PORT OF SINGAPORE AUTHORITY (Bonus payments to monthly-rated employees)

Mr P. Govindaswamy asked the Minister for Communications whether the operational profits of the Port of Singapore Authority in 1970 would enable the Authority to pay a bonus for productivity to its monthly-rated employees; and whether the Authority is considering paying such bonus, just as it had paid a bonus to such employees in the past, and if the bonus will be paid as soon as possible.

Mr Yong Nyuk Lin: Mr Speaker, Sir, since the Member for Anson has used the term "operational profits" of the Port of Singapore Authority for the year 1970, may I state that the term profits' would appear to be a misnomer and the word surplus' would perhaps be more appropriate for the situation. We generally talk of `profits' of a commercial organisation, which will be distributed amongst shareholders or the staff. But in regard to surpluses, if any, of a statutory organisation like the P.S.A., these will be reinvested for further development.

As an example, may I refer the Member for Anson to Supplements 1/72 and 2/72 of the Government Gazette dated 28th January, 1972, where it will be noted that whereas the Revenue for P.S.A, for 1972 is estimated at $144 million with a net surplus of $51 million, the estimated Capital Expenditure for the same period will be no less than $63 million.

Coming now to bonus, the Minister of State for Finance has previously made clear the Government's stand with regard to payment of bonuses to its employees. As a statutory board, the P.S.A, must conform generally to Government's policy on matters relating to remuneration, terms and conditions of service. This means that bonuses for P.S.A. employees cannot be considered, but any betterment in the remuneration and terms and conditions of service of Government employees might, as far as is applicable, be extended to P.S.A, employees.