SINGAPORE — A major leadership change has taken place at the body responsible for shaping Singapore’s annual wage guidelines, with veteran banker Peter Seah stepping down as chairman of the National Wages Council (NWC) after more than a decade in the role.
The Ministry of Manpower (MOM) announced on Wednesday, August 19, that Seah had asked to relinquish his appointment for “personal reasons”.
According to MOM, the ministry agreed to his request “after deliberation”.
Taking over immediately is veteran corporate leader Hsieh Fu Hua, who had only recently been appointed deputy chairman of the NWC for its 2026/2027 term.
The change puts Hsieh at the helm of one of Singapore’s most important tripartite institutions just as the council begins another round of discussions on wages and employment-related issues.
Peter Seah Leaves After More Than a Decade at the Helm
Seah has chaired the National Wages Council since 2015, succeeding Professor Lim Pin.
His tenure covered an unusually turbulent period for Singapore’s economy and labour market, most notably the COVID-19 pandemic and its severe impact on businesses, employment and wages.
MOM credited Seah with helping maintain consensus between the three pillars represented in the NWC — employers, trade unions and the government.
The ministry said his leadership was instrumental in building and sustaining the tripartite consensus underpinning Singapore’s wage policies and supporting workers and the country’s economic development.
The government also expressed its “deep appreciation” for Seah’s years of service.
Seah is one of Singapore’s most prominent corporate figures. Apart from his NWC role, he chairs DBS Group Holdings and DBS Bank, as well as Singapore Airlines and LASALLE College of the Arts. He has also been a member of the Council of Presidential Advisers since 2021.
CNA reported that it had approached organisations where Seah holds other appointments to determine whether those positions would continue.
Importantly, MOM’s announcement concerned his National Wages Council appointment. No broader conclusion about his other positions should be drawn from the NWC announcement alone.
Who Is Hsieh Fu Hua?
Seah’s successor is another heavyweight of Singapore’s corporate and public-service landscape.
Hsieh Fu Hua, 75, had been appointed deputy chairman of the NWC on August 7 — just 12 days before the leadership change was announced.
He now moves directly into the chairman’s position.
Hsieh currently chairs the National University of Singapore Board of Trustees and serves as a director on the board of Singapore sovereign wealth fund GIC.
His résumé also includes several major leadership positions.
He previously served as chief executive of the Singapore Exchange (SGX), president of Temasek Holdings, and president of the National Council of Social Service.
MOM highlighted Hsieh’s experience working across Singapore’s business, social and public sectors, particularly his ability to bring different stakeholders together.
That ability will be especially important at the NWC, where reaching consensus is central to the institution’s work.
Why the National Wages Council Matters
The leadership change carries significance beyond a senior government-linked appointment.
The National Wages Council plays an influential role in Singapore’s wage-setting landscape.
Rather than directly determining everybody’s salary, the tripartite council develops annual recommendations on wage and wage-related matters after deliberations involving representatives from employers, unions and the government.
Its recommendations can influence how businesses think about salary adjustments, productivity, employment conditions and support for lower-wage employees.
That makes the NWC particularly important during periods when companies are balancing higher labour costs and economic uncertainty against workers’ expectations for meaningful wage growth.
Timing Puts Hsieh Straight Into the Spotlight
Hsieh will have little time for a gradual transition.
The NWC is convening for its 2026/2027 session, meaning its new chairman will immediately be involved in discussions surrounding wages and employment issues.
The Business Times reported that Hsieh’s experience bringing together different stakeholders and building consensus was specifically cited by MOM as valuable for the council’s upcoming tripartite deliberations.
His appointment therefore represents more than a ceremonial change at the top.
He inherits responsibility for maintaining a system of negotiation that requires employers concerned about competitiveness, workers seeking sustainable wage improvements and policymakers watching the wider economy to find common ground.
What Remains Unanswered
The official announcement provides a clear explanation for the change: Seah asked to leave the NWC chairmanship for personal reasons.
MOM has not publicly provided further details about those reasons in the reports available at the time of writing.
That distinction matters.
There is currently no basis in the official announcement or the major reports reviewed to attribute Seah’s departure to a dispute, health issue, corporate development or policy disagreement.
What is confirmed is that his more than decade-long stewardship of Singapore’s wage-setting council has ended — and Hsieh Fu Hua is now taking over at a consequential moment for wage discussions.
For Singapore’s workers and employers, the bigger question will therefore be what happens next.
The personalities at the top may have changed, but the NWC’s fundamental challenge remains the same: finding wage outcomes that improve workers’ livelihoods while keeping businesses and Singapore’s economy competitive.
And with Hsieh moving from deputy chairman to chairman only days after joining the council’s new term, all eyes will now be on whether the leadership transition brings any change in direction when Singapore’s next wage recommendations emerge.
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