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IMPERIAL BEIJING TOUR SURPRISE
Where’s the panda?
A S E NS E O F B E LO N G I NG
NOVEMBER 2014 Mica (P) 079/01/2008
FROM THE CHAIRMAN
Let’s make 2015 the best:
AS I pen the
final words for
the last SENSE
issue of 2014,
I wish to say many,
many thanks to
you, the members,
for making this
12-month
season yet
another
memorable
one.
We must be ever vigilant, cautious
and responsible as we move ahead, ahead
of unpredictable global and regional
times. That’s why in the last issue of SENSE
magazine, I touched at length on the
cautionary protections in place against
fraudulence.
Yes, I welcomed the many members
who called to enquire further on the
finer aspects of financial protections in
place. Aside from confidential risk security
details which cannot be revealed, I have
explained at best to members and
I can say this, yet again, that our internal
controls are as safe and up to date as
can be.
But I think I need to explain
generally the query on depositor
insurance. Is there such a protection
to safeguard deposits placed with the
co-operative by way of a depositor
insurance, like the banks do?
The answer: We guarantee
deposits placed with your cooperative but not in ways the banks
do by way of depositor insurance.
As a regulated credit co-operative
(now professed as a regulated social
enterprise) capital adequacy is our single
most important supervisory requirement
for managing risks. We plan our
annual budget and maintain long
and short term business plans to
ensure we achieve capital adequacy.
Let me reiterate that the Registrar
stipulates the regulatory capital standards
for capital adequacy. The Registrar’s
COVER shows SGS Co-op members training
their cameras and mobile-cameras to catch
quick glimpses during the recent Imperial
Beijing Tour. Full reports and photos on
Pages 6 & 7
1 Sophia Road #05-21 Peace Centre Singapore 228149 Tel: 63374936 Fax: 63396772 Email: [email protected] Website: www.sgs.coop
OPERATION TIME 9.00am to 7.00pm (Mon - Fri) 9.00am to 1.30pm (Sat)
Chairman
John Raghavan, PBS, PB
Asst Hon Treasurer
Abdul Alim Karim, PBS
Vice Chairman
Lim Huan Chiang, JP, BBM (L)
Committee Members
Somoo Neelakandan, PBS
Tan Pin Cheow
S Mohan
John Michael
Ab Majid Sahid, PBS
Hon Secretary
Tan Hung Cheng, PBS
Asst Hon Secretary
Lim Hee Joo, PBS
Hon Treasurer
S. Sundram, PBS
General Manager
Martin Nathan, PB, PBS,
Pingat Kepujian
Manager
(Business Development,
Marketing & Communications)
Prabha Chandran Seth
Corporate Support Officers
Nur Ashiqin Mohd Rosley
Serene Teo Chuan Hong
Jaya Sudha
Manager
(Accounts & Finance)
S Ramesh
Editorial & Design
DECdesign Pte Ltd
Accounts Executive
Wan Shahida
Rajah Sithamparam
PLEAS
UPDA E
TE:
Remin
der to
to upd
memb
ate
ers
and ba home addre
s
nk acc
ounts s
(if the
re are
chang
es to th
ese).
Plea
SGS Co se call
-op off
ice.
SENSE is the bi-monthly publication of The Singapore Government
Staff Credit Co-operative Society Limited. The views expressed are those
of the authors and do not necessarily reflect those of the Society. No part
of this publication is to be reproduced, stored, transmitted, digitally or
otherwise, without the prior consent of the publisher. The information
contained herein is accurate at time of printing.
: SG50 & SGS90
written directive on Capital Adequacy
Ratio (CAR) and Minimum Liquid Asset
(MLA) are set standards to comply to
build capital adequacy and maintain and
develop institutional capital.
This may seem a little boring,
but please let me explain: For a Tier ‘A’
(SGS Co-operative is Tier ‘A’), the
requirement is to achieve a CAR of 8 per
cent and MLA of 15 per cent before June
2014 (we’ve achieved this) and 10 per cent
CAR and 15 per cent MLA in second half
2014 (this is achievable) and attain 12 per
cent CAR and 15 per cent MLA by June
2016 (we have to increase annually our
retain surplus to achieve this).
