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NTUC has approved a scheme to extend the NTUC GIFT coverage, for members with at least 10 years membership tenure when they reach 65 years old. Currently, NTUC GIFT coverage ends once a member reach the age of 65.
Under the new scheme, all criteria for NTUC Gift remain the same (eg. Members must have paid up membership, must still be working etc). In appreciation to members who stay with the labour movement, members who are at age 65,
1. with 10 years or more continuous membership tenure, will be offered extended coverage up to age 68;
2. with 20 years or more continuous membership tenure, will be offered extended coverage up to age 70;
3. with 30 years or more continuous membership tenure, will be offered extended coverage up to age 75.
The cost of insurance becomes more expensive as one age. To ensure the insurance scheme is sustainable, we need to introduce cost-sharing.
Eligible members who opted to take up this extended coverage will have to pay a token fee of
a) $1 per year for members aged 65 to 67;
b) $2 per year for members aged 68 to 69;
c) $3 per year for members aged 70 to 74.
This extended coverage will be effective from 1 May 2007 onwards.
It is my great pleasure to announce to you that UWEEI Executive Council has approved to fully subsidies UWEEI members that have reached 65 years old and have at least 10 years membership with UWEEI. |
