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I am a friend and admirer of Lim Boon Heng, the chairman of NTUC Enterprise. I hope he will not be offended if I say that I am not convinced by his press conference on the reasons why Enterprise is willing to sell a majority stake in INCOME to a German insurance company.
First, I wish to recall that INCOME was established as a cooperative by none other than the legendary Dr Goh Keng Swee. Its mission was to make insurance accessible and affordable to the ordinary people of Singapore. For the past 54 years, it has fulfilled its mission and looked after the insurance needs of 2 million customers.
Second, in 2010, INCOME launched the Family Micro-Insurance and Savings Scheme, a free insurance scheme for low-income families with young children. In 2013, it was the first insurance company to provide insurance coverage for children with autism. I don’t think a foreign insurance company would have launched such products.
Third, INCOME is not a loss making company in need of rescue. In its 54 year history it has always been a profitable company. In view of this fact why does NTUC Enterprise wish to sell INCOME? Is it because it will make a profit of $ 1 billion?
Fourth, as an older Singaporean, I feel sad that for many younger Singaporeans nothing is sacred and everything is for sale. We should remember the warning by our first foreign minister, S Rajaratnam. He warned us not to become a nation of people who know the price of everything but the value of nothing.
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I am a friend and admirer of Lim Boon Heng, the chairman of NTUC Enterprise. I hope he will not be offended if I say that I am not convinced by his press conference on the reasons why Enterprise is willing to sell a majority stake in INCOME to a German insurance company.
First, I wish to recall that INCOME was established as a cooperative by none other than the legendary Dr Goh Keng Swee. Its mission was to make insurance accessible and affordable to the ordinary people of Singapore. For the past 54 years, it has fulfilled its mission and looked after the insurance needs of 2 million customers.
Second, in 2010, INCOME launched the Family Micro-Insurance and Savings Scheme, a free insurance scheme for low-income families with young children. In 2013, it was the first insurance company to provide insurance coverage for children with autism. I don’t think a foreign insurance company would have launched such products.
Third, INCOME is not a loss making company in need of rescue. In its 54 year history it has always been a profitable company. In view of this fact why does NTUC Enterprise wish to sell INCOME? Is it because it will make a profit of $ 1 billion?
Fourth, as an older Singaporean, I feel sad that for many younger Singaporeans nothing is sacred and everything is for sale. We should remember the warning by our first foreign minister, S Rajaratnam. He warned us not to become a nation of people who know the price of everything but the value of nothing.
