NTUC Income AR 2017

NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2017 24. MANAGEMENT EXPENSES The following items are included in management expenses. The Group 2017 $'000 2016 $'000 Staff costs – Salaries, commission, bonuses and staff benefits 110,311 102,977 – Employer’s contribution to defined contribution plan 13,827 12,058 Advertising and promotion 10,082 9,714 Depreciation and amortisation 15,723 16,500 Printing, postage and stationery 5,132 5,164 Rental expenses 9,211 8,973 25. IMMEDIATE AND ULTIMATE HOLDING ENTITY The Co-operative’s immediate and ultimate holding entity is NTUC Enterprise Co-operative Limited, registered in Singapore. 26. RELATED PARTY TRANSACTIONS For the purposes of these financial statements, parties are considered to be related to the Group if the Group has the ability, directly or indirectly, to control the party or exercise significant influence over the party in making financial and operating decisions, or vice versa, or where the Group and the party are subject to common control or common significant influence. Related parties may be individuals or entities. In addition to the related party information shown elsewhere in the financial statements, the following significant related party transactions took place between the Group and related parties during the financial year on terms agreed by the parties concerned: (a) Sales and purchases of goods and services The Group 2017 $'000 2016 $'000 Insurance related transactions with – Parent 1 17 – Subsidiaries 88 77 – Associated companies 18 14 – Other related parties (245) (363) (138) (255) The Group 2017 $'000 2016 $'000 Investment related transactions with – Parent – – – Subsidiaries – – – Joint ventures 5,688 5,688 – Associated companies 21,430 21,035 – Other related parties 6,695 6,267 33,813 32,990 ANNUAL REPORT 2017 NTUC INCOME INSURANCE CO-OPERATIVE LIMITED 120