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.

Channel NewsAsia - More than S$1b of deposits in co-operatives -