Forty years and going strong, NTUC FairPrice Co-operative Limited marked its 40th anniversary celebrations with a generous $40 million contribution to the Labour Movement, customers, employees and the less privileged in the workforce and community at its gala dinner at Marina Bay Sands held on 16 April 2013. This is the single largest amountthat the co-operative has given to date.
FairPrice will divide its $40 million contribution equally between four key stakeholders. The Labour Movement will receive $10 million to help advance the welfare of workers. FairPrice members will receive an additional $10 million in rebates .To thank FairPrice employees in appreciation of their hard work, commitment and loyalty, they will receive $10 million as a one-off special bonus while the philanthropic arm of FairPrice, FairPrice Foundation, will receive $10 million to help Singaporeans in need.
Speaking at the event, NTUC FairPrice Chairman Ng Ser Miang (pictured below) said: "Over the last 40 years, FairPrice has stayed true to its social mission of moderating costs of living for all Singaporeans."
The supermarket co-operative has grown since its first NTUC Welcome store set up in 1973 to help moderate the cost of living in Singapore. FairPrice has today become a multi-format retailer with 270 outlets nationwide achieving an annual sales of $2.8 billion, and given $46 million in rebates in the last financial year alone. It has initiated schemes to help customers stretch their dollar. It has also introduced 2,600 housebrand products, offeredspecial discounts or freezed prices in periods of high inflation to help Singaporeans.
Mr Ng shared that FairPrice has strived to be the last to increase prices and first to drop prices as it did for rice during the rice crisis in 2008. FairPrice has also widened its sources to ensure supply of safe and quality food at the best price, importing products from more than 70 countries.
This, he said, was made possible with the strong support of stakeholders which consisted of its 630,000 members, 500,000 daily average customers, suppliers and the Labour Movement "all of whom have contributed to our success and remained steadfast to our cause." Mr Ng added: "The strategic guidance from the Board, the strong commitment of our loyal staff have helped us to become what FairPrice is today.”
Beyond its social mission of moderating costs, FairPrice has stayed committed togiving back to society through the FairPrice Foundation. With donations of over $60 million to the Foundation, it focuses on efforts to help the poor and needy, promote nation building, community bonding and support for workers welfare, as well as the FairPrice Share-A-Textbook Project which has seen over 2.75 million textbooks being redistributed to needy students.
Moving forward, Mr Ng shared that FairPrice will continue to serve its customers and the community “with a heart". On the challenges ahead, Mr Ng shared that there will be many more to come with higher operating costs such as increasing rentals, manpower shortages and increasing food prices but he was confident that the board, management and staff "will continue our efforts to improve productivity, innovate, embrace new technology and stay relevant" to meet the needs of customers and members.