While institutional capital is
not distributable, we work hard
to derive income from it which
ensures sufficient liquidity for your
co-operative. So rest assured, your
deposits be it subscriptions, savings
and fixed deposits are in very good
hands.
On building institutional capital
(to meet CAR and MLA requirements)
we work closely with renowned
financial institutions and banks to drive
investments. Our financial confidants work
closely with our Investment Committee to
place the right investments in a managed
risk environment especially since annually
now, we plan to generate an additional
$1 million in revenue for adding to
institutional capital to meet regulatory
requirements.
While these driving forces are
challenges, we are confident we have the
right people to supervise, manage and
monitor to take us through to meet these
milestones.
I also want to touch on our mega
membership drive to attain 10,000
members for our 90th year celebrations
next year. We have placed recruitment
advertisements in the popular Civil
Service Club magazine ‘Fusion’ and it has
generated much interest.
The recently-launched ‘Champion
Recruiters’ are also drawing in new
members. We have also increased our
presence at Civil Service departmental
road-shows to increase awareness.
To date, about 500 new members
have come in but we need to recruit
another 3,500 members to achieve
the 10,000 members’ milestone mark.
In the spirit of our ‘Sense of
belonging”, I urge you to recruit at least
one colleague or family member to help
achieve the target. And we will reward
you for this noble gesture.
My management recently had a
‘Boot Camp’ to brain-storm constructive
ideas in order to pragmatically forge
forward the next 10 years. I will share
insights on this in upcoming SENSE issues.
The November 8 celebrations
for the 89th anniversary at Orchard
Hotel promises to be a thriller with a
traditional Peranakan theme, where
you’ll get a value-add dosage to the
historical significance of an ethnic
Chinese population of the British Straits
Settlements of Malaya who played a
significant role in Singapore’s half-century
heritage.
The Peranakan’s historic past follows
that of the origins of our beloved cooperative, which from the 1920s, helped
multi-racial migrants in order to trade
and escape the hardships back in their
homeland. We helped to build their new
lives to modern-day Singapore, where we
stand as the oldest credit co-operative
with an immaculate 89-year history.
And do remember, that the
Peranakans worked hard and
today’s history books track some
of the famous people with Peranakan
heritage in Singapore as the Lee Kuan
Yew family, Goh Keng Swee (First
Deputy Prime Minister), Wee Kim Wee
(Fourth President) and Tony Tan Keng
Yam (Seventh President).
Like the Peranakan community,
we’ve also written more refreshingly new
chapters as the most forward-looking
credit co-operative and next year will
be symbolic as we celebrate Singapore’s
50th Golden Jubilee (SG50), befitting our
Society and our Nation, together with
SGS90 (our 90th anniversary bash).
Finally, as I close my final words
for the 2014 season, may I thank every
member for their whole-hearted support
and encouragement. Your membermanagement bondship creates the
traditional “Sense of Belonging” feel and
the management offers heartfelt wishes
for the upcoming Christmas and New Year
festivities.
Let’s make 2015 the very best: SG50
with your families and neighbourhood
and SGS90 as we blow candles for our
landmark 90th anniversary.
John Raghavan PB, PBS
Chairman
3
QUOTES
1
Nyonya: Peranakan Story.
The ‘89’ anniversary
bash on November 8 at
Orchard Hotel salutes the
wonderful historic tale of
the Peranakans, one of
the earliest founders to
half-century of Singapore
independence. Here are
some congratulatory
messages from Singapore
co-operative bosses
Every anniversary is a perfect reason to celebrate.
Next year, there will be double celebrations as your
90th birthday lines up perfectly with the nation’s
SG50 celebration. SG50 is a significant milestone for
our country. It is a timely occasion for us
to look back on how far we have come
together as a nation. It is also an
opportunity for us to celebrate our
shared values, affirming our aspirations
and committing to a better Singapore.
