EWL disruption enters day two as commuter woes continue; Workers eager for four-day work week but bosses not so much: Singapore live news

Singapore has been overtaken by Hong Kong as the leading financial centre in Asia, according to the latest Global Financial Centres Index.

This shift marks the first time in two years that Hong Kong has reclaimed the top position in the region, ranking third globally, just behind New York and London.

Singapore now sits at fourth globally and has slipped to second in Asia due to recent economic trends and market performance.

Despite Singapore's drop in ranking, it still managed a modest increase of five points, indicating that while it remains a significant financial hub, it faces growing competition from Hong Kong.

The index highlights the importance of responsive economic policies and market conditions in determining the standings of financial centres.

Kuala Lumpur has shown notable improvement in Southeast Asia, gaining 13 points to reach the 59th position globally.

Wider trends in Asia reveal that while Hong Kong is experiencing a resurgence, other cities like Shanghai and Beijing have fallen in the rankings.

The report attributes Hong Kong's rise to a recovering stock market, new public listings, and supportive government policies.

The easing of pandemic restrictions and an influx of capital have revitalised Hong Kong's financial landscape, making it more attractive to global investors.

Globally, the index reflects a competitive atmosphere, with many cities making gains while others struggle.

The report emphasises that geopolitical risks remain a significant concern for financial centres worldwide, affecting their stability and growth.

The index, compiled by Z/Yen Partners and the China Development Institute, assessed 121 financial centres based on multiple criteria, including business environment and human capital.

Read about the global financial rankings shake-up here.

A recent survey by Etiqa Insurance highlights that most younger Singaporeans aspire to retire early, ideally before the age of 60.

According to the survey, 81 per cent of Singaporeans plan to retire between 50 and 70, with a significant number aiming for 60.

Most millennials (75 per cent) and Gen Z (69 per cent) feel confident about achieving their retirement goals, expecting to live on less thanS$6,000 a month.

However, many start planning for retirement only in their 30s, which may jeopardise their long-term financial security.

While younger Singaporeans are proactive about retirement, many underestimate the time and funds necessary to maintain their desired lifestyle.

Etiqa Insurance CEO Raymond Ong warns of a potential retirement gap if this trend continues.

Despite a general optimism, factors like rising living costs and inflation prompt the need for serious financial planning, starting earlier and investing wisely.

The survey also reveals that younger generations prefer conservative financial instruments for retirement savings, such as savings accounts and CPF contributions.

This cautious approach has helped them capitalise on recent high-interest rates, but experts urge a reevaluation of strategies to achieve better growth in uncertain economic times.

Notably, the survey indicates that a substantial portion of Singaporeans, particularly 25 per cent, have yet to begin planning for retirement.

Common barriers include focusing on immediate financial needs and feeling overwhelmed by the complexities of financial planning.

The report also stresses the importance of healthcare and insurance coverage in retirement planning.

With many younger Singaporeans prioritising wealth transfer for future generations, there is a risk that they might neglect their own financial security, exacerbating the retirement gap.

Read on how underestimating financial needs may jeopardise younger Singaporeans' early retirement aspirations here.

In the latest ranking by Time Out, Orchard Road in Singapore has emerged as a vibrant hotspot among the world's coolest neighbourhoods for 2024.

Known for its bustling shopping belt, Orchard Road is transforming beyond retail into a hub for young, creative spirits.

Recent openings such as a state-of-the-art adventure complex, pottery workshops, and an art gallery dedicated to Asian artists are reshaping its identity.

The neighbourhood's unique blend of urban living and artistic expression makes it a must-visit for both locals and tourists.

The rankings highlight the significance of community, culture, and creativity in defining what makes a neighbourhood "cool."

As cities adapt and transform, these neighbourhoods not only provide an avenue for local businesses but also offer visitors a genuine taste of urban life.

Each neighbourhood tells its own story, inviting all to discover the coolest places to be.

