Model ID: 6f090f57-e919-4e4e-a77e-825b7d3bf7f6
Sitecore Context Id: 6f090f57-e919-4e4e-a77e-825b7d3bf7f6;
The National Trades Union Congress (NTUC) has established an NTUC Foundation endowed with an initial funding of $250 million, which will be invested to provide a sustainable source of income to support NTUC’s efforts in boosting the welfare of our members and their families. The NTUC Foundation was fully incorporated on 27 April 2021.
At present, NTUC provides direct support to vulnerable members through its U Care initiatives in the form of financial assistance and grants. To fund these efforts, NTUC has had the strong support of donors, including the Singapore Labour Foundation, NTUC Social Enterprises, affiliated unions, private sector corporations and individuals over the years. The NTUC Foundation will complement these efforts, providing a stable income stream that will enable NTUC to take care of the needs of members, even in economically difficult years.
The NTUC Foundation will also better enable NTUC to diversify the type of support provided and respond to the changing needs of members through economic ups and downs. Efforts will be targeted at boosting the welfare, working conditions or social and economic status of our members, as well as providing members’ children, especially those from lower income families, a good start in life and a good education.
Speaking at the NTUC May Day Rally, NTUC Secretary-General Ng Chee Meng said, “NTUC wants to do more to boost the welfare of our members and their families. Since the COVID-19 pandemic hit, we have seen the care needs of our members increase, while the ability of our donors to contribute naturally declined. The NTUC Foundation will be well-placed to improve funding stability for valuable causes that support our members and their families through the ups and downs of life and the economy, giving hope for a better future.”
The announcement was made at this year’s NTUC May Day Rally, an annual signature event of NTUC, where Prime Minister Lee Hsien Loong was the Guest-of-Honour. It took on a hybrid approach this year with some 200 key Labour Movement leaders and tripartite partners coming together at Downtown East to reaffirm our collective commitment to advance our workers’ interests. The rest of the Labour Movement family, comprising union leaders and invited guests, attended the event virtually through Zoom.
2021 is a significant year for our Labour Movement as we mark 60 years since NTUC’s founding on 6 September 1961. At the event, as we looked back at 60 years of endeavours and achievements, we remain true to NTUC60’s theme of “Members First, Workers Always” – providing a positive differentiation for our members whilst keeping our workers at the heart of everything we do because every worker matters.
# # #
