The Labour Movement has set up a new holding co-operative to support the NTUC Social Enterprises to scale up sustainably to meet more needs in the long run. This was announced today during a learning journey organised by NTUC for union leaders to NTUC First Campus’ My First Skool and NTUC Eldercare Silver Circle day care centre, to share how the NTUC Social Enterprises are supporting working families to care for their dependents.
Scaling up social impact to support working families
The new entity, named NTUC Enterprise Co-operative Limited (NTUC Enterprise Co-operative), is part of the overall NTUC Social Enterprises 2015 Vision (SE2015). Announced in 2011, the SE2015 Vision is for NTUC Social Enterprises to scale up rapidly to meet needs and enable access to affordable, quality products and services that stretch the dollar, time and employability of working families.
NTUC Enterprise Co-operative will focus on two key areas: First, it will work closely with individual NTUC Social Enterprises to create even more value for customers and deliver greater social impact, by increasing the affordability, quality and accessibility of existing and new areas of core needs provided by the family of 12 NTUC SEs. Second, NTUC Enterprise Co-operative will lead NTUC SE group-wide efforts to increase financial resilience and develop talent, essential for sustainable, long term development of the SEs.
Said Mr Lim Boon Heng, Chairman of NTUC Enterprise Co-operative, “The operating environment is more complex: needs of working families are expanding; expectations are high; technology is changing rapidly; and talent pool is tight. Hence, NTUC Enterprise Co-operative is set up to expand group-wide support to individual SEs to better achieve our collective SE2015 vision. The long-standing strategic partnership between NTUC, the unions and SLF as key shareholders of the NTUC Social Enterprises will also be institutionalised through NTUC Enterprise Co-operative so that we can do even more to help working families stretch their hard-earned dollar and meet under-served needs.”
Health and Community Care
One area the new entity will do more is in the area of health and community care. NTUC Enterprise Co-operative has set up a Social Enterprise group-wide task force to look at how to step up efforts to support elderly to age in place and also the rest of the population in the areas of primary care, chronic-condition management and rehabilitative care.
Said Mr Chua Song Khim, Executive Director of NTUC Eldercare and Group CEO of NTUC Unity Healthcare, “We are working to scale up both eldercare and healthcare services. By early 2013, we will operate one more Silver Circle day care centre and three more Silver ACE senior activity centres. Our Care@home home-help services will be gradually expanded to meet the increasing demand and needs especially for the care of elderly in their homes. We will expand our Unity pharmacy outlets and increase the range of Unity household brand items to offer better value and affordability to the public. In addition, we will also explore the feasibility of providing quality and affordable outpatient medical care and nursing home services.”
Apart from health and community care, NTUC Enterprise Co-operative is also seeking to do more to help address cost of living issues, such as in the areas of cooked food and childcare services.
Formation of NTUC Enterprise Co-operative
NTUC Enterprise Co-operative was set up on 13 July 2012. It was formed by a share swap: NTUC, SLF and unions affiliated to NTUC and SLF transferred their shares in the individual NTUC SEs, and in return, will own shares of NTUC Enterprise Co-operative. After the share swap, NTUC, SLF and unions will own shares in NTUC Enterprise Co-operative; and NTUC Enterprise Co-operative will own shares in the individual SEs.
To date, 97% of all SE shares available for the swap have been approved for transfer. With this share transfer, NTUC Enterprise Co-operative is about 39% owned by NTUC, 31% owned by SLF and 30% owned collectively by the unions that have already decided to join. NTUC Enterprise Co-operative will become the long term institutional and single largest shareholder of the individual NTUC Social Enterprises. NTUC Enterprise Co-operative will own at least 20% share in all 12 Social Enterprises; and at least 50% in seven of them.
Continuing in the Labour Movement spirit of solidarity
NTUC Enterprise Co-operative represents the collective effort of the Labour Movement to deliver social impact. It reflects the same spirit of solidarity as at the 1969 Modernisation Seminar where unions came together with the NTUC and the SLF to set up the first NTUC Social Enterprise.
Said Ms Diana Chia, NTUC President, and NTUC Enterprise Co-operative Board member, “In the early days, unions helped to chip in their time and resources to support the start-up of the NTUC Social Enterprises. They were clear about the benefits that the Social Enterprises could bring about for their members. Our focus has not changed. Today, there are 690,000 union members who form a large part of the customer base of the NTUC Social Enterprises. As key stakeholder of NTUC Enterprise Co-operative, the unions look forward to support the NTUC Social Enterprises, and to do more for our members.”
Added Mr Heng Chee How, NTUC Deputy Secretary-General, and NTUC Enterprise Co-operative Board member, “Over the years, NTUC has been deepening the work that we do for workers and unions. For workers, we set up e2i (Employment and Employability Institute) to champion better skills and jobs. For unions, we have the Ong Teng Cheong Labour Leadership Institute as the hub for labour leadership training and development. The NTUC Enterprise Co-operative will be the hub for the Labour Movement’s collective effort to meet the social needs of working families. As founder of the Social Enterprises, NTUC supports NTUC Enterprise Co-operative in broadening and deepening social impact, so as to do more for working families.”
Said Mr Bobby Chin, Singapore Labour Foundation Board member, and NTUC Enterprise Co-operative Deputy Chairman, “SLF has participated in the NTUC Social Enterprise movement from the very beginning, since the setting up of NTUC Income. SLF stays committed to make a difference to workers and their families, through our partnership with unions and social enterprises. SLF is happy to be a part of this milestone in the history of NTUC Social Enterprises and looks forward to more being done to support working families through NTUC Enterprise Co-operative.”
The Board of NTUC Enterprise Co-operative will be chaired by Mr Lim Boon Heng, and comprise directors nominated by NTUC, SLF and unions. (See Annex A for NTUC Enterprise Co-operative Board of Directors)
The family of 12 NTUC SEs has 13,000 employees and serves more than two million customers a year. (See Annex B for list of 12 NTUC Social Enterprises with shares owned by NTUC Enterprise Co-operative)
(See Annex C for quotes attributed to selected NTUC Social Enterprise CEOs.)
