Mr Ng Ser Miang, Chairman, NTUC FairPrice

In 2009, the US financial crisis resulted in a meltdown of the global financial system and a slowdown for economies around the world, including Singapore. It was amid this challenging environment that NTUC Fairprice Co-operative Limited announced its $15 million help package – a series of measures to help all stakeholders cope with the downturn.

For suppliers caught in the credit crunch, FairPrice set aside $30 million to speed up payment and pledge to pay them on a 30 -day term instead of 60 days. The scheme also included discounts on listing fees and advertisements, and assistance in promoting products made in Singapore. About 500 local small and medium enterprises (SMEs) identified under the FairPrice SME Assistance Programme would directly benefit from this. The programme underscored FairPrice’s commitment to suppliers who have supported the supermarket by keeping prices low so that essential goods are available at affordable prices.

For its more than 6,000 staff, not only has FairPrice made the commitment not to retrench staff for the year, it will also use this opportunity to train and upgrade their skills, and look for new talent for succession planning. It is investing $500,000 on a core customer service training programme that will train some 5,000 frontline staff to deliver better customer service. For financially-stretched employees, FairPrice provides hardship grants and a salary advance scheme to help them tide through the recession. Each year, FairPrice also gives out $500,000 worth of study grants to enable children of staff and members continue their education.

Group Chief Executive Officer Tan Kian Chew also said that the $10 million savings a year that is estimated to derive from the Government’s Jobs Credit scheme would also be ploughed back as further discounts for customers. Any additional funds would also be channelled to other philanthropic causes.

NTUC FairPrice Foundation

The NTUC FairPrice Foundation has contributed $7.2 million to the community since its launch in March 2008. Beneficiaries of the Foundation include NTUC First Campus Bright Horizons Fund, NTUC Eldercare, Community Chest and Food from the Heart. This year, the Foundation is committed to contributing at least 20% more to help provide a better life for the community. The Foundation will also continue to support the various Community Development Councils with the FairPrice Food Voucher Scheme to help needy families meet their essential needs.

As an NTUC Social Enterprise, FairPrice has been supporting the Labour Movement over the years. Last year, FairPrice supported NTUC with $4.2 million of funding, including a donation of $3.5 million to NTUC to help low-wage workers cope with rising food cost. This year, FairPrice aims to give at least 50% more to help workers tide through the recession.

Renewed Commitment to the Labour Movement

FairPrice launched its new logo in August 2008. The logo reflects the revamped image of NTUC and is a symbol of FairPrice’s renewed commitment to the Labour Movement. Minister Mentor (MM) Lee Kuan Yew officiated the launch of the new logo at FairPrice’s first supermarket store at Toa Payoh Lorong 4. The location is significant because MM Lee also opened the first store 36 years go at the same place.

FairPrice was founded by the Labour Movement in 1973 with a social mission to moderate the cost of living in Singapore. From one supermarket over 30 years ago, it has grown to become Singapore’s largest retailer today.

Board of Directors

List of Social Enterprises: