Platform workers dipped into savings to meet rising expenses; savings fell to 1.7 months of expenses. Read more at straitstimes.com.
SINGAPORE - For the second year in a row, gig workers are spending more than what they are actually earning, and thus have had to tap their savings to cover their expenditure needs as they try to cope with the rising costs of living, a DBS study has found.The annual study was conducted in May and covered 1.2 million retail customers whose salaries were paid into their DBS accounts.
In contrast, DBS Bank economist Chua Han Teng said the bank’s median customer has an expense-to-income ratio of 57 per cent, which means he spends 57 per cent of his income in May 2023. That is a jump of 21 per cent from 2021 when there were 73,200 platform workers , according to data from the Ministry of Manpower’s annual Comprehensive Labour Force Survey.said platform workers typically do not draw a fixed monthly income.
For many platform workers, inflation also pushes up their operating costs – Mr Zheng cited an example of a taxi driver whose income fluctuates and yet he has to pay more for fuel. The 27-year-old does food deliveries for foodpanda five days a month and manages to earn an average of $100 to $150 for each day of freelance delivery work.
“If they find that 12 months of expenses is too high a target, they can start by setting lower targets such as three months or six months,” he said. At the same time, the interest rate it pays on the main savings account will go up from 0.08 per cent to 2.38 per cent. Interest is credited daily, unlike other banks, which pay out interest monthly.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Iraq to unblock Telegram app as platform responded to security requirements -statementBAGHDAD : Iraq's telecoms ministry said it will lift a ban on the Telegram messaging app on Sunday, which was imposed earlier this week, citing security concerns and data leaks of official state institutions and citizens.The app is widely used in Iraq for messaging but also as a source of news and for sha
Read more »
Iraq to unblock Telegram app as platform responds to security requirementsTelegram said its moderators had taken down several channels sharing personal data. Read more at straitstimes.com.
Read more »
Book review: Zero Days is a perfectly thrilling beach readRuth Ware's latest offers action and a strong female protagonist. Read more at straitstimes.com.
Read more »
Liquidators want oil tycoon OK Lim and his 2 children pay S$4.7 billion to repay creditors - Singapore NewsThe collapsed company has over 20 bank creditors, including HSBC, UOB, OCBC, and DBS. HSBC was the company’s biggest lender
Read more »
DBS/POSB rolls out $40m suite of measures to ease cost of living pressure for low income householdsA 2.6% interest rate loan package from POSB will be extended to the end of December to allow more sign-ups. Read more at straitstimes.com.
Read more »