In his Budget debate speech, Labour MP and NTUC Fairprice Co-operative Limited Chief Executive Officer Seah Kian Peng debunked the misconception that NTUC Foodfare was only for union members.
He clarified that patrons of the company’s food courts need not be a union or NTUC member to enjoy convenient and affordable meal options.
In 1995, shortly after the Goods and Services Tax (GST) was introduced in Singapore, there were rampant price increases and profiteering by food and beverage private operators. To help Singaporeans with this, NTUC Foodfare Co-operative Limited was set up to keep cooked food prices affordable.
He also stated that co-operatives help to make for a better Singapore. For example, as a co-operative with a social mission, NTUC Foodfare moderates its food and beverage prices in the coffee shops and foodcourts it operates. By setting the price floor, all Singaporeans, not just union members, can better cope with inflation.
As a social enterprise, NTUC Foodfare has also helped those who are on the Public Assistance Scheme, while launching other community initiatives such as the Budget Pick programme.
As NTUC Fairprice Co-operative Limited’s Chief Executive Officer, Mr Seah also shared how its chain of supermarkets has helped moderate the cost of living for all Singaporeans, promote local businesses and their produce, and give back to the community.
Mr Seah said: “All these are not by chance but deliberate policy and guiding principles that we subscribe to because we are an NTUC co-operative with a social mission.”
