The problem with implementing antitrust (anti-monopoly) laws is the govt itself owns many businesses that are monopolies...... some say the govt itself is a monopoly. When you don't have real competition, you can charge any price. So Singaporeans please pay your PAP govt their pay hike, its the only govt you CAN have!
Just like the govt of Singapore, NETS has taken the opportunity of a strong economy to increase its fees. So on top of the 2% hike in GST, there is a 1.9% in fees if you use NETS for purchases. Please help your friendly retailer out, get a bigger wallet and carry plenty of cash.
Singaporeans are so lucky to have so much money....everytime you make enough to save monopolies on this little island will think of ways to make you contribute to their profits. With the govt setting such a fine example, there is nothing to stop them.
April 11, 2007
Surge in Nets charges on retail shops
THE operating cost for retail shops seems to go higher and higher.
From July 1, Nets Eftpos is charging retail shops up to 245 per cent higher from 0.55 per cent of sales transactions to up to 1.9 per cent. This seems too much to bear but what can retail shops do, as it is the one and only card (about six million) that almost all Singaporean and foreign workers have and use.
Just imagine the large amount of money that can be made by Nets.
Retail shops - 100,000
Average sales - $20,000
Old percentage charge - 0.55 per cent = 11 million
New percentage charge - 1.9 per cent = 38 million
Meanwhile, banks want us to keep a monthly average of $10,000 every month, otherwise, they would charge us $20 or $30 each month. Imagine 100,000 retail shops x $10,000 = $1 billion.
Can the Monetary Authority of Singapore or Singapore Retailers' Association care to comment on whether our monthly operating cost can be reduced?
Alex Chan Hian Keat