Income-Allianz deal done in good faith: Ng Chee Meng apologises & says NTUC will do better

Labour chief Ng Chee Meng said at the Jalan Kayu rally on Apr. 27, 2025 that the Income-Allianz deal was done in good faith and was in compliance with the legal and the Monetary Authority of Singapore's (MAS) regulations.

“We thought in the labour movement that it was a reasonable deal,” said the Jalan Kayu SMC PAP candidate.

He added that he had initiated a review in NTUC Enterprise so that National Trades Union Congress (NTUC) can learn the right lessons.

“NTUC couldn’t have known that the law would be changed. But we sincerely respected the Government’s view and accept it,” said the labour chief.

"I'm sorry that it is not good enough"

He also revealed that Income's market share had fallen 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."

He continued by saying the proposed deal could strengthen Income and protect the interest of its policyholders.

“In NTUC, we will do our best, and sometimes, I’m sorry that it is not good enough, but we will learn the right lessons and we will do better.”

SM Lee did not fault Ng or the labour movement for supporting the aborted deal

Senior Minister (SM) Lee Hsien Loong said at the rally that he does not fault Ng or the labour movement for having supported the Income-Allianz deal, which was later aborted.

SM Lee said the labour movement had deemed the sale reasonable and that the Government had also initially supported it because it met regulations.

But the Government later changed its mind after looking further into the matter, and changed the law to block the deal.

“NTUC cannot do that. The Government has to do that. But it shows we are brothers with them – a symbiotic relationship. You make a decision. I look at it impartially, objectively, afresh. There is no groupthink,” Lee said.

SM Lee noted that six PAP MPs and one WP MP asked questions about the deal in Parliament,

He added that the WP had abstained from voting when it came to the legislation to block the deal.

"If it had been left to the Workers' Party as government, the deal would have gone through because they didn’t oppose it, right?" Lee said

Lee was the last speaker of the night, after Ng.

Ng will be up against Workers' Party's new face Andre Low in Jalan Kayu SMC.

Top image via Mothership and Canva