We refer to the article “My First Skool to raise fees next year” (Channel NewsAsia, Sep 24).

Rising costs?

It states that “The school says the Early Childhood Development Agency has approved the fee increase.

The school said its fee increase is necessary to improve the quality of its programmes and to keep up with rising operating costs.

2nd increase in 2 years?

This is the school’s second fee revision in two years.”

Profits increased 25%?

– According to NTUC First Campus’ (My First Skool) annual reports for 2013 and 2011 – net profits for the co-operative and the group increased from $5.2 to $6.5 million from 2011 to 2013 – an increase of 25%.

Why was the subject fee increase approved – when profits increased by 25%?

Revenue increased 81%?

Total revenue also increased from $84.3 to $152.4 million – an increase of about 81%.

Dividend increase 100%?

The final dividend which it recommended also increased from 2 to 4 cents per share – an increase of 100%.

No financial statements?

We are unable to see the details of the “rising operating costs” as the annual reports do not have financial statements – only a paragraph on financial performance.

5% fees increase justified?

As the labour movement’s co-operative providing childcare services to the masses – how can another increase in fees by as much as 5% for 5 of the 6 categories be justified and approved – when profits increased by 25% and dividends increased by 100%.

Who are we benefiting? 

Are we not excessively benefiting the shareholders at the expense of Singaporeans and their children?

Affordable childcare fees?

In this connection, you may also like to read our earlier article “400,000 earn less than a month’s childcare fee?“, Sep 24).

S Y Lee and Leong Sze Hian

P.S. Come with your family and friends to the 4th Return Our CPF protest on 27 September 4 pm at Speakers’ Cornerhttps://www.facebook.com/events/516436478486589/Share this: