PUBLISHED ONAugust 19, 2026 2:17 AMBYSean LerBanking veteran Hsieh Fu Hua has taken over as chairman of the National Wages Council (NWC), the Ministry of Manpower (MOM) announced on Wednesday (Aug 19).
He takes over from Peter Seah, who chairs the boards of DBS Group Holdings and Singapore Airlines, after the career banker asked to relinquish his appointment for "personal reasons".
"After deliberation, MOM has decided to accede to the request," the ministry said in its statement.
Hsieh was appointed deputy chairman of the NWC for the 2026/27 session.
He has extensive experience across the business, social and public sectors, and is currently serving as chairman of the National University of Singapore Board of Trustees and Director on the GIC Board.
On Aug 11, CapitaLand Investments announced in a Singapore Exchange (SGX) filing that Hsieh has been appointed as its board's deputy chairman.
The 75-year-old was formerly the chief executive of SGX, and was president of both the National Council of Social Service and Temasek Holdings.
MOM said in its statement that Hsieh's experience in bringing together diverse stakeholders and building consensus will be valuable in leading NWC's upcoming tripartite deliberations on wage issues.
The ministry also paid tribute to Seah, thanking him for 11 years of services as NWC chairman.
It credited the 78-year-old for helping NWC navigate some of the most challenging periods in Singapore's economic history, including the Covid-19 pandemic.
"His leadership was instrumental in building and sustaining the tripartite consensus that underpinned Singapore's wage policies during his tenure, which provided critical support for our workers and Singapore’s continued economic development," MOM added.
The council, which earlier sought the public's views to develop its annual guidelines on salaries and employment-related issues ahead of its Aug 19 meeting, is expected to release its recommendations by end-October.
The guidelines will cover the period from Dec 1 this year, to Nov 30, 2027.
It will take into account Singapore's economic competitiveness, labour market conditions, inflation, productivity growth, as well as the global economic outlook when formulating its recommendations.
It will also continue to set out its annual guidance on the range of progressive wage growth for lower-wage workers.
In an announcement on May 28, MOM said it expects wage growth to stay positive but moderate amid a more uncertain global environment and lingering inflation risks.
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