More than 1,000 items under FairPrice's house brands are being sold at a 10 per cent discount until the end of this year.
This is part of a $35 million initiative, Big Value Bag, launched yesterday by NTUC social enterprises, a group which includes NTUC's insurance firm, supermarket, coffeeshop and pharmacy chains.
The 10 per cent discount will be for products under four labels: FairPrice, FairPrice Gold, Pasar and Pasar Organic labels.
For instance, a 5kg bag of FairPrice Gold rice is now $11.52, compared to $12.80 before, while a 2 litre bottle of FairPrice pure olive oil is now $20.65 compared to $22.95 before.
Before the discount, the prices of house brand items were already between 10 and 15 per cent lower then other brands. NTUC FairPrice chief executive Seah Kian Peng said: "FairPrice aims to cut daily expenses for people in Singapore and make living more affordable for those who need it most."
Consumers, such as Madam Lau Woon Ling, 75, are glad for the extra savings. Every month, the retiree spends more than $100 on groceries for her family of three.
She said: "It's good because many of the products on offer are daily essentials. With the discount, I can spend at least $10 less every month."
As part of the initiative, coffee shop and food court chain Foodfare has also cut the prices of some items, including coffee and tea which now cost 60 cents a cup at its coffee shops and 70 cents a cup at its food courts, each 10 cents less than previously.
At Unity pharmacies, nine house brand supplements are being sold at three for the price of two.
Insurance firm NTUC Income is giving $1,000 to those who graduated from local universities, polytechnics and the Institute of Technical Education, when they buy certain life policies from July 20 to Dec 31. They must have graduated within the past three years.
During the initiative's launch yesterday, daily essentials, including rice and cooking oil, were distributed to 120 elderly residents from Kolam Ayer, Marine Parade and Dakota.
NTUC Secretary-General Chan Chun Sing, who is also Minister in the Prime Minister's Office and guest of honour at the event, said: "As a social enterprise... we squeeze our margins... so that no Singaporean needs to fear the cost of living."