Corporate Social Responsibility

Corporate Social Responsibility

Social responsibility is at the heart of Income. Besides holding ourselves accountable to our stakeholders, we actively seek to create a positive impact in our community through our corporate social responsibility (CSR) initiatives.

Social in Purpose, Commercial in Approach

We are a co-operative where people come before profits. Our values set us apart from other insurance companies. They are what make us different. More on the Income difference.

Corporate Social Responsibility at Income

Corporate Social Responsibility refers to the way we integrate social, environmental and governance concerns into our policies and operations. We are inspired by the ISO 26000 guidance principles of Corporate Social Responsibility. Find out more by clicking on a topic in the diagram below.

Organisational governance

The core of our corporate social responsibility is organisational governance. At Income, we have an independent board of directors that holds the overall responsibility for managing the affairs of our Co-operative. This includes reviewing our financial and social performance.

Human rights

We respect the human rights of our stakeholders and guard against unfair discrimination.

At Income, we value and respect employees’ basic rights. Due diligence in the form of responsible human resource policies forms the cornerstone of this commitment.

We implement fair hiring and work practices to ensure that no discrimination of employees, partners, customers, stakeholders, members and anyone else impacted by us has been put in place.

We expressly prohibit discrimination and promote a stringent procurement policy. Our inclusive and progressive hiring practices are based on merit.

Responsible legal, risk management and compliance departments, as well as trained security personnel, help mitigate the risks of complicity in activities contrary to our values.
One of our key priorities is the institutionalisation of suitable internal processes such as recourse and redress mechanisms based on dialogue and mediation. To this end, the Co-operative always demonstrates strong support for unions. In addition, union representation for bargainable staff is always ensured.

Labour practices

In our human resource and labour practices, we ensure a healthy and safe workplace for everyone as well as reasonable and timely compensation.

Beyond complying with national laws and regulations, we ensure that Income employees enjoy good work conditions and social protection. We provide fair compensation with regard to wages, hours of work, weekly rest, health and safety, maternity protection and the ability to combine work with family responsibilities.
We are a strong supporter of union membership. Employees from all levels of the organisation are also able to provide feedback in confidence to Human Resources if the need arises.
Work health and safety practices are taught during our new-staff induction programme and observed by all staff. There are First Aiders assigned to every 25 employees. Crisis and emergency drills are practiced in accordance to the Ministry of Manpower regulations.
We provide a learning and development framework through evaluation completed by our staff and their supervisors. Staff are allocated budget for training and upgrading, and encouraged and given opportunities to improve their skills.

The environment

We ensure sustainable resource use through energy-efficient practices such as switching off air-conditioning at 7pm. Our paper use is minimised through the use of e-statements.We are also proud to support local and international environmental campaigns such as Earth Hour.

To further reduce the environmental footprint of our buildings, we retrofit the buildings we own to at least BCA Greenmark bronze standard and consider BCA Greenmark standards in purchasing properties.

Fair operating practices

We are committed to upholding fair and honest business practices.

We have made an impact in the insurance industry by using layperson language instead of opaque clauses and legal terms in our policy documents. Our Crystal Mark documents are the first in Asia and other companies are now encouraged to follow our lead.
We ensure fair competition through a stringent procurement policy.

We identify corruption risks, implement and maintain policies and practices that counter corruption and extortion.

We ensure that our leadership set an example for anti-corruption and provide commitment and oversight for implementation of anti-corruption policies. We also support and train representatives as part of our efforts to eradicate bribery and corruption. Lastly, we run an annual staff quiz on anti-money laundering policies in accordance with guidelines set by the Monetary Authority of Singapore, and ensure that staff are aware of our whistle-blowing policy.

Consumer issues

We aim to serve our customers with utmost professionalism and integrity. We adopt the following core values:

  1. We take care of your financial needs and give you peace of mind.

  2. We treat you with care, fairness and respect.

  3. We listen and communicate with you actively.

  4. We will set things right if something goes wrong.

  5. We conduct our business with the highest standards of integrity.

  6. We will be fair in all our dealings with you.

Community involvement & development

We strive to make a positive impact on our community in the following ways.

OrangeAid, our main community initiative, is focused on empowering youth-in-need through education.

More on OrangeAid

Income encourages and supports our staff in volunteering for community service initiatives that improve access to education and promote better educational outcomes.

We are a leader in providing insurance plans that cater to a wide range of needs and for all segments of society.

Our socially responsible insurance plans include Specialised Care products for the elderly and persons with special needs, and Income Family Micro-Insurance and Savings Scheme (IFMISS) for lower-income families.

More on Specialised Care Insurance
More on IFMISS