The Singapore government will make the progressive wage model pushed by the labour movement compulsory in the cleaning and security services industries. The government will start with the cleaning industry by tabling a bill in Parliamentary later this month to introduce a mandatory licensing regime that will require all cleaning businesses to have a license to operate. A key licensing requirement is for companies to pay resident cleaners wages determined by the tripartite partners under the progressive wage model.
The pull-back on Wall Street overnight could dent local sentiments slightly this morning. Following the strong 1% rebound yesterday, the STI could take a breather and consolidate around levels yesterday.
Nationale Suisse’s new Singapore branch has received a licence from the local authorities allowing it to insure risks directly and to offer facultative reinsurance in Singapore and other Asian markets.
DBS GROUP HOLDING
BUY DBS GROUP HOLDING ABOVE 17.500 TG 17.600, 17.750, 17.900 SL 17.380
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