NTUC Income AR 2019

NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2019 24. MANAGEMENT EXPENSES The following items are included in management expenses: The Group 2019 $'000 2018 $'000 Staff costs – Salaries, bonuses and staff benefits 127,840 124,493 – Employer’s contribution to defined contribution plan 13,845 13,212 Advertising and promotion 13,863 11,102 Depreciation and amortisation 31,118 17,657 Printing, postage and stationery 5,126 5,114 Rental expenses 7,773 9,325 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 2019 $’000 2018 $’000 Insurance related transactions with – Parent 159 (3) – Subsidiaries (708) 65 – Associated companies 21 6 – Other related parties 2,395 (286) 1,867 (218) 136 HERE FOR SURE