Singapore Power should not levy 12% p.a. interest on late payment, acts like Ah Long

PAP has the ability to profit from citizens in anyway it wants and its greed is really insatiable.

While a pink notice reminder fee of 50 cents is acceptable as Singapore Power customers occasionally overlook payment, the 1% per month charged for late payment is exorbitant by any measure.

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The late payment charge of ‘1%’ is misleading because it is not stated as ‘per annum’ but ‘per month’. SP customers have been fleeced for decades because the effective interest rate is 12% per year.

1% per month = 12% per year.

Is SP a mini Ah Long?

The other issue is SP has also been fleecing consumers by levying 7% GST on late payment charge which is neither a good nor service. The government has to put a stop to this unethical practice.

Considering Singapore Power (SP) does not lose 1% on interest on the late payment, or even close, why is it allowed to profit from consumers in such a manner? Why should SP be allowed to act as a credit card company of sorts?

SP customers are already required to place a deposit since day one: SP has been earning a huge amount in interest income from our deposits.

For a single late payment, SP has levied a fee of $1.69. Question: What about the interest income it has been earning on my $150 deposit for the past 30 years? No pakai isit?

How much interest income has SP been earning from 1.3 million households? What about businesses which are required to place much higher deposits?

I guess SP has been allowed to earn undeserved income because it is another government-linked company, one of Temasek’s major investments.

In FY 2016, SP’s profit was $924 million and the previous year, $991 million.

Source: Temasek Review 2016

It is unethical to force consumers to pay a 12% penalty for overlooking payment. Worse, levy a 7% GST on a non-existent good/service.

 

Phillip Ang

* The author blogs at LikeTatAlsoCanMeh.

 

 

 

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12 Responses to “Singapore Power should not levy 12% p.a. interest on late payment, acts like Ah Long”

  • 亜李爸爸:

    This regime is of extreme greed and money is the only way for this incompetent and incapable regime to tackle any kind of issue that arises. Shame on this world’ highest salaried idiots.

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  • LIONS:

    Worse than Ah Long !
    Well,their BO$$ is Lee Ah Long leh.

    Ah longs dare to EXTORT,dare to ADMIT.
    The MAFIA GAHMEN EXTORT BUT DARE NOT ADMIT,thats the BIG DIFFERENCE.
    Ah Longs got balls,the PAP cowardly BULLIES?

    This is due to a MONOPOLI$tic govt which behaves like any monopoly.

    In order to STOP THIS,sgs need to ensure that PARLIAMENT IS NOT MONOPOLISTIC FIRST.

    Vite For Checks n Balance for your n your children’s good.
    If not,get ready to be $crewed DEEPER N DEEPER?!

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  • Money-faced PAP:

    Remember LKY’s mantra: “what’s wrong with making some money”. PAP is ALWAYS in fund-raising mode to build up its “war chest” for the next GE, to pay million $ salaries to PAP office holders and to provide full scholarships to the hundreds of foreigners studying in local schools and universities.

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  • haha:

    Haha !! All late payment fees are levied monthly if users are billed monthly, only idiots don’t know that. In some extreme cases, late payment fees including penalties are even levied daily !

    No wonder many Singaporean have poor “financial literacy” !!

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  • Patriot Tan:

    Aiyoh so shameful. What a shameful government! Really no shame. It reflects their integrity. No wonder all Yes men laughing behind our back.

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  • BuyMeBakKutTeh:

    Swee la Mr Ang!

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  • singapore cowboy:

    So,will AGO pls go n check on this matter?
    how can we allow govt agencies/entities to run like mafiaso?

    so,police catch AH LONGS,will AGO catch SINGPOWER?

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  • joke:

    Ah Long now tries to fake statistic data to show the Sg economy has growth, especially in semiconductor areas. I think Trump will look for him very soon. these companies are just shifting revenues from US to Sg to evade tax, which has no meaning to locals. Ah Long and his cronies have no moral at all.

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  • RDB:

    @Money-faced PAP: March 17, 2017 at 5:07 pm (Quote)

    Remember LKY’s mantra: “what’s wrong with making some money”.

    Lee Kar Yew the now forever a past tense actually said as PM1 to his Finance Division Head Ngiam Tong Dow “What’s wrong with COLLECTING more money?” That was when he lost his argument with Ngiam on COE means that everybody pay, even babies pay! And so the megalomaniac he was, he dirty pulled rank on his Finance Ministry Division Head lor!

    Again for reminders – Oxford defines Megalomania as:

    “mental disorder involving the idea of one’s own importance; passion fr grandeur”

    Q1. Wasn’t Lee Kuan Yew like that from PM -> SM under PM2 Goh Chok Tong?

    Q2. Wasn’t Goh Chok Tong his Choke Tongs Scrooge Stooge chosen PM2 like that too?

    Q3. And his arckia son Lee hSIEN LOOng not like his apapa too?

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  • Sceptic:

    Dear Philip, this is commerce. And in case you didn’t notice, this is how commerce works.

    GLCs and private companies work the same way.

    Those who have very strong objections can find ways of installing their own solar panels and reduce and possibly stop purchasing from Singapore Power altogether.

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  • Sceptic:

    A customer is a customer. There is no distinction between a rich and less well off customer. It is all the same. Customers are mere digits in their master list.

    It is not within the ambit of corporations like Singapore Power to do charity and embark on some identification of people in need. In fact, it is likely to be illegal for them to do so as it is likely in contravention of their Constitution.

    So please do some meaningful homework before posting here.

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  • Sceptic:

    It is best Netizens do some homework on the boundaries of what commercial entities can do, what is within scope and within the law for them, ad what is outside scope and not legal for them to do.

    There are so many posts making allegations of GLCs being heartless and so on.

    If we are to make demands of them, it has to be within the law and within what they are allowed to do. To continuously attack GLCs in this way is a complete waste of time and is leading a lot of people down the wrong path.

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