24 March 2008
FairPrice launches NTUC FairPrice Foundation with a pledge of $50 million over 10 years
24 March, 2008, Singapore’s largest supermarket retailer NTUC FairPrice today announced the official launch of NTUC FairPrice Foundation, a registered charity with the mission to provide “A Better Life for the Community”.
At the launch, NTUC FairPrice pledged S$50 million in donations over 10 years to NTUC FairPrice Foundation, which is 100 percent funded by the NTUC social enterprise. NTUC FairPrice Foundation will focus on three strategic thrusts – to help the poor and needy, to help in nation building and community bonding and to advance the welfare of workers.
Chairman of NTUC FairPrice Foundation Mr Ng Ser Miang said: “Over the years, NTUC FairPrice’s founding social mission to moderate the cost of living has been the key driver in our business operations. As a social enterprise, our aim is to do well in order to do more good. NTUC FairPrice Foundation is a milestone achievement towards our vision to be a world-class retailer with a heart.”
As a start, NTUC FairPrice Foundation today presented a total of S$1 million in grants to four beneficiaries. S$400,000 was given to Eldercare Trust, a registered charity aimed at providing financial aid for the elderly by facilitating fundraising efforts of NTUC Eldercare. Community Chest received S$300,000, in aid of Bright Hill Evergreen Home, Care Corner Family Service Centre (Queenstown), Hospice Day Care Centre and Lions Befrienders. The foundation also donated S$200,000 to Food from the Heart and S$100,000 to NTUC Childcare Bright Horizons Fund. Food from the Heart runs a voluntary food distribution programme providing unsold bread from participating bakeries to 120 welfare organisations. The NTUC Childcare Bright Horizons Trust Fund provides financial aid to low-income families, enabling their children to benefit from pre-school programmes at NTUC Childcare centres.
Board members of NTUC FairPrice Foundation comprise FairPrice Chairman Mr Ng Ser Miang, FairPrice Director Mr Willie Cheng and FairPrice Group CEO Mr Tan Kian Chew. FairPrice Director of Marketing and Corporate Communications Mrs Teo Poh Yim is the foundation’s General Manager while FairPrice Legal Director Mr Poh Leong Sim also serves as Company Secretary.
NTUC FairPrice was founded by NTUC to combat the social problem of profiteering in the 1970s. Three decades later, the NTUC co-operative continues to fulfill its social role of moderating the costs of living and serving the community. With NTUC FairPrice Foundation, FairPrice is now able to provide a better structure to its corporate giving and contribute to causes that are aligned with its social mission in a systematic and sustained manner. The foundation also serves as an institutional tribute to FairPrice’s commitment to serve, care and share with the community at large.
Last year, NTUC FairPrice gave more than S$2 million to various community projects and charity organisations. Over the years, the co-operative has contributed millions of dollars to make the good life accessible to all segments of the community. As part of its social mission, FairPrice initiated programmes to help the community moderate the cost of living. Last year, FairPrice gave S$1 million worth of food vouchers to help needy Singaporeans cope with the 2 per cent GST hike and absorbed the GST hike for 400 essential items for six months. Most recently, the co-operative extended its 5 percent discount on more than 500 housebrand items till end April, to help Singaporeans mitigate the impact of rising food prices.Back