SIEU calls for renewed industry collaboration to tackle the common challenges of tomorrow

In the face of evolving workforce profiles and the emergence of new technologies, employers and unions should come together to address these new challenges collectively, believes Singapore Insurance Employees Union (SIEU) President Tan Poh Lay.

She made the call to renew bipartite commitments between managements and union on 31 October 2025 at the SIEU Insurance Industry Tripartite Dialogue in NTUC Centre.

For more than 30 years, almost all unionised insurance companies collectively held group level negotiations on collective agreements, wages and benefits—variating slightly from company to company.

Today, these industry-wide talks assisted by the Singapore National Employers Federation (SNEF), have been reduced to only collective agreements, shared Ms Tan.

She said: “SIEU continues to believe that an industry-wide approach remains the best way to build consensus and prevent disputes, but the union respects the managements’ decision.

“We must not grow complacent. We must continue to stand together—as one Singapore insurance industry—companies and workers alike.”

The evolution of the insurance industry

The industry was once predominantly rank-and-file but is today more than 70 per cent PME workers, according to the union.

While SIEU is still a rank-and-file union, its leadership has steadily grown towards more PMEs over the years, reflecting the membership profile.

This shift, coupled with new disruptions such as AI and constant changes in senior management, has exacerbated challenges for both workers and employers.

Amidst workforce structural changes, SIEU has also observed shifts in how industrial relations has evolved.

SIEU believes that a renewed compact and closer collaboration with insurance employers can help address these challenges.

Ms Tan added that since the early 1980s, union pioneers had pushed for key benefits like longer maternity leave, the five-day workweek, and family care leave; improvements that continue to benefit workers today. 

SIEU President Tan Poh Lay pushes for closer union-employer relations.

SIEU’s 70^th Anniversary

The SIEU Insurance Industry Tripartite Dialogue, supported by the NTUC Financial and Professional Services Cluster, was held in conjunction with the union’s 70^th anniversary.

The union was founded on 31 October 1955, predating Singapore’s independence.

It was also among the first 14 unions that helped form the NTUC pro-tem committee in 1961.

National Development Minister Chee Hong Tat was the guest of honour at the event. He also took part in a panel discussion alongside Manpower Industrial Relations Director Phua Boon Leng and SIEU General Secretary Luke Hee.

Moderated by NTUC Assistant Secretary-General and SIEU Advisor Patrick Tay, the dialogue served as an opportunity for some 90 industry leaders and tripartite partners from the Ministry of Manpower (MOM), the Monetary Authority of Singapore (MAS) and the Insurance and Financial Practitioners Association of Singapore (IFPAS) to discuss the insurance industry and the Singapore economy.

MAS Deputy Chairman Chee Hong Tat talks about achieving win-win outcomes for unions and employers.

Enlarge, equip and enhance

During the dialogue, Mr Chee, who is also the Deputy Chairman for the Monetary Authority of Singapore, shared the ‘3Es’ for employers and employees in the financial services industry to achieve win-win outcomes.

He said that first and foremost, Singapore must “enlarge the economic pie” or always aim for growth, adding that when companies see growth, workers will benefit as well.

Mr Chee also spoke of the need to renew and “enhance the relationship and trust” between tripartite partners, so that Government, businesses and workers can continue to benefit from the strong relationship that they have experienced over the decades.

“We need to make sure we leverage fully on our tripartite partnership and strengths,” said Mr Chee, which was an echo of a call made by Mr Phua and MAS Financial Centre Development Department Executive Director Phua Wee Ling during their presentations before the dialogue.

Ms Phua spoke on how MAS plans to work with industry partners to strengthen the businesses on AI while engaging the NTUC and SIEU to uplift workers’ skillsets and create a just transition for all.

Mr Chee also shared the need to equip companies with new capabilities and workers with the skills for new jobs.

He cited the NTUC Company Training Committee (CTC), which has helped many companies identify skills gaps, develop training programmes, and implement strategies to improve productivity.

“It is a good development. The Government will be happy to continue to support this very important collaboration,” he said.

SIEU General Secretary Luke Hee on how unions can help companies transform.

How unions can support transformation

On the role of unions in transformation, Mr Hee said that unions and management must forge a foundation of trust, while not adopting a one-size-fits-all approach.

He added that through generations of trust, the union has helped businesses grow and improved the lives of workers over the years.

Mr Hee gave the example of how SIEU helped to co-create the Job Evaluation System (JES) within the industry in 1989. The JES was a precursor to the now widely adopted Key Performance Indicator (KPI) system in determining wage increments and bonuses.

He attributed this success to the institution of trust between the union and management.

He said: “Over the years, through different generations of leaders on both sides, we have managed to partner with management structurally not just on wages, but [on employees’] performances as well. KPI driven wage negotiations is not common in other parts of the region.”

Mr Hee was also mindful that every company is unique and shared that unions need to consider their unique situations when negotiating changes.

He said: “The one simple philosophy we [SIEU] embrace is flexibility. If you are not willing to be flexible, it is going to be very difficult, because we have different companies from different countries, different ways of running and doing business, and different philosophies and thinking.

“This [flexibility] has ensured our past 70 years, and I suspect that it will ensure our next 70 years and beyond.”