SLF: $2.4b reserves?

I refer to the article “Why Temasek bond got strong retail response” (Sunday Times, Nov 4).

It states that “Singapore Labour Foundation (bond) 3.203% (maturing) Sept 25, 2023 ($70 million)”

The Singapore Labour Foundation (SLF) was formed on 12 December 1977 as a statutory board to promote the welfare of union members and their families, and to advance the development of trade unions in Singapore.[1] The SLF provides financial support for the various educational, social, cultural and recreational activities and programmes organised by the National Trades Union Congress (NTUC) and its affiliated unions and co-operatives. The foundation also extends help to lower-income union members, and provides club and resort facilities to meet the recreational and social needs of its members”.

Given the objectives and mission of the SLF – why is there a need to issue bonds?

For example, it had a 1.3% 8jun2017, SGD (SG6V27982549) ($60 million).

According to SLF’s Annual Report 2015 (the latest that I can find by googling) – SLF had a Surplus before income tax and contribution to Consolidated Fund of $219 million, and SLF Group had Total funds and reserves of $2.4 billion for the year ended 31 December 2015.

Given its objectives and mission, why is there a need to have such huge surpluses and reserves?

Arguably, from an ‘objectives and mission’ perspective – every dollar of surplus and reserves may be a dollar less – available to help union members and their families.

By the way, how much has SLF contributed to the Consolidated Fund since its founding in 1977?

 

Leong Sze Hian

 

 

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9 Responses to “SLF: $2.4b reserves?”

  • Malaysia boleh Singapore bodoh:

    Straits Times: Singapore leaders doing their best to ensure leadership transition is smooth: PM Lee Hsien Loong

    Two questions:

    (1) Does “smooth transition” also apply if there is regime change?

    (2) Will it be a “smooth” as the WP takeover of Aljunied GRC?

    “What do you think?”

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  • LIONS:

    PAP$ucker$ suck the sgs dry.
    Rob our jobs n steal our CPF.
    Swines!

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  • Boh Kia See:

    To me, I think there will be an early election because the next PM has been chosen (in the Clown’s mind). The person is none other than Ho Jinx. She will be the seat warmer PM for her son to take over. No one else is safe enough to be a seat warmer.

    She is already performing some of the roles that one expects the PM to conduct. Just how many days does she spend in her paying job is anybody’s guess.

    Now hawkers are being controlled too. The PAP is obsessed about control because when you have the control you also have money coming in.

    The PAP has destroyed the machinery of Government by intruding and asserting itself in every aspect of Government.

    The amount of reserves that are reported by GIC and Temasick is only the tip of the iceberg. Throughout every agency of Government, there are reserves hidden in the report. If they are all collated and added up, it could sustain citizens for generations without increasing levies.

    Citizens got to think carefully, they are now in a tight spot and must get rid of the PAP totally so as to reclaim their future. The PAP bear down heavily on the citizens that do not allow them to breathe. If you care about the future of Singapore and the future of your children–there is really only one choice–and that is to get rid of the PAP completely.

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  • Not loong now:

    A new storm in a tea cup brewing.
    MAS vs ‘thestatestimes’ article.
    PAPs are saying its ludicrous and is fake news.
    Will have to let this new suing ‘not their brother’ take its course.
    Will ‘thestatestimes’ kena sue till pants drop or not?

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  • DrM boleh!.....:

    Good Times Celebration coming….. Got show to see…

    DrM boleh!…..

    Not loong now:
    A new storm in a tea cup brewing.
    MAS vs ‘thestatestimes’ article.
    PAPs are saying its ludicrous and is fake news.
    Will have to let this new suing ‘not their brother’ take its course.
    Will ‘thestatestimes’ kena sue till pants drop or not?

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  • Double unfair standard.:

    KNN states times review ganna blocked.
    Actually who determines ‘prohibited material.. “???

    “prohibited material.. ” = bad for PAPi?
    But if its damaging the reputation for WP, then I think is front page quality materials to them.

    What kind of double standard is that.

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  • Dr M Timing:

    Dr M please time properly the 1MDB news around next year “big bang”.

    They can’t use machine guns to tuck away the truths from People especially Malaysia News, no matter how they try or blocked. Dr M no easy push over…. Dr M is PM killer.

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  • HarderTruths:

    What are the bonds for?

    Why, to prop up the empty vaults used to ‘invest’ (read as gamble) on emerging markets when the Federal Reserve is tightening monetary supply and every credible investor knowing that these countries are going to get whacked.

    Otherwise lend heavily to slush fund used to prop up DBS and other government – linked companies locally and in India & China ; where $G government fat cat ‘generals’ thought they could outwit the locals who are far more cunning than they are.

    Raising bonds for any government entity means trouble – there have been a series of these bond auctions recently. Something is rotten here.

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  • HarderTruths:

    Boh Kia See: The PAP has destroyed the machinery of Government by intruding and asserting itself in every aspect of Government.

    This is the definition of a totalitarian government or despotism. The outcomes are either a government collapse or a revolution.

    Given the ballsless nature of the population a collapse is much more likely.

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