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Alvin Tan on social impact of proposed majority stake acquisition of Income Insurance by Allianz

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The Government will continue to support the cooperative movement to ensure that the economic and social needs of Singaporeans are met and that goods and services remain affordable and of good quality, said Minister of State for Culture, Community and Youth Alvin Tan.

Replying to MPs’ questions in Parliament on Tuesday , Mr Tan said the Government values the role played by

Income was established in 1970 to provide Singaporeans, especially underserved workers, with essential and affordable insurance. But social enterprises must be sustainable, he said. Mr Tan said the insurance market is very competitive now, with many options available to Singaporeans. The Government has also significantly strengthened Singapore’s social support system, with public healthcare heavily subsidised.

and its enterprises. He pointed out that

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