented publicly on the sale of his Astrid Hill property.
-
Comments7 days ago
Christopher Tan criticizes mrt breakdown following decade-long renewal program
-
Comments3 days ago
Netizens question Ho Ching’s praise for Chee Hong Tat’s return from overseas trip for EWL disruption
-
Crime2 weeks ago
Leaders of Japanese syndicate accused of laundering S$628.7M lived in Singapore
-
Current Affairs2 weeks ago
Chee Soon Juan questions Shanmugam’s $88 million property sale amid silence from Mainstream Media
-
Singapore7 days ago
SMRT updates on restoration progress for East-West Line; Power rail completion expected today
-
Singapore1 week ago
Chee Hong Tat: SMRT to replace 30+ rail segments on damaged EWL track with no clear timeline for completion
-
Singapore5 days ago
Train services between Jurong East and Buona Vista to remain disrupted until 1 Oct due to new cracks on East-West Line
-
Singapore5 days ago
Lee Hsien Yang pays S$619,335 to Ministers Shanmugam and Balakrishnan in defamation suit to protect family home