Read more about the 38 world's coolest neighbourhoods here.

As the train disruption on the East-West Line (EWL) enters its second day, commuters continue to face significant challenges.

Train services between Jurong East and Buona Vista remain suspended due to a traction power fault that originated from a power trip on Wednesday (25 Sept) morning.

This incident stranded approximately 850 passengers and led to extensive service outages, affecting nine stations along this route.

In response to the ongoing disruption, SMRT has implemented shuttle bus services between Boon Lay and Jurong East, as well as between Queenstown and Buona Vista.

Additionally, free regular bus services are being offered between Boon Lay and Queenstown, and bridging buses are in operation for affected commuters.

SMRT staff are deployed to assist passengers and maintain order, but some commuters report frustrations with crowd management and long wait times.

The Land Transport Authority (LTA) said in a statement that repair works are underway, but the extent of the damage means that train services will remain suspended for an extended period.

They are conducting thorough checks on all affected trains before returning them to service.

The LTA has encouraged commuters to stay informed through social media updates.

Despite the chaos, many commuters have adapted to the situation.

Reports indicate that while the morning rush was crowded, SMRT staff worked efficiently to guide passengers to buses.

This disruption follows a series of recent MRT service interruptions, raising concerns about the reliability of public transport in Singapore.

Read on the second day of SMRT's EWL disruption here.

A recent survey conducted by headhunting and recruitment agency Robert Walters found that nearly 70 per cent of Singaporean employers consider a four-day work week feasible.

This perspective aligns with a growing global conversation about flexible work arrangements, as seen in various countries that have trialed this model.

While employers see potential benefits in productivity and employee well-being, they remain cautious about implementing such changes, with only 18% planning to transition within the next two years.

The enthusiasm for a four-day work week is notably stronger among employees, with 93 per cent expressing interest in trialing this arrangement.

A Yahoo Singapore poll found 90 per cent of respondents in favour of a four-day work week.

Their primary motivations include achieving better work-life balance and having more time for family.

However, concerns about increased workload and stress from condensing tasks into fewer days linger among some workers.

In comparison to other Southeast Asian countries, Singaporean employers show more hesitance.

Countries like Malaysia, Thailand, and the Philippines report higher acceptance rates for a shorter work week, reflecting differing workplace cultures and attitudes towards employee flexibility.

Despite the interest in a four-day week, many employers in Singapore highlight the challenges of implementation, fearing operational disruptions and employee dissatisfaction.

As businesses grapple with a competitive landscape, some express worries about maintaining productivity and potential impacts on employee morale.

By 1 December, Singaporean employers will be mandated to consider formal requests for flexible work arrangements.

However, the government has clarified that flexible work options extend beyond a four-day work week, encompassing various arrangements like part-time and remote work.

Will Singapore embrace the four-day work week trend?

Around 17,000 youths in Singapore, aged 15 to 24, are classified as NEET (Not in Education, Employment, or Training), representing 4.1% of the youth population, Senior Parliamentary Secretary Eric Chua said on Wednesday (25 Sept).

This marks an increase from 3.7 per cent in 2013, despite remaining below the global average of 22.4%, according to Chua.

Chua highlighted these figures during the inaugural Youth Outreach Conference at the National University of Singapore, emphasising the risk of social exclusion for these individuals.

The conference aimed to address the challenges facing troubled youth, particularly "hidden youth" who isolate themselves at home.

This demographic has reportedly increased since the COVID-19 pandemic, exacerbating issues of low self-esteem and social isolation.

Chua noted the importance of community and family support to help reintegrate these youths into society.

Chua emphasised that the changing landscape – characterised by excessive information and consumerism – affects today’s youth.

He pointed out the contrast with his own upbringing, where accessing information required visiting libraries, unlike the constant online comparisons youth face today.

This environment, he argued, diminishes emotional connections and face-to-face interactions.

Read more on the 17,000 Singaporean youths currently sidelined from education and work here.