Former CEO of NTUC Income calls for “collective protest”
5 May 2008
Former Chief Executive of NTUC Income, Mr Tan Kin Lian, is calling for a “collective protest” against Income’s “bonus cut”.
In his blog posting, Tan says that he “will be asking a lawyer to organise policyholders who wish to submit a collective protest against the bonus cut. This will be sent to the board of directors and to MAS.”
Here are two excerpts from Tan’s blog posting.
We have bought many life insurance polices with NTUC Income that are affected by the recent cut in annual bonus. The reduction in bonus is about 45%. We understand that this large cut will apply not just for one year but for every year into the future.
When we bought the policies, we were given a benefit illustration showing how the future bonuses would be distributed. While the actual bonuses were not guaranteed, we expect that NTUC Income would honour the underlying promise to distribute the bonuses in the manner that was illustrated.
You can read the entire blog posting here: Tan Kin Lian.
To participate in the protest, click here.
Read also: “Tan Kin Lian, an upset Income customer” by TODAY.
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NTUC really cannot make it. Never Trust Union Chief. This is very true. They even duped their former CEO. How to buy their products?
since the CPF affects everyone - what about protesting the CPF scheme - withdrawal from 55 to 62 to 67 to death bed.
This was also a fracture of what was promised in 1970s and what was deleived in 2008.
Rgds
When the PM, MM, SM says it is golden age of Singapore to come. So is this the beginning of golden age ?
Policy and contract that went back on its words ? Won’t this be precedent for others ? Is this only applicable to government related company ? What if it is private company, will there be penalty/fine from the government ? Is this another case of double standard ?
Mr tan,
you also earn a good salary last time as CEO. why care so much??? relax lah. i thought only those at the bottom of society & hard press for money for a living will do such thing. any way i bet nothing positive will come out of any protest. all i know is very simple, earn enough money and leave this sick country.
What happened to the old postings ?