GE2025: Allianz-Income deal was done in good faith, says labour chief Ng Chee Meng

Business Times

27-04-2025

[SINGAPORE] The Allianz-Income deal was done in good faith and in compliance with regulations from the law and Monetary Authority of Singapore, said labour chief Ng Chee Meng on Sunday (Apr 27) night.
Addressing the proposed S$2.2 billion sale of the homegrown insurer to the German insurance giant which stirred much controversy, Ng said: 'In NTUC (National Trades Union Congress), we will do our best and sometimes I'm sorry that it's not good enough. But we will learn the right lessons and we will do better.'
The labour movement thought the deal was reasonable, said Ng, the People's Action Party (PAP) candidate for Jalan Kayu SMC, in a rally speech.
The NTUC secretary-general noted how Income's market share had dropped from 20 per cent to 6 per cent in the last 10 years.
'There was a real threat to the sustainability of Income especially in moments of crisis. The proposed deal would strengthen Income and most importantly protect the interest of Income's policy holders,' he said.
However, as the details of the proposed Allianz deal surfaced, Ng said that the government 'saw it differently' and stopped it by changing the law.
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'(At) NTUC, we could not have known that the law would be changed but we sincerely respected the government's view and accept it, humbly acknowledge the public feedback we've received,' he said.
A review of NTUC Enterprise has been initiated so that the labour movement can learn the right lessons and do better for Singaporeans, Ng said.
In his rally speech, Ng also responded to comments made on Saturday by Workers' Party (WP) chief Pritam Singh that were directly aimed at him.
Ng said: 'Unlike somebody last night who said that NTUC is a safety net, a trampoline, a catchment when we lose the elections, it is simply not true. I am elected as the secretary-general of NTUC every four years and I count on the mandate of workers and unionists electing me into the central committee.'
He added: 'In Parliament, as an MP, I can speak up for workers. I can speak up for residents of Jalan Kayu SMC when national interests are debated and major decisions are made, both for the workers and all the residents of Jalan Kayu.'
At the same rally, Senior Minister Lee Hsien Loong also gave his full support to Ng.
SM Lee said that while Ng was not an MP for the last five years after losing the 2020 election, he continued to contribute by serving as labour chief and working closely with the government to support workers through the pandemic.
'He proved himself reliable, trustworthy, committed. Therefore, this election, I recommend it to (Prime Minister Lawrence Wong). And the PM agreed and invited Chee Meng to stand again,' said SM Lee.
Earlier on Sunday, Ng's opponent in the general election, first-time WP candidate Andre Low, was asked by reporters for his views on the Allianz-Income deal.
Said Low: 'It is just one of many missteps our previous administration has had over the past parliamentary term... But all I would say is, there (are) still many unanswered questions, and I think Singaporeans at large, not just Jalan Kayu residents, deserve some answers.'
Low added that while he has received a warm welcome from the constituency's residents, he still regards himself as the underdog.
He said: 'I represent a very different kind of candidate from my PAP opponent. We are over in 20 years of age apart. (Ng) is a scholar and a general. He's reached the very top of the military career pathway. I spent my entire career in the private sector (in) many different roles.'
'As far as my opponent is concerned, he's slightly over-represented in Parliament. I feel it's time for Jalan Kayu residents to make a choice if they want a different kind of parliamentarian – someone fresh, someone energetic, someone with new ideas,' said Low.