Press Statement from Tan Suee Chieh
Chief Executive, NTUC Income

29 May 2008

I would like to respond to a number issues raised by Mr Tan Kin Lian in public forums in relation to the bonus re-structure at NTUC Income.

Since February 2007, NTUC Income has been undergoing a review of all aspects of our business with the aim of strengthening NTUC Income and to achieve the best standards of governance and professional practices.

With that, NTUC Income would be in a better and stronger position to compete and meet the needs of a changing generation of Singaporeans, and to fulfil our social purpose of making insurance affordable, accessible and sustainable.

As a social enterprise, our first responsibility is to protect the interests of our policyholders, individually and as a whole, before taking into account the interests of our employees and shareholders.