GE2025: 'We will learn the right lessons and do better,' says NTUC chief Ng Chee Meng on Allianz-Income deal
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Jalan Kayu SMC People's Action Party (PAP) candidate Ng Chee Meng has said that he will learn from the feedback from the Allianz-Income saga and do better. He addressed the matter during the party's rally at Fern Green Primary School on Sunday (April 27)GE2025: 'We will learn the right lessons and do better,' says NTUC chief Ng Chee Meng on Allianz-Income deal
Jalan Kayu SMC People's Action Party (PAP) candidate Ng Chee Meng has said that he will learn from the feedback from the Allianz-Income saga and do better. He addressed the matter during the party's rally at Fern Green Primary School on Sunday (April 27) evening. Ng said that in the course of his work in NTUC Enterprise, «problems do crop up time to time», such as the Income-Allianz deal in 2024. «The proposed deal was done in good faith and was in compliance with legal and MAS (Monetary Authority of Singapore) regulations,» he recalled in his speech. «We thought in the labour movement that it was a reasonable deal.» Ng explained that at the time, Income's market share in Singapore had dropped from 20 per cent to six per cent over 10 years, and there was a «real threat to the sustainability of Income, especially in moments of crisis». «The proposed deal could strengthen Income and, most importantly, protect the interests of Incomes policy holders,» he said, adding that a stronger Income would enable NTUC to pursue social missions in wider spaces besides insurance. Read more