During the 16 October parliamentary session, Minister Edwin Tong addressed concerns regarding the exemption granted to NTUC Income during its 2022 corporatisation, which allowed S$2 billion in surplus funds to be carried over without clear conditions.
MPs questioned why MCCY was not alarmed by the proposed buyout of the majority shares in Income Insurance from NTUC Enterprise, given the expectation that the surplus would support Income's social mission when the exemption was granted.
When asked if there were no conditions imposed on the surplus funds, Mr Tong did not directly address whether any conditions were set on how Income could use the S$2 billion surplus.
0:00 Edwin Tong explaining why exemption was granted to NTUC Income on 14 October 2024
1:40 Derrick Goh asks Minister to clarify upon reflection on if NTUC income should have been allowed to be a corporate
4:34 Gerald Giam asks whether MCCY was concerned when the majority shares sale of Income was first announced
8:08 On 16 October, He Ting Ru asks if there was no condition imposed on the surplus funds exempted under S88.
