One of the key focal points of GE2025 has been the Workers’ Party’s relentless attack on NTUC’s candidates and PAP with the Income-Allianz deal. A deal that the government halted, a deal that did not even happen, and a deal that both the Government and NTUC Sec-Gen Mr Ng Chee Meng had explained many times.
At the recent GE Rally on 27 April, Mr Ng explained that the proposed deal involving Income and Allianz aimed at strengthening Income’s sustainability and safeguarding the interests of policyholders. The proposed deal was made in good faith and was in compliance with legal requirements set by the Monetary Authority of Singapore.
Mr. Ng shed light on the challenges faced by Income, such as a significant decline in market share over the past decade, from 20% to 6%. This decline posed a real threat to the insurer’s sustainability, especially during times of crisis.
However, despite the labour movement’s support for the proposed deal, the government intervened and halted it by amending the law. Mr. Ng acknowledged The Government’s differing perspective and decision, indicating respect for their stance and acceptance of the outcome.
Mr Ng’s speech underlines the complexities surrounding the proposed deal, the diverse viewpoints of the symbiotic partners, and the functioning check-and-balance within the parliament.
While the Income-Allianz deal undoubtedly warrants scrutiny and debate, The Workers’ Party’s unrelenting focus on this deal has raised eyebrows and sparked criticism, with many questioning the validity and depth of their argument.
Some have speculated that the Workers’ Party’s fixation on this deal may signify a lack of substantial issues or policies to challenge the PAP and the NTUC.
It is essential to acknowledge that the PAP and NTUC has led Singapore to overcome the unprecedented challenges posed by the COVID-19 crisis. Singapore’s effective management of the pandemic and robust response measures saved lives and livelihoods.
The NTUC, under the leadership of Ng Chee Meng, has also spearheaded many initiatives to enhance the well-being of workers in Singapore over the past 5 years. Initiatives such as:
- Expansion of the Progressive Wage Model (PWM): Under his leadership, the Progressive Wage Model has been extended to benefit approximately 135,000 lower-wage workers across various sectors, leading to improved wages and clearer career progression pathways.
- Support for Platform Workers: He has championed protections for the platform workers, advocating for employer Central Provident Fund (CPF) contributions, workplace injury benefits, and formal representation within NTUC to ensure fair working conditions.
- Establishment of Company Training Committees (CTCs): Since the launch of the CTC in 2019, NTUC has formed over 3,000 CTCs and helped more than 7,000 workers receive an average of 5% wage increment on top of their annual increments.
- Support for Women and Families: He has been a strong advocate for policies supporting women and families, particularly in promoting flexible work arrangements (FWAs) and enhancing parental leave, demonstrating his commitment in fostering a family-friendly work environment that supports the well-being of women and families in Singapore.
As the election unfolds and voters weigh their options, it remains to be seen whether The Workers’ Party’s strategy of targeting the Income-Allianz deal will resonate with the electorate or if it will be perceived as a singular attack in the face of the achievements by the PAP and the NTUC over the last 5 years.
