FAQ

For more information, please e-mail: membership@spec.org.sg or call 6221-0229

Q1. What is a co-operative?

A co-operative is an association of persons. They join voluntarily to achieve common economic ends through the formation of a democratically controlled business organisation making equitable contributions to the capital required and accepting a fair share of the risks and benefits of the undertaking.

 Q2. How to be a SPEC member?

To be a SPEC member, in addition to the S$10 entrance fee, you’ll need to buy a minimum of 50 co-operative shares at a S$1 per share. All SPEC members are entitled to payments of dividends, where applicable, and, to the wide ranges of services it offers.

Q3. Who can be a SPEC member?

Not just professionals and executives, SPEC is almost for everyone! You may have left your job to take care of your children. Or, you may be a director of the company. Whichever the case, SPEC has a place for you—in and out of job. But, you’ll need to be a Singapore citizen or a Permanent Resident.

Q4. Can I transfer my SPEC shares?

Yes, you can. You may transfer your SPEC shares to your loved ones so they can continue being protected by SPEC.

Q5. Profits are in. My company won’t lay me off, will it?

Well, perhaps it’s true your company won’t ask you to pack and go today. But, with mergers and acquisitions a common sight in this globalised economy, who knows who will own your company tomorrow?

And with intense competition, companies are looking towards new employment structures. Contract and portfolio workers are going to be common at the workplace.

Q6. How can SPEC help me with work problems?

Although SPEC can’t guarantee a total resolution to all your problems in life, one thing’s for sure: SPEC will be your support in ensuring that your problems are resolved swiftly or mitigated without unduly straining your family life.

Q7. How can SPEC help me cope with unexpected situations?

SPEC has in place a framework of support and advisory services as presented in its website. Besides career advisory and counselling services, SPEC also recognises the importance of insurance protection as well as hospitalisation and surgical coverage for its members. While different situations require different approaches, unexpected events, which are not within our control, can happen. To a certain extent, insurance could ease some immediate financial difficulties faced by members and their family members.

Q8. Can you tell us about Interim Management?   What is it about?

Interim Management serves to fulfil a company's short term or sudden need of a management position.  Such a situation might occur when an existing staff leaves the position or when the company embarks on a new project. SPEC has a ready pool of experienced managers to bridge that gap for an interim period.

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