Today's Business Times reported that Singapore companies are worse paymasters than companies in China, Australia, Hong Kong and Taiwan, with 52 per cent consistently late with their payments, data from business intelligence and consultancy firm Dun and Bradstreet (D&B) Singapore has found.
According to D&B - which tracked over 1,000 participating firms from six countries between January and September last year - only 33 per cent of companies here were 'prompt' in their payments, which is defined as 'consistently paying within the credit terms given to a business'.
Another 15 per cent of companies paid 'prompt/slow', which meant they straddled the line between paying on time and late. And 52 per cent were slow, meeting their payments consistently after they were due.
According to D&B - which tracked over 1,000 participating firms from six countries between January and September last year - only 33 per cent of companies here were 'prompt' in their payments, which is defined as 'consistently paying within the credit terms given to a business'.
Another 15 per cent of companies paid 'prompt/slow', which meant they straddled the line between paying on time and late. And 52 per cent were slow, meeting their payments consistently after they were due.
Of the six countries reviewed, Singapore had the lowest percentage of firms that were prompt with payments and the highest percentage of those that were slow.
CIMB-GK happened to be "prompt/slow" (the company pays on time on most of the months) in salary disbursement. Sometimes, they fall into the situation where they cannot make up their mind to pay on the 28th (the "payday"), 26th or 30th. So it is always a guessing game for all of us.
Well, thank God for Internet Banking.
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