Celebrating Singapore Government Staff Credit Co-Operative Society’s 98th Anniversary

Speech By Mr Eric Chua, Senior Parliamentary Secretary, Ministry Of Culture, Community And Youth & Ministry Of Social And Family Development, At The Singapore Government Staff Credit Co-Operative Society’s 98th Anniversary Gala Dinner On 18th November 2023

Mr John Raghavan, Chairman of the Singapore Government Staff Credit Co-operative,

Mr Ang Hin Kee, Chief Executive of SNCF,

Distinguished Co-operative Leaders,

Members of the SGS Credit Co-op Society,

Ladies and gentlemen,

1. A very good evening to one and all. First of all, thank you very much for having me here at SGS’s 98th Anniversary Gala Dinner. It is always good to have opportunities like this, to reconnect with friends – and I’m sure there are many around the hall this evening – and also at the same time make new connections and friendship.
2. While we are today back to normalcy, many of us will still remember – and I think not so fondly – the uncertainties and challenges that we faced during the pandemic. But I also remember quite fondly the unity and resilience of our Singapore spirit as everyone worked together so that we emerged stronger as a nation. It is therefore apt for SGS to choose the theme “A Night of Heroes” for its first in-person gala dinner since COVID-19.
3. Many of you in this hall tonight contributed to Singapore’s fight against COVID-19 in many different ways, from helping the community to stay safe during the peak of COVID-19, distributing ART kits and masks, assisting in vaccination centres and many other activities. We also saw efforts from various segments of society – from non profit organisations to corporates to religious and community groups – all of whom banded together to help those in need so that no one is left behind in the fight against the pandemic.
4. Co-ops too played their part to champion the spirit of care for its members and for the greater community during that period. For example, to ease the financial burdens of its members,
1. SGS stepped up to help its members by availing micro loans with expedited processing for those in need and who had to meet urgent financial obligations.
2. SGS also disbursed a special COVID-19 Support Pay-out to members, by way of an additional 0.2% in dividends in each of the last three years.
5. At this juncture, I would like to record my sincere appreciation to SGS for your collective efforts, and for introducing such initiatives to enable and support your members in times of need.
6. A little bit of history – SGS was first registered in 1925 and is Singapore’s first Co-operative. With a history that spans longer than Singapore’s independence, members may have witnessed many changes and transformations of SGS over the past decades.
1. While SGS first started as a thrift and self-help group, it has evolved over the years to provide a wider range of financial support to members such as hospitalisation and accident coverage, and the annual bursary award to support educational pursuits of our children.
2. These are wonderful initiatives as they offer support to members during the different life stages of each member’s lives.
3. SGS has also recently upgraded its technology to allow members to make more transactions online, making it more convenient for members to access services.

Conclusion

7. At the heart of every co-op is the spirit and ethos of social corporate responsibility, and doing good for its members and the wider community.
1. And this includes SGS which has stayed true to its core mission for close to a century to meet the social needs and gaps of its members.
8. It is in that spirit that I would like to say my heartiest congratulations to SGS on your 98th anniversary and I hope that you will continue to positively impact the community that you have served for many more years to come.
9. On that note, I thank each and every one of you and I wish all of you a wonderful evening ahead. Thank you.