Former Chief Executive of NTUC Income, Mr Tan Kin Lian, is calling for a “collective protest” against Income’s “bonus cut”.
In his blog posting, Tan says that he “will be asking a lawyer to organise policyholders who wish to submit a collective protest against the bonus cut. This will be sent to the board of directors and to MAS.”
Here are two excerpts from Tan’s blog posting.
We have bought many life insurance polices with NTUC Income that are affected by the recent cut in annual bonus. The reduction in bonus is about 45%. We understand that this large cut will apply not just for one year but for every year into the future.
When we bought the policies, we were given a benefit illustration showing how the future bonuses would be distributed. While the actual bonuses were not guaranteed, we expect that NTUC Income would honour the underlying promise to distribute the bonuses in the manner that was illustrated.
You can read the entire blog posting here: Tan Kin Lian.
To participate in the protest, click here.
Read also: “Tan Kin Lian, an upset Income customer” by TODAY.