NTUC Income has launched a new charity initiative, OrangeAid, which combines both monetary donations and volunteer work.

Under OrangeAid, the insurance cooperative has pledged 1 per cent of its annual insurance operating profits to benefit disadvantaged children and youth. Based on Income's 2009 financial performance, this is expected to come up to $1.5 million in OrangeAid's first year.

A further $1.5 million will be raised from its policyholders. Income will reach out to them through social media platforms such as Facebook and Twitter.
Income has about two million policyholders at present.

'OrangeAid is about getting many people to make small donations which, collectively, will form a big fund,' said Income chief executive Tan Suee Chieh last night when he launched it at Income's 40th anniversary celebrations.

Among its chief beneficiaries are the Assumption Pathway School, for students who have failed their Primary School Leaving Examination at least once; the Singapore Children's Society; and the Moral Home for the Disabled, which provides care, education and a home to intellectually disabled children.

NTUC Income's new charity