MY FIRST SKOOL MADE $9.5 MILLION PROFITS IN 2014, LATEST HIKE IN SCHOOL FEES JUSTIFIED?

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 NTUC first campus which operates My First Skool – 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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