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

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

CNA27-04-2025

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.

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

CNA938 Rewind - #TalkBack: If you are a private hire driver, should there be a limit to the number of hours you work?
CNA938 Rewind - #TalkBack: If you are a private hire driver, should there be a limit to the number of hours you work?

CNA

time2 hours ago

  • CNA

CNA938 Rewind - #TalkBack: If you are a private hire driver, should there be a limit to the number of hours you work?

CNA938 Rewind - #TalkBack: If you are a private hire driver, should there be a limit to the number of hours you work? The recent passing of 49-year-old driver Gavin Neo from a stroke has raised serious questions about the long hours some drivers are putting in just to make ends meet. Lance Alexander and Daniel Martin discuss more with Tan Ying Ying, Director of NTUC Freelancers and Self-Employed Unit. 28 mins CNA938 Rewind - A Letter to Myself - Vidhi Modi on launching XVXII Jewellery with only $500 and growing it into a multi-storey flagship at Haji Lane Vidhi Modi, Founder of XVXII Jewellery, started her entrepreneurial journey early, from selling handmade bookmarks and masala popcorn at the age of seven to launching her own waterproof and tarnish-free jewellery brand. Starting XVXII with just $500 during the pandemic, Vidhi grew it from a bedroom startup to a three-storey flagship store at Haji Lane, all while juggling a degree in Cyber Security. In this episode of A Letter to Myself, Vidhi tells guest host Vaisali Prabhakaran about the personal journey behind her brand, the influence of her family, the lessons learned through failure and resilience, and her vision for global expansion. 41 mins CNA938 Rewind - A Letter to Myself - Ray Kua on turning limited resources and lifelong discipline into award-winning sports academies Ray Kua is the founder of three private sports academies: SwimRay, GoalKick Football, and Triple Threat Basketball. A former athlete who trained under constrained conditions with limited resources, From a young age, discipline and structure were key values that were further sharpened during his time in the Naval Diving Unit. In this episode of A Letter to Myself, Ray tells guest host Vaisali Prabhakaran how those early experiences shaped his approach to coaching, how his first few sessions laid the groundwork for award-winning academies, and why he's driven to make quality coaching more accessible across Singapore. 36 mins CNA938 Rewind - A Letter To Myself - Izyan Mellyna on acting, lupus, and finding her voice beyond the screen Izyan Mellyna lit up our screens as a child actor and she hasn't stopped since. Today, she's an actress, content creator, and host of This Iz Podcast. But behind the spotlight is a story of strength: Izyan lives with lupus, a chronic illness she's faced with grace and grit. In this episode of A Letter to Myself, Izyan tells guest host Vaisali Prabhakaran on how she navigated fame, found her voice, and the powerful lessons she's learned along the way, from her childhood dreams to her hopes for the future. 39 mins

Forum: What about a safety net for local students wanting a place in university?
Forum: What about a safety net for local students wanting a place in university?

Straits Times

time18 hours ago

  • Straits Times

Forum: What about a safety net for local students wanting a place in university?

I was heartened to learn that our Government is extending support to the 151 Singaporean students at Harvard (S'porean undergrads at Harvard can continue studies in universities here, June 6). I am sure the Government will similarly extend support to Singaporean students at other elite US universities if the situation deteriorates there. I sympathise with the Singaporeans studying at Harvard, but I wonder if the message is that our local universities do in fact have the capacity to take in more local students. Or is it that our local universities will reduce the number of places available to local students, to accommodate the returning US students? Many local students do not have the financial resources to seek an overseas education, and universities at home are their only option. But due to limited capacity, not every eligible applicant is accepted. So, I was surprised to learn that local universities are able to accommodate the affected Singapore students at Harvard. Wouldn't this be at the expense of eligible local applicants? Finally, these Ivy League students no doubt have the ability and resources to study in the US. They took the decision to study abroad willingly. In the face of adversity, is our Government expected to offer a safety net back home? What about a safety net for local students? Roy Tan Choon Kang More on this Topic Forum: What readers are saying Join ST's Telegram channel and get the latest breaking news delivered to you.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into the world of global news and events? Download our app today from your preferred app store and start exploring.
app-storeplay-store