At a People’s Action Party (PAP) rally on April 27, Senior Minister Lee Hsien Loong stood firmly behind labour chief Ng Chee Meng and the Labour Movement, addressing the recent controversy over the aborted NTUC Income-Allianz merger.
Speaking to the crowd, SM Lee explained that when the National Trades Union Congress (NTUC) first supported the deal, it was based on what they knew at the time. The proposed merger looked reasonable and beneficial — the plan was to strengthen NTUC Income for the future and better protect workers and policyholders.
However, SM Lee shared that as the government dug deeper and conducted further due diligence, including advice from the Monetary Authority of Singapore (MAS), more issues surfaced. It became clear that allowing the merger would not be in Singaporeans’ best interest.
That’s why, in the end, the government acted and blocked the transaction by passing a new law to ensure NTUC Income stays independent.
SM Lee made it clear: NTUC does not have the authority to stop such deals by themselves.
Big transactions like this are regulated, and it’s the government’s responsibility to step in when necessary to protect the public interest. He said it was unfair for people to blame Ng Chee Meng or NTUC for supporting the deal at the start, because they acted based on the information they had then, and did the responsible thing once the situation changed.
SM Lee also took aim at the Workers’ Party (WP). He revealed that during the crucial parliamentary vote on the amendment that blocked the Income-Allianz merger, WP MPs abstained from voting.
He questioned: If WP had been in charge, would the deal have gone through? Because they didn’t oppose it. In fact, their abstention suggested they didn’t want to take a clear stand at all.
Adding on, SM Lee pointed out that six PAP MPs, who are not Labour MPs, stood up in Parliament to ask tough questions about the deal. Only one WP MP did so.
This, SM Lee said, shows who is truly willing to speak up and do the hard work of safeguarding Singaporeans’ interests, not just during election rallies, but where it really matters: in Parliament.
At the end of the day, SM Lee’s message was clear: the Labour Movement, led by Ng Chee Meng, has always been fighting for workers, adapting with the times, and stepping up when Singaporeans need them. And when new facts came to light about the deal, they didn’t sweep it under the carpet, they took action to protect the people.
With the General Election around the corner, SM Lee also urged voters to judge candidates not just by what they say at rallies, but by their track record of responsibility, integrity, and real leadership when it counts.
