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In July 2024, the NTUC Enterprise co-operative gave an irrevocable undertaking to sell a majority 51% stake of Income Insurance Ltd to German insurer Allianz. [13]NTUC Enterprise Chairman Lim Boon Heng stated that "is a capital-intensive business and to grow, there is a need to tap the capital markets" and that the sale was necessary because the "strength of Allianz’s financial position will ...
The account was set up in the 1980s to support the union's activities and consisted of surplus insurance claims from STU members. Sia claimed that the account belonged to the union. However, Tan Kin Lian, chief executive officer of NTUC Income, said that the funds in the account were not due to STU. [58]
Tan ran NTUC Income with the aim of providing the best value to the policyholders. This meant lower fees for insurance agents, encouragement of direct selling practices which bypassed the agents altogether, [6] and low operating expenses—throughout his 30-year term as CEO, Tan flew in economy class, even on long haul flights. This management ...
When Income changed its status, the government allowed it to move a surplus worth 2 billion Singapore dollars ($1.48 billion) to the new corporate entity, rather than be donated to the country's ...
The National Trades Union Congress (NTUC), also known as the Singapore National Trades Union Congress (SNTUC) internationally, is the sole national trade union centre in Singapore. NTUC leads the labour movement of Singapore , comprising 59 affiliated trade unions, 5 affiliated trade associations, 6 social enterprises, 6 related organisations ...
He was appointed, as the Group Chief Executive at NTUC Enterprise on 1 October 2013. [1] Previously Tan was Chief Executive of NTUC Income Insurance Co-operative Limited in Singapore from February 2007 to September 2013. He has served as a member of the organization's Board of Directors since 2003. [2]
The NTUC Co-operative Commonwealth for Transport Limited ("COMFORT" or "NTUC Comfort") was hence formed by the NTUC as a social enterprise together with the affiliated NTUC Income and NTUC Welcome. [5] Comfort started operations in 1971 started with a fleet of 1,000 taxis, with the first taxis entering service at the end of January that year ...
NTUC's support for the new law led to a massive inflow of foreign investments thus resulting in a rapid expansion of Singapore's economy. [5] Changes in the labour scene brought unsettling effects on workers in the unionized sector, causing membership to drop. In response, NTUC held a seminar to discuss ways to modernize the labour movement.