This is a discussion on More than S$1b of deposits in co-operatives within the Local & Foreign Issues forum, part of the Community Lounge category; SINGAPORE : Minister of State for Community Development, Youth and Sports, Mrs Yu-Foo Yee Shoon, said members' deposits held by ...
SINGAPORE : Minister of State for Community Development, Youth and Sports, Mrs Yu-Foo Yee Shoon, said members' deposits held by co-operatives have amounted to slightly over S$1 billion since 31 December 2009.
Speaking at the Singapore Government Staff Credit Co-operative Society's (SGSCCS) 85th anniversary dinner on Saturday, she pointed out the importance of co-operatives to save and manage funds prudently.
This is to ensure that the co-operative is able to stay resilient in any economic downturn, and continue to have the ability to help members who are financially affected.
Mrs Yu-Foo also said it is crucial for committee members to work cohesively together to strengthen the co-operative movement.
She added that the lack of cooperation within a co-operative is detrimental to members' interest. It also tarnishes the co-operative's image.
Mrs Yu-Foo said that all its hard work can be undone by divided co-operative committee members furthering their narrow factional interests instead of serving members.
SGSCCS is the first Thrift and Loan co-operative society established in Singapore.
This year, the cooperative has given close to S$66,000 in scholarships to some 340 children of members.
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