SINGAPORE — The National Trades Union Congress (NTUC) has a track record of caring for workers and fulfilling its social mission "time and time and time and time again", Minister of State for Culture, Community and Youth Alvin Tan said in Parliament on Tuesday (Aug 6).
Will Income keep to social mission? Govt cites NTUC 's track record, MAS to ensure existing policies are honoured
Discussions about the deal took up the bulk of question time during Tuesday's sitting, with Members of Parliament raising questions about Income's social mission and MAS' assessment as a regulator. "They have kept true to its mission, and since 55 years ago, NTUC has continued to care for workers and families," he added.
"It is now a very competitive market with many options available to Singaporeans. The Government has also significantly strengthened our social support system," he said, pointing to heavily subsidised public healthcare, as well as MediSave, MediShield Life, MediFund and CPF Life."The point is that Singaporeans, including lower income workers, are well served by our national insurance programmes and our competitive and well-regulated insurance industry," he said.
"From a regulatory point of view, we do not go into the level of details in which the secretary-general of NTUC has provided because he has gone beyond what is the regulatory requirement," said Mr Chee. NTUC Enterprise and Income Insurance rebutted him in a joint statement days later. The former NTUC Enterprise and NTUC Income CEO then replied to this rebuttal in a Facebook post on Monday.
Allianz paid around US$5 billion to investors, and more than US$840 million to US government authorities to settle the allegations, the company said at the time. Investigations into Allianz Global Investors in the US did not reveal the involvement of other entities within the Allianz group, Mr Chee said.
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