Loh Kian Hin, Assistant Executive Secretary, UWEEI

NTUC Thrift and Loan Co-operative Limited’s primary social goal is to promote regular monthly savings to better prepare union members for financial emergencies. Thrift remains committed to this social role and widened its product offering to cater to the young and old alike.

Thrift promotes the habit of saving by offering members attractive rates for its Savings Account. Savings deposits grew by 73 per cent, from $26 million in December 2007 to $45 million in December 2008. Using the convenience of GIRO, many members have signed up to save an average of $1.6 million monthly to enjoy higher interest on their savings.

Enbloc Savings Scheme

The Enbloc Savings Scheme was another significant feather in the cap for Thrift’s efforts to do good, do more and do together with our unions. The Enbloc Savings Scheme was started with branches from various unions – such as Amalgamated Union of Statutory Board Employees (AUSBE), United Workers of Electronic and Electrical Industries (UWEEI), The Singapore Manual and Mercantile Workers’ Union (SMMWU) and Healthcare Services Employees’ Union (HSEU) – to encourage Ordinary Branch members to save on a regular basis. Thrift was able to work with NTUC and its industrial relations officers to make this special scheme a success and it has been very popular ever since.

Bonus Savers Account

For General Branch members, Thrift has the Bonus Savers Account – a save-as-you-earn plan for members to save monthly via GIRO. Not only will members earn attractive interest on their savings, they will also enjoy bonus interest-on-interest earned*. There are currently 2,500 members who have saved approximately $10 million in their Bonus Savers Account.

Since 1998, NTUC Thrift has been steadily growing. As at end 2008, membership enrolment exceeded 84,000. Application is open to all members of NTUC-affiliated unions and cooperatives.
*Terms and conditions apply.

Board of Directors

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