NTUC Income AR 2018

Deepening our impact with the Future Development Programme In 2018, Income extended its flagship community initiative, the Income OrangeAid Future Development Programme (FDP), for another two years (2018 – 2019). This follows the success of the initiative for the past three years as it provided Singaporean students from low-income households studying in polytechnics and Institute of Technical Education (ITE) with bursaries, financial literacy training, as well as, personal and career guidance. The extended programme will see the FDP offer an additional 800 bursaries, amounting to over $2.0 million, to support underprivileged youths in their school fees and living expenses. Additionally, the FDP launched an Alumni Programme, which comprises coaching and facilitator training to further support current and past FDP beneficiaries to be more future ready. The coaching programme aims to expand the horizons of FDP beneficiaries on alternative career choices and is designed to complement career mentoring programmes at polytechnics and ITE. It also curates coaches based on the youths’ regular feedback on career interests. Similarly, the FDP Alumni Facilitator Training was inspired by feedback from FDP beneficiaries who expressed a desire to give back to the programme. By offering facilitator training, Income OrangeAid aims to groom FDP beneficiaries, who are interested to explore a career as a trainer and equip them with the necessary skill-set, while they earn a small stipend when they return to support their peers at FDP workshops. Contribution to our community In 2018, Income contributed $1.5 million to the Labour Movement. This included a $1.0 million donation to the U Care Fund, which provides assistance to low-income union members and their families. We also continue to contribute 1% of our insurance operating profit to community development initiatives through like-minded Income OrangeAid partners. Last year, Income staff contributed over 3,000 volunteering hours and helped over 2,700 beneficiaries during our annual ‘Income Gives Back’ initiative. CONCLUSION The Directors would like to express our heartfelt appreciation to NTUC, the unions and affiliates, Income’s partners, customers, management and staff for your contributions to Income. It is only with your support and patronage that Income can succeed as a thriving social enterprise and to help people from all walks of life in Singapore achieve financial resilience and be protected against life’s uncertainties. We look forward to another year of innovation and to deliver value and a positive difference to the people we serve through insurance. For and on behalf of the Board of Directors Ronald Ong Chairman 11 2018 ANNUAL REPORT