Stewardship Day 2026

Mr Tng Ah Yiam, Chairman of the Singapore National Co-operative Federation (SNCF),

Members of the Central Co-operative Fund Committee,

Distinguished co-op leaders and members,
Ladies and gentlemen,

Boys and girls,

Good morning.

1. It is my pleasure to join you this morning at the inaugural Stewardship Day.

2. Thank you SNCF for organising this meaningful initiative, and for your continued work in strengthening the co-operative movement in Singapore. Let’s give another big round of applause to all our members.

VALUES MATTER

3. This year’s theme, “Delivering Value Through Values”, is especially relevant today. We are living in an increasingly divided and troubled world, where trust across many societies is being eroded and communities are becoming more fragmented. In such an environment, what holds us together is the strength of our people-to-people relationships, the strength of our community spirit, and the trust that we place in one another.

4. At the heart of it are our shared values.

5. Our shared values define who we are, how we act together as a community, and are the firm foundation for a cohesive and resilient society that we want to build. These shared values are part of what has made Singapore exceptional in the last 60 years and have held up across generations. They have also shaped how we treat one another, and how we build our society together.

6. And our co-ops reflect these shared values. For more than a century and long before independence, our co-ops were already doing what government and markets alone could not – pooling the resources of members to deliver mutual help, resilience, and a sense of belonging. This sense of working together, delivering value for one another – embodies our spirit of gotong royong, and our ideals of a “We First” society.

STEWARDSHIP MATTERS

7. So the Government will continue to support the co-op movement to advance this social mission that we all believe in. Earlier this year, MCCY announced that we will commit up to $30 million through the 10-year Transformation Roadmap, which was developed together with all of you – more than 1,200 stakeholders who gave us ideas and comments to help co-ops scale, to rejuvenate, and to deepen the social impact we are building.

8. The Co-operative Stewardship Programme and today’s inaugural Stewardship Day is a key part of the roadmap, and aims to empower 250 co-operators as custodians of the movement by 2035, strengthening stewardship culture across the sector.

9. So, what is a steward? A steward is someone who holds something in trust, for those who came before, and for those who will come after. Every leader and member present here today is a steward of something precious – the trust that our members placed in us when they first joined our co-ops. Through this, we aim to build a new generation who lead with values, serve with purpose, and deliver even more value to members and Singaporeans.  

10. To every single co-op and steward here – whether you are beginning your journey or, like Mr Tng Ah Yiam, have been serving for 43 years and beyond – thank you for your contributions and for looking after the welfare of our members, workers, and Singaporeans. Our co-ops collectively serve millions of Singaporeans. For example, the more familiar ones like NTUC FairPrice keep daily essentials affordable for Singaporeans. There are also co-ops like GP+, which brings healthcare professionals together to improve access to integrated care through its collaboration with Allkin Singapore, while Runninghour promotes inclusion through sports for persons with special needs. Together, our co-ops demonstrate how deeply they are woven into the everyday lives of Singaporeans. We should be very proud of what this movement stands for, and I believe its best years are ahead.

REDUCTION IN SECOND-TIER CONTRIBUTION RATE

11. Which brings me to what I want to announce today. If we ask co-op members to be good stewards, then we must also ensure that our co-ops have the resources to do so.

12. The Central Co-operative Fund plays a vital role in our movement. It funds training, development, and collective capabilities that no single co-op can build alone. That remains essential.

13. But during our engagements with more than 1,200 of you, you told us that you would like greater capacity to invest directly in your members – to provide lower prices, to fund more programmes, and to benefit more members and more Singaporeans. I agree.

14. I am pleased to announce that MCCY will reduce the second-tier contribution rate to the Central Co-operative Fund (CCF) and Singapore Labour Foundation (SLF), from 20% to 15% – a 5% drop.

15. This is a meaningful change. The 5% reduction in contribution rate means for every dollar of surplus above 500k, our co-ops can retain more for your members, for your communities, and for advancing your social mission. The CCF and SLF remain committed to support the long-term development of the co-op and Labour movements in Singapore respectively.

16. The revised rate of 15% will apply to financial years ending on or after 31 December 2025, with contributions payable from July 2026 onwards. Please use the 5% savings to make things better for your members, your communities and for all Singaporeans.

CLOSING

17. To everyone here today – our co-op leaders, our members, and fellow Singaporeans who care about this movement – thank you for believing in our social mission, and thank you for believing that we can build a better Singapore together.

18. Stewardship begins with anyone willing to put purpose before self, and anyone who believes that we can contribute to something bigger than us. That spirit is what has sustained this movement for over a century. And I am very sure that all of you here today, and more importantly the younger ones among us, will continue to sustain this movement for many years to come.

19. I wish all of you a meaningful and inspiring Stewardship Day. Thank you for all that you do for Singapore and Singaporeans.