GE2025: NTUC will 'learn the right lessons and do better' following Income-Allianz saga, says labour chief Ng Chee Meng

CNA

27-04-2025

SINGAPORE: The National Trades Union Congress (NTUC) will "learn the right lessons" from the aborted Income-Allianz deal, and while the labour movement always strives to do its best, sometimes it falls short, labour chief Ng Chee Meng said on Sunday (Apr 27).
"We humbly acknowledge the public feedback. I've initiated a review in NTUC Enterprise so that we can learn the right lessons humbly and do better for fellow Singaporeans.
"In NTUC, we will do our best. And sometimes, I'm sorry that it is not good enough. We'll do better," he said at a People's Action Party (PAP) rally in Jalan Kayu.
Mr Ng, who faces Workers' Party (WP) new face Andre Low in the polls for Jalan Kayu SMC, said he had expected the opposition to "drag" up the Income-Allianz saga as he is standing in the General Election.
Earlier on Sunday, Mr Low said there were still many unanswered questions on the issue, which he said reflects a broader concern about the way governance is handled in Singapore today.
In a rally at Tampines GRC on Saturday, WP chief Pritam Singh said his party's MPs were prompt in filing questions to ask the government on the sale of NTUC Enterprise to Allianz, while "not a single" PAP labour MP asked questions about this issue and remained silent.
Mr Ng said that the labour movement believed the proposed deal was a reasonable one that would strengthen Income, and that it was put forward "in good faith" and in compliance with the legal requirements set by the Monetary Authority of Singapore.
Income's market share in Singapore had fallen from 20 per cent to 6 per cent in the past 10 years, and was a real threat to the insurer's sustainability, especially during times of crisis, he said.
"The proposed deal could strengthen Income and, most importantly, protect the interests of Income's policyholders. A stronger Income would also enable NTUC to continue its social mission in the wider spaces besides insurance. That was our judgment," he said.
However, as the details of the proposed Allianz plan surfaced, the government viewed it differently and stopped it by amending the law, Mr Ng added.
"NTUC couldn't have known the law would be changed. But we sincerely respected the government's view and accept it," Mr Ng said.
He added that as NTUC secretary-general, he believes he could do more for residents and workers if he were an MP, where national issues are debated and key decisions are made.
"I told PM Lawrence Wong I was prepared to run again, if asked. I told him my preference was, if I were to get back into parliament, I would like to do it on my own merit," he said.
"That is why, dear voters of Jalan Kayu, I stand before you seeking your vote to get back into parliament."
Mr Ng was the second last speaker of the night, before Senior Minister Lee Hsien Loong took the podium.
Other candidates present at the rally were Ang Mo Kio GRC candidates Darryl David, Nadia Samdin, Jasmin Lau, and Victor Lye, Sengkang GRC candidate Lam Pin Min, Kebun Baru SMC candidate Henry Kwek, as well as Yio Chu Kang SMC candidate Yip Hon Weng.
THE INCOME-ALLIANZ SAGA
Mr Ng's rally speech on Sunday night came after former NTUC Income CEO Tan Suee Chieh called on the Jalan Kayu candidate to take accountability for his role in the Income-Allianz deal, given that he is standing in the General Election.
The deal was dropped after it triggered a public outcry last year, and Mr Tan was one of the most vocal critics of the deal from the start.
In a letter addressed to Jalan Kayu voters that he posted on his Facebook and LinkedIn pages on Sunday, Mr Tan noted that Mr Ng has largely remained silent about the deal after endorsing it on one occasion.
"As Secretary-General of NTUC and a member of the NTUC Enterprise Board that approved the deal, Mr Ng bears leadership responsibility for what transpired," wrote Mr Tan.
"Now that he seeks the trust and mandate of Jalan Kayu residents, it is fair - and necessary - for citizens to ask him to account for his role and decisions."
In his letter, Mr Tan noted that Mr Ng had publicly endorsed the proposed sale on Aug 5, 2024. The sale, announced on Jul 17, 2024, would have resulted in German insurer Allianz acquiring a 51 per cent stake in Income for about S$2.2 billion (US$1.6 billion).
However, it triggered a public outcry over whether Income would be able to continue its social mission.
Mr Tan went on to note in his letter that between Aug 6 and Oct 14 last year - when the deal was blocked in parliament - Mr Ng "did not offer any clarification, even as public concerns mounted".
Mr Tan was CEO of NTUC Income from 2007 to 2013 before becoming Group CEO of NTUC Enterprise from 2013 to 2017. He had also led Prudential Singapore from 1994 to 1999.
Allianz eventually withdrew its offer to acquire Income Insurance on Dec 16, 2024, after the Singapore government intervened to block the transaction.
"BLANK CHEQUE"
Mr Ng's speech was briefly interrupted when a woman in the audience fainted. He paused his speech and signalled for paramedics to attend to her. She later recovered and walked off.
Continuing with his speech, Mr Ng also took aim at WP's Mr Singh over his comments about labour MPs on Saturday.
Mr Singh previously stated that there was no shortage of labour MPs in parliament, and that "voting in these two PAP NTUC candidates will not make a difference", referring to Mr Ng and NTUC assistant secretary-general Desmond Choo, who is contesting Tampines-Changkat SMC.
To this, Mr Ng said: "WP won 10 seats in 2020. We only had seven labour MPs. That's less than what the WP has."
"So friends, here I am standing before you, telling you my story, trying to build and unite. What the WP is doing is to criticise and tear down without any concrete plans or proposals to substitute."
Rebutting Mr Singh's claims in the rally that the PAP wants Singaporeans to sign "a blank cheque", Mr Ng said: "Sylvia Lim said that WP does not have a plan for constituencies where they are not incumbents."
"Can you believe that? What it means to you in bright neon headlights is that the Workers' Party has no plans for you. They want your vote, but they have no plans to build Jalan Kayu into a home that you want or desire," he said.