Speech by RAdm (NS) Lui Tuck Yew, Minister of State, Ministry of Education, at the Singapore Teachers' Co-operative Society Ltd's 75th Anniversary Dinner Celebration on Saturday, 3 November 2007, 7.50 pm at Mandarin Ballroom, Meritus Mandarin Singapore

SPEECH BY RADM (NS) LUI TUCK YEW, MINISTER OF STATE, MINISTRY OF EDUCATION, AT THE SINGAPORE TEACHERS' CO-OPERATIVE SOCIETY LTD’S 75TH ANNIVERSARY DINNER CELEBRATION ON SATURDAY, 3 NOVEMBER 2007, 7.50 PM AT MANDARIN BALLROOM, MERITUS MANDARIN SINGAPORE

My fellow parliamentarian, Mr Seah Kian Peng
Chairman, Singapore National Co-operative Federation

Mrs Tan Ching Yee
President, The Singapore Teachers’ Co-operative Society Ltd &
Permanent Secretary, Ministry of Education

Mr G Anthony Samy PBM
Chairman, The Singapore Teachers’ Co-operative Society Ltd

1. I am pleased to join you this evening to celebrate The Singapore Teachers’ Co-operative Society Ltd’s 75th Anniversary. Few co-operatives in Singapore have such a long and distinguished history, and the Teachers’ Co-op has truly expanded and thrived through the years, serving the social and economic needs of its members in the Education Service.

2. The Teachers’ Co-op traces its history back to 1932 when some dedicated and committed teachers started the Singapore English School Teachers' Thrift and Loan Society. To remain attuned to the needs of its members in the education service, it evolved into the Singapore Teachers' Co-operative Society. From a modest membership of about 100 at the Teachers’ Co-op’s inception, I am glad to note that the membership base has expanded to over 4,000 now.

3. Over the years, the leaders of Teachers’ Co-op have worked hard to ensure that the organisation has remained relevant to meeting the needs of its members. With an Accumulated Members’ Funds of $60 million, the Teachers’ Co-op has worked on offering competitive interests for savings and loans when benchmarked with what the local banks offer. Riding on prudent investments in the buoyant equity market, the Committee of Management was able to declare a dividend of 6% plus a 1.5% special dividend, making a total of 7.5% to commemorate the 75th Anniversary. I commend you for your diligence and congratulate you on your achievements.

4. The teaching force has grown by 19% in the last decade – from 23,600 teachers in 1997, to 28,200 teachers today. But more than just numbers, the strength of our teaching force is in the quality of the teaching fraternity. We recruit from the top 30% of each cohort. In terms of academic qualifications, graduates represent about 70% of the total number of recruits every year, and the proportion of Honours graduates has increased to almost 50%, compared to 40% five years ago.

5. Teacher quality is perhaps the single most important factor in determing the success and standing of any school system. This was affirmed by a recent report released by McKinsey based on a global study on what high-performing school systems have in common.

6. Singapore’s school system measures very well against all other international systems and is bracketed in the top tier along with countries like Finland, Japan and South Korea. We excel not because we have small class sizes or we invest more heavily in each child. Instead, we concentrated on getting the right people to become teachers and developing them to become effective instructors and passionate educators, sound in pedagogy, knowledgeable in as curricula and content, energetic in engaging students. In the education sector, this is our most precious asset.

7. The Teachers Co-op must be responsive to and can play its part to meet the changing needs of our teachers. With the growing teaching force, more will be keen to sign up as members and I urge the Teachers’ Co-op to reach out to them, to understand their needs and to respond appropriately. I am glad to note that in this regard, your Membership Recruitment Team has been proactively visiting the schools to recruit new members.

8. “Concern for the Community” is one of the Principles in the identity of the Co-operative. The Teachers’ Co-op has not forgotten those who are less fortunate and I commend it for continuing to render financial assistance to needy students in the schools and providing childcare services to low-income families in Hougang to enable these mothers to continue working to supplement their families' income.

9. At this 75th anniversary celebration, I am pleased to note that the Teachers’ Co-op has pledged to support the Viriya - KK Children's Hospital Homecare Programme. This Programme provides technological support to help children with underlying conditions, which require them to rely on medical equipment and devices, to get an early discharge from the hospital. In addition, SASCO Senior Citizens' Home remains the main beneficiary of the Teachers’ Co-op’s active services to the community. I commend your efforts to reach out to others and serve the community.

10. The Teachers’ Co-op will continue to expand and thrive only with dedicated efforts of its Committee of Management, staff and supportive members. I urge you to continue to work hard to stay relevant, and meet the needs of your members.

11. Once again, I extend my heartiest congratulations to The Singapore Teachers’ Co-operative Society Ltd on your 75th Anniversary. I wish you many successful years ahead.