myfirstskool up fees: 46% increase in profits?

October 1, 2015

myfirstskool childcare increase fees for 3rd year running?

I refer to the article “NTUC’S MY FIRST SKOOL CHILDCARE RAISES SCHOOL FEES FOR THIRD YEAR RUNNING” (allsingaporestuff.com, Oct 1).

It states that “Singapore’s largest childcare operator, NTUC’s My First Skool has raised its school fees making this the third fees increase in 3 years.

In a notification sent to My First Skool parents, the fee increases average from S$34 per month for childcare to S$14 for infant care next year. Nursery classes saw the largest fee increase of S$69.02. This unilateral fee increase will apply to 113 of their 120 childcare centres.

To help parents cushion these fee increase, My First Skool will give parents a rebate from January to March”.

NTUCfirstcampus – $9.5m profits?

According to the 2014 annual report (31.12.2014) of NTUCfirstcampus which operates myfirstskool – the surplus for the group after contributions to the Central Co-operative Fund (CCF) and the Singapore Labour Foundation (SLF) and taxation, was $9.5 million.

46% increase in profits?

For 2013, the surplus was $6.5 million. This is an increase of 46 per cent over the year ($9.5 divided by $6.5 million).

In view of the above, is the increase in fees justified?

Reciprocate trust with more transparency?

Since the people have given their trust and mandate – shouldn’t we reciprocate by being more transparent?

We should also spend more to help Singaporeans.

Leong Sze Hian

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About the Author

Leong
Leong Sze Hian has served as the president of 4 professional bodies, honorary consul of 2 countries, an alumnus of Harvard University, authored 4 books, quoted over 1500 times in the media , has been a radio talkshow host, a newspaper daily columnist, Wharton Fellow, SEACeM Fellow, columnist for theonlinecitizen and Malaysiakini, executive producer of Ilo Ilo (40 international awards), Hotel Mumbai (associate producer), invited to speak more than 200 times in about 40 countries, CIFA advisory board member, founding advisor to the Financial Planning Associations of 2 countries. He has 3 Masters, 2 Bachelors degrees and 13 professional  qualifications.