Minister of State (Health) Dr Lam Pin Min. Guest of Honour,
89th anniversary D & D
SGS Co-op has weathered through major financial crisis
and economic downturns. The fact that the SGS Co-op
still stands tall and strong today demonstrates the
resilience and the can-do spirit of the co-op leaders as
well as the trust and faith the members
have in their co-operative. As the
pioneer co-operative formed by civil
servants, you continue to stay very
relevant to the needs of members.
Chairman, Singapore National Co-operative Federation:
Mr Chan Tee Seng
2
For photo highlights
of ‘89’ anniversary bash,
please click:
http://www.sgs.coop/
after Nov 22 2014
4
As a pioneer in the co-operative movement, SGS
Co-operative, established in 1925, has made
commendable progress in helping members and
their families meet their financial, socio economic
and welfare needs. Led by a very pragmatic
Chairman, you have ensured that members
benefit from professional services and innovative
programmes.
Chairman, Custom Credit Co-operative Society: Mr S. Krishnan PPA, PB, PBS
3
89TH ANNIVERSARY BASH
5
4
The longevity of your organisation
is a testament of the
effectiveness and quality
of your service. As we move
forward in today’s challenging
environment, co-operatives
must stay current and
relevant. We must adapt and
innovate to continue to serve
members in modern context.
I have no doubt that the dynamism
and creativity displayed by the
leadership of the SGS Co-operative
will continue to be up the task.
Premier Security salutes SGS
Co-op for staying true to its mission
and purpose since its formation
89 years ago. Many civil servants
and their family members have
benefited from the financial
services and welfare benefits
provided through these years.
I am confident that SGS Co-op
will continue to be relevant and
to bring more benefits to its
members for many more years
to come.
Chairman, Premier
Security Co-operative:
Mr Lim Chee Pheng,
P. Kepujian
Chairman, TCC Credit Co-operative Limited.
Vice Chairman, Singapore National Co-operative
Federation: Dr. R. Theyvendran PBM
Your auspicious 89th anniversary celebration marks another
important milestone of the co-operative movement in Singapore
as you are the first co-operative. The tireless effort to recruit and
retain members from the Civil Service, Statutory Boards and
Government-owned companies speaks volume of your co-operative
belief that membership is the real strength in an organisation.
Today, your strong membership of more than 6,000 has propelled
you to be one of the leading credit co-operatives in Singapore.
Chairman, Citiport Credit Co-operative: Mr K. Rajaram
6
7
You have continued to invest time and resources into our communities
we serve through strong economic development leadership and other
initiatives. You will certainly continue to grow with the communities you
serve and will continue to implement innovative solutions to operate your
cooperative as efficiently as possible.
We are proud of your past successes and of all the employees and board of
directors who worked hard to attain them. Those successes add strength to
the foundation from which future achievements will rise.
Chairman, Singapore Statutory Board Employees Co-operative Thrift & Loan Society: Mr S. Gulam
5
TOUR SUCCESS: IMP
Beaut
VISITING China at the coolest
and most colourful time of the
year, in September, proved to be
a big bonus for 70 members.
6
Needless to say the “Imperial Beijing
Tour” at $450 per person sold like very,
very hot cakes, with an unusual wait-list
of close to 100!
But Beijing with its rare cultural
heritage and traditionally long history
surprised the multi-racial brigade of
Singaporean members.
Ms Maliha Seenivasan, who
came with hubby and 22-year-old
daughter, said: “The five-day tour was
absolutely fantastic. More than value
for money. We gained invaluable
experience setting foot on Chinese
soil. Kudos to SGS Co-op for putting
together a wonderful and reasonable
holiday.”
Among the exotic Chinese
monuments visited were Tiananmen
Square, Forbidden City, Summer Palace,
PERIAL BEIJING VISIT
tiful Beijing
Niujie Mosque, Bird’s Nest (Beijing
National Stadium) & Water Cube, Jingshan
Park, Wangfujing Street, Xi Shui Street,
Silk Street & Donghuamen Street for
shopping!
Even the Great Wall of China - the
only man-made architecture that can
be seen from space - got even the older
members thrilled that they forgot their
ages for a moment and boldly scaled
the great meandering walls to hike up
hundreds of steps uphill.
