NTUC Income should end talk of a possible merger with Allianz and continue performing its role as a social enterprise.
The success of Income can be seen from the fact that in 2022, it had a surplus of $2 billion.The story of NTUC Income began more than 50 years ago and we do not believe it should end as a merger with German insurer Allianz. NTUC Income is a social enterprise and should continue to perform that role. This is an opportunity to draw upon Income’s enduring mission to tackle the evolving social challenges of a new Singapore, meeting the needs of our time.
In 1970, the National Trades Union Congress , under the leadership of C.V. Devan Nair, established NTUC Income as a cooperative under it. Mr Nair had spoken of the need for NTUC to become a social institution, in order to serve the workers in various ways. The then Finance Minister, Dr Goh Keng Swee, supported this mission. He urged NTUC to set up social enterprises, in areas such as life insurance and essential consumer goods, to meet the needs of the working population.
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