NTUC Income AR 2018

Notes to the Financial Statements For the Financial Year Ended 31 December 2018 24. Management expenses The following items are included in management expenses: The Group 2018 $’000 2017 $’000 Staff costs – Salaries, bonuses and staff benefits 124,493 110,311 – Employer’s contribution to defined contribution plan 13,212 13,827 Advertising and promotion 11,102 10,082 Depreciation and amortisation 17,657 15,723 Printing, postage and stationery 5,114 5,132 Rental expenses 9,325 9,211 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 2018 $’000 2017 $’000 Insurance related transactions with – Parent (3) 1 – Subsidiaries 65 88 – Associated companies 6 18 – Other related parties (286) (245) (218) (138) 127 2018 ANNUAL REPORT