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Wednesday, May 07, 2008

Is NTUC Income Spending Millions Extravagantly?

Is NTUC Income spending millions extravagantly on renovations, meeting room venues, retreats, etc at the expense of policyholders? All these changes are initiated after the departure of former CEO, Mr Tan Kin Lian. Despite a high investment yield in year 2007, annual bonuses are cut. Is this right for a co-operative to do that?

NTUC Income management will have a busy evening in their upcoming 30th May 2008 AGM.

I quote a comment posted on

"hi there, i was an Ex-Employee.

To tell u the truth, i have seen such extravagrant spending by the management.

The meeting rooms are all renovated to look like lounges. The CEO’s room is the most impressive. If u dun believe me, do go there and check it out. It’s on the 6th floor of Income Centre.
The lobby of the 6th floor looks more like a hotel lobby than an office.

Meetings that were previously held at Kreta Ayer during Mr Tan Kin Lian’s era is no longer happening.

Meetings are now held at the posh Ritz Carlton, Suntec City, Esplanade, Swissotel Stamford to name a few.

Management retreats previously held inhouse are now held at posh locations throughout the island.

I dun see the reason why they need to spend such unnecessary money on all these. It could be better save and distributed to us as bonus.

Even when the economy was doing so well last year, our employee’s bonus was cut from 2 months to 1.81 months.

So it is not just policyholders who get the bonus cuts. Employees too. I think probably the senior management will get the fattest bonus.

The new CEO should declare how much all the senior management personel get for their bonuses. Are you guys aware that most of the senior management people now are from Prudential?? The new CEO has replaced practically most of the general managers with people from his ex-company.

This is totally unfair. Impressive investment earnings but bonuses cut????

I was disgruntled with the new management. That was why i left.
In the past, this was never the case. Under Mr Tan KL, our bonus every year is still 2 months.

Even during the economic crisis, though our bonuses are cut, we are still getting some unlike other companies with retrenchments.

Mr Tan KL is a very compassionate person. Even though he is strict with us, ultimately it is for the benefit of all policyholders and employees.

I still remember when the CPF rate was cut. Mr Tan introduced the 1month leave for employees with 3 years of service. This was such a wonderful benefit. However, since the new CEO has assumed his post, this benefits have been removed with many other good benefits too.

The new management is spending money like nobody’s biz. It is as though it was like the NKF case.

[Comments deleted by TOC moderator.]

Are you aware that the renovation cost of the NTUC Income centre cost more than the $3m bucks mentioned? They should be open with all these transactions.

Also are you aware that NTUC Income paid for all the new CEO insurance plans premiums amounting to more than $50k each year.

Are you guys also aware that the marketing agencies that NTUC Income engage cost more than $2m per annum?

Are you people also aware that the Ho Chi Min tour for the agents cost more than $1m of policyholders money?

Since the AGM is coming, why dont someone just bring these issues up to the Board of Directors??

We really need to stop the unnecessary spending for the sake of all policyholders.

TOC moderator’s note: Dear Lim, your comments are edited to disallow personal information which you posted.

Above comments are extracted from

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