“It’s a chance of a lifetime to see
Beijing at its coolest best. It was just
unbelievable,” said Mr V. Rajasekaran.
“It was definitely the best tour organised
by SGS Co-operative.”
Veteran member Mr Fam Kum Yong
praised: “Great trip. So good and well
organised tour. We just got to see so much
for so little money!
“My wife and I are still talking about
it to the envy of our friends. We met so
many wonderful members on this tour,
who are our new friends.”
Even the accommodation and
meals were perfect for the non-Chinese
members.
Ms Ratnawati Mohd Kassim said: “
It was a very good decision to make it to
Beijing, when the weather was at its best.
There was nothing to worry about even
our halal meals were full of variety and
tasty.”
Look out for the 2015 tour packages,
to be announced in the next issue of
SENSE.
For more photo highlights of
the Beijing tour, please click:
http://www.sgs.coop/
7
PIONEER SERIES: KRISHNAN KUTTY NAIR
‘Respect beg
As Singapore honours the
contributions of the Pioneer Generation
in nation-building, SENSE salutes the
co-operative veterans, starting with former
SGS Co-op manager K.K. Nair
RESPECT is a seven-letter word closest at heart of
retired SGS Co-operative manager Krishnan Kutty
Nair, who is featured in the first-of-a-series of
interviews on SGS Pioneers.
Respect begets respect: This threeword liner which has been the endearing
work philosophy of Mr Nair, who diligently
served for 36 years.
Recalling his early years when he
worked at an old office at Empress Place,
where he started as a part-time bookkeeping clerk at $150 monthly salary on
February 11 1953, he says: “We used a
very small office which was next to the
canteen. There was no air-condition and
at low tide, we got to relish the smell of
8
the sea, which may not be pleasant all the
time!
“We had about 3,000 members
and we were known as the Singapore
Government Servants’ Thrift & Loan
Society. But we had a nice time working
for the organisation and interacting with
members.”
Mr Nair was later promoted to
assistant secretary, office superintendent
and later manager before he retired on
December 5 1989.
“My working philosophy
was simple and straightforward. I
respected every member and office
colleague, regardless of their social
standing. I’ve always believed that
respect begets respect.”
Although he retired from co-operative
work 25 years ago, Mr Nair, 84, still continues
to work part-time with the a social-charity
Malayalee organisation called Temple of
Fine Arts. “This keeps me lively and my
mind active,” he says with a smile.
gets respect’
Photo shows Mr Nair with (from left)
son, Suresh, grand-daughter Nikhila
and daughter-in-law Maya
Mr K. K. Nair (above) started as a part-time
book-keeping clerk at $150 monthly
salary on February 11 1953. He was later
promoted to assistant secretary, office
superintendent and later manager before
he retired on December 5 1989.
From the village of Chellekey in
Trichur District in the southern Indian state
of Kerala, he came to Singapore by sea in
1952 and got his first job at RAF Changi as
a typist. “Very challenging times,” he recalls,
“and within a few months, I got a job as a
part-timer at the co-operative.”
He first served under the chairmanship
of Loke Weng Chee, who was the first
Clerk of Parliament. “A very loyal and
dedicated gentleman,” he says. “He always
had the hearts of members and got on
very well with the membership grassroots.”
He also worked under subsequent
bosses like N.A. Kularajah, R. Chidambaran,
Sinnathamby, Y. Rajagopal and A.A. David.
Mr Nair married in 1959 and has three
sons, Suresh, Sumesh and Sudhesh. He
also dotes on his only grand-daughter,
seven-year-old Nikhila, who he lovingly
adores.
Among the VIP co-operative
members he remembers was
S.R. Nathan (the sixth President of
Singapore). He says: “He used to
work with the Ministry of Labour in
the 1960s. A very humble and goodhearted man.”
As a final question, Mr Nair was asked
why he got on very well with members
and staff. Smilingly, he replies: “I always
stood neutral on any issues. I seldom, if
ever, engaged in co-operative politics and
this earned me the respect of the majority.”
Indeed, in his prevailing life
philosophy, respect begets respect.
