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 on Sunday.
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 today, Mr Low said there are still many unanswered questions regarding 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 judgement,” 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 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, and Yio Chu Kang SMC candidate Yip Hon Weng.
