NTUC makes faster payments to suppliers
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Supermarket chain, NTUC Fairprice, has set aside $30 million to speed up payment to its suppliers.
It will pay suppliers on a 30-day term instead of 60 days.
This will help ease the cash flow of some 500 local small and medium enterprises identified under the Fairprice SME Assistance Programme.
So far, 283 SMEs have taken up the early payment offer, and more suppliers are expected to tap on this programme in the next few months.
The assistance programme which expires in December, is part of a holistic package initiated by NTUC Fairprice in January to help all stakeholders cope with the downturn.
Its Chairman, Ng Ser Miang, said many of the cooperative's suppliers are long-standing business partners.
He said they have supported Fairprice in good times by keeping prices low so that essential goods are available to customers at affordable prices.
He added that the supermarket chain is glad to help them in this downturn.
Suppliers welcomed the move.
General manager of electrical goods supplier, TH International, Joey Ho said the scheme would improve his cash flow.
--938Live
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wait till recession to do this
sometimes I dunno, keep credit term at 120 days just keep more outstanding credit into e accounts
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from the supermarket chain that killed off the small provision shops... we're paying you early now to help you thru this recession, so you must thank us.
during gd times, we can also pay u faster, but we dun want!
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Originally posted by kilfer:
from the supermarket chain that killed off the small provision shops... we're paying you early now to help you thru this recession, so you must thank us.
during gd times, we can also pay u faster, but we dun want!
they killed e small provision shop by setting up smaller store at neighbourhoods.. but it has killed themselves also leh.. Saw e one at Depot Rd, almost bo lang one