To our customers at the Zhongshan branch
This branch will close permanently on 30 September. The nearest branch will then be Minsheng, a ten-minute walk away.
Customers over 70, or anyone who finds the change difficult, may ask for a home visit by calling 0800-221-118. Staff will help you move to online banking free of charge.
Economists have long noticed something unfair: it is expensive to have little money. A family that cannot pay a year's insurance all at once must pay monthly, and monthly costs more. A worker without a bank account pays a fee to cash a cheque. Without capital, a family cannot buy in bulk or mend a roof before it leaks.
Cheap shoes are another example. A pair that lasts four months may cost a third as much as a pair that lasts three years, but over a decade the cheap pair costs far more.
Some cities now lend small sums at no interest so that families can buy the yearly plan rather than the monthly one. Early results suggest that the loans are almost always repaid.
Hi Wei,
You asked me yesterday whether to join the company savings plan, so here is what I know.
The company adds 50 cents for every dollar you put in, up to 5% of your salary. That part is simply free money, so I would put in at least 5%. It is the easiest financial decision I have ever made.
The money cannot be taken out until you leave the company or turn 60. That is the catch. If you think you may need cash for a flat in the next two years, keep some savings outside the plan as well.
Ask Ms. Liu in accounts for the form. It takes about ten minutes.
Ken
The table shows the percentage of monthly income that 500 households spend on each item.
| Item | Low income | Middle income | High income |
|---|---|---|---|
| Housing | 42% | 31% | 22% |
| Food | 28% | 21% | 14% |
| Transport | 11% | 14% | 13% |
| Savings | 3% | 15% | 31% |
Figures do not include one-off costs such as medical bills.
Households were grouped by monthly income before tax, and each figure is an average for that group.