I decided to withdraw the Collective Protest after receiving the assurances from Income's chairman and deputy chairman and the chairman of NTUC's social enterprise development committee. These assurances address the two key concerns regarding the payment of the special bonus and that the future bonuses will reflect the actual experience.
I carried out a Poll on this matter. 76% of visitors (90 replies) to my blog disagreed with my decision. They must have felt strongly that policyholders should be given an option to stay under the old bonus structure. I wish to apologise for disappointing these policyholders.
I have agreed to withdraw the Collective Protest (670 signatures) in return for the assurances. I believe that we will not be able to achieve more by lodging the protest. It will affect the reputation of Income, and is not good for Income or the policyholders.
I believe that these assurances are important for the policyholders. I will continue to monitor the developments to make sure that they are implemented within the near future.
It is more important to policyholders that they should get bonuses that reflect the actual experience. I believe that the good investment yield of 7.8% earned over the past 10 years should allow Income to restore the cut in bonuses that were made during the bad years. If these bonuses are restored, even as a non-guaranteed special bonus, it will be good news to the policyholders.
Although the special bonus is non-guaranteed, Income has given an assurance on the payment of these bonus. I believe that this assurance can be accepted. Income has further assured policyholders that they will be fairly treated and given good value on their polciies.
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