9
EDUCATION: BURSARY AWARDS
No price for educatio
REMEMBER: Be the
best you can be,
educationally.
This was Chairman
John Raghavan’s
message to bursary
award winners.
10
He drove home this point in his
opening speech at the Sinnathamby
Memorial Co-Operative Educational
Awards Presentation Ceremony, where
287 students received $56,200 in bursary
awards on August 16.
Touching on what Prime Minister Lee
Hsien Loong said in his recent National
Day message that your learning should
not stop when you graduate from ITE
or polytechnic, he reminded that the
government will help further studies,
but the academic route is not the only
way up. Indeed, the government will
also help upgrade while you work and
will help master specialised skills, and
earn advanced qualifications in your
careers. Mr Raghavan said: “Helping every
one achieve your potential is not just
a matter of continuing education and
training. It is also a matter of social values.
As Singaporeans, we must judge a person
not just by his educational qualifications,
but also by his skills, contributions and
character. This is how, as the Prime
Minister says, we keep Singapore a land of
hope and opportunity for all.
Let me commend every
bursary recipient, your parents and
family friends. You, the younger
generation and potential future leaders will,
hopefully, come in one day and set refreshingly
higher standards for the co-operative, after
graduating in the best way from schools,
junior colleges, ITEs and
universities.
on best
“Rightly so, we’re using the
momentum of the Prime Minister’s
inspiring speech to the younger
generation to focus on your most
valued asset: Education.”
The Sinnathamby Memorial
Scholarship Awards was launched
in 1959 in tribute to the late Mr.
Sinnathamby, who was an active
member from 1939 to 1954. He was
kind and helpful towards fellow
members and was instrumental in
achieving the Society’s objectives.
“We are looking to introduce,
hopefully, full scholarships and more
bursary awards. That means more money
would have to be channeled into this
but, at the end of the day, it is a worthy
effort simply because money cannot buy
education,” added Mr Raghavan.
He singled out Muhammad Faiz
SGS Co-op Chairman
John Raghavan
Zainuddin (above). Faiz’s tale was one of
genuine family inspiration. His mother,
Rahsida Rasip, joined SGS Co-operative
22 years ago, same time her only son was
born.
He was an “average student” but
chose the Polytechnic way to rise. He
graduated with a Diploma in Aerospace
Engineering with Merit, getting a GPA of
3.93 and awarded the bronze medal for
getting the third highest GPA at Temasek
Polytechnic.
His excellent scores upgraded him
to the National University of Singapore
(NUS) where he will pursue a Bachelor of
Mechanical Engineering.
Mr Raghavan noted: “Faiz owes his
success distinctly to his parents, who
motivated him every way, especially
during tough times when he found it
hard to cope with studies.”
For more photo highlights of
bursary awards, please click:
http://www.sgs.coop/
PLEASE
UPDATE:
Reminder to members
to update home address
and bank accounts
(if there are
changes to these).
Please call
SGS Co-op office.
11
We Want You To Be
FINANCIALLY RESILIENT
If You
Are A
Public
Officer,
Come
Join Us
Who Can Join?
Employees of Civil Service, Statutory Bodies, Uniformed
Services and Government Linked Companies.
Introduce your Colleague & Family as a
Member and Receive $20 Cash Incentive
We Are A Family
Co-operative
Family Membership
Educational Awards and Bursaries
Subsidised Tours
Subsidised Annual Dinner & Dance
Subsidised Purchasing in Co-op Shops
Your Privileges
Effortless Savings (High interest yields)
Financial Security
Financial Assistance for
0Studies 0Thrifty Spending
0Renovations
0Weddings
0Financial Education
0Bereavement Grants
0Hospitalisation Benefits
0Be An Owner Member Stakeholder
Good Interest on Your Deposits & Savings
No Time Limit on Your Placements
No Limit on Amount You Can Save
Members Receive Good Dividends
Transactions through Salary Check-Off and GIRO
For
Enquiries
Singapore Government Staff Credit
Co-operative Society Limited
1 Sophia Road #05-21 Peace Centre
Singapore 228149 Tel 6337 4936 Fax 6339 6772
Email [email protected] www.sgs.coop