Updated: 04/17/2013 02:50

NTUC FairPrice marks 40th anniversary with $40m contribution

NTUC FairPrice marks 40th anniversary with $40m contribution

Supermarket chain NTUC FairPrice is celebrating its 40th anniversary with a $40 million contribution to the Labour movement, the less privileged, its customers and employees. 

This was announced at FairPrice's 40th anniversary celebrations which Prime Minister Lee Hsien Loong is attending. 

Fairprice says this was the single largest amount it has donated to date. 

FairPrice will divide the $40 million contribution equally between four key stakeholders. 

The Labour Movement will receive $10 million to help advance the welfare of workers. 

FairPrice members will receive an additional $10 million in rebates. 

To thank FairPrice employees in appreciation for their hard work, commitment and loyalty, they will receive $10 million as a one-off special bonus. 

And the philanthropic arm of FairPrice, FairPrice Foundation, will receive $10 million to help Singaporeans in need. 

Speaking at the anniversary dinner, Mr Ng Ser Miang, Chairman of NTUC FairPrice said FairPrice has grown to become a multi-format retailer with 270 outlets nationwide. 

It achieved an annual sales of $2.8 billion, and gave its members $46 million in rebates in the last financial year alone. 

For the long term, to combat fluctuating food supply and prices, FairPrice will continue to further diversify its food sources and engage more contract farms to ensure price stability. 

FairPrice currently imports from over 70 countries worldwide and engages over 80 contract farms to ensure consistent supply at pre-agreed prices. 

Commenting on the challenges ahead, Mr Ng said, 

"FairPrice will continue to serve our customers and the community with a heart, and be Singapore's homegrown retailer that we can all be proud of. We have overcome many challenges to reach this momentous milestone and we can expect to face many more challenges in the years ahead. Higher operating costs like increasing rentals, manpower shortages and increasing food prices are just some of these. But we are confident that the board, management and staff, will continue our efforts to improve productivity, innovate, embrace new technology and stay relevant to meet the needs of our members and customers." 

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