SINGAPORE : NTUC Co-operatives gave back to workers over S$81
million in savings and through social programmes last year.
This was an increase of S$14 million from the previous year, and
worked out to an average of S$88 per resident household.
In its Social Report Card for 2005, NTUC said the savings and
rebates helped to reduce the impact of the higher cost of living on
workers, by absorbing the Goods and Services Tax while moderating
the prices of essential household items.
It noted that NTUC Fairprice provided the lowest overall price for
88.3 percent of an overall basket of essential items among the
major supermarkets surveyed.
Workers also benefited from assistance programmes initiated by the
co-operatives, particularly in the areas of study grants and food
vouchers, while NTUC Income rewarded its policyholders with S$126
million in savings through better returns, lower premium rates and
lower loan rates.
NTUC also raised almost S$1.2 million in relief aid for those
affected by the tsunami disaster last December.
NTUC Secretary-General Lim Boon Heng said he was glad the
co-operatives had done well and were able to give more than in
previous years.
He added that although the economy was on the road to recovery,
there were still many Singaporeans who faced financial
difficulties, particularly the unemployed.
He hoped to help them alleviate their financial burden through the
co-operatives. - CNA /ct
