In his closing speech, Mr Chee said the law was not being applied retrospectively as there was “no formal application yet by Allianz to obtain effective control and become a substantial shareholder of Income”. Instead, the terms of the proposed transaction clearly stated it was subject to regulatory approval by MAS, he said. The Bill … Read more
Income was a co-operative when it was created in 1970 as NTUC Income Insurance Co-operative Limited. Under Section 88 of the Co-operative Societies Act, if a co-op is wound up, members will be paid their capital and dividends up to a cap. Beyond this limit, any surplus funds will be transferred to the Cooperative Societies … Read more
SINGAPORE: Supermarket operator FairPrice Group gave away 12,000 breakfast bundles to students who are taking their Primary School Leaving Examinations (PSLE) this year. The giveaway took place over Friday (Sep 20) and Saturday across 131 participating Cheers and FairPrice Xpress convenience stores islandwide. Primary 6 pupils who presented their student card or PSLE examination slip … Read more
In response, Mr Giam contended that it was “ridiculous” for any ruling party not to seek good relations with unions. He said what the WP wanted was to “untether the NTUC from the PAP and free up unionists to be independent advocates for workers in Singapore”. At this point, NTUC deputy secretary-general Desmond Tan (PAP-Pasir … Read more
SINGAPORE: The National Trades Union Congress (NTUC) said on Thursday (Aug 29) that it would form new platform work associations (PWAs) with a “legal mandate” to represent workers such as taxi drivers and food delivery riders. It would do so if the Platform Workers Bill is passed in parliament. It was introduced on Aug 6 … Read more
COMMUNICATING MAJOR CHANGES The latest remarks by NTUC Enterprise justifying the sale to Allianz were useful in explaining the challenges faced by Income in recent years amid the growing competition in the business, domestically and internationally. But they did not go far enough to persuade naysayers. Income is not a struggling business in dire need … Read more
SINGAPORE: Mr Ronald Ong, the chairman of Income Insurance, had recused himself from the board’s decision to appoint Morgan Stanley as the financial adviser in its deal with Allianz, said Income Insurance. The Singapore insurer issued a statement in the early hours of Saturday (Jul 27), as questions emerged the day before on a potential conflict … Read more
THIRD ORGANISATION TO BE DESIGNATED PSP Singapore’s foreign interference law is aimed at strengthening the government’s ability to prevent, detect and disrupt foreign interference in domestic politics. The Bill was passed in parliament in October 2021 after a lengthy debate. Political parties, political office holders, Members of Parliament, election candidates and their agents are among … Read more
SINGAPORE: Income Insurance will continue to provide affordable insurance for lower-income customers after the deal with Allianz, said NTUC Enterprise chairman Lim Boon Heng on Thursday (Jul 25) amid concerns about the German company buying a majority stake in the Singapore co-operative. “NTUC Enterprise will also continue as an active shareholder of Income Insurance to … Read more
S$1,200 PAYOUT “RIDICULOUS” Others in the same situation as Rachel and Tricia felt compelled to update a group chat on Monday about what they saw as a positive outcome. The group chat, with more than 100 affected employees, was created right after the retrenchment exercise and was a source of support for those affected by … Read more
