Singapore wage council chair Peter Seah steps down, Hsieh Fu Hua takes over
The leadership change at the National Wages Council comes just as the tripartite body prepares to set wage guidelines for the coming year, signaling a shift in how Singapore will balance labor costs and economic growth.
Peter Seah, 79, has stepped down as chairman of Singapore’s National Wages Council for personal reasons, the Ministry of Manpower announced on Wednesday. He will be succeeded by Hsieh Fu Hua, 75, who joined the council as deputy chairman on August 7.
The leadership transition occurs at a critical juncture for Singapore’s labor market and corporate planning. The council is scheduled to convene this Wednesday to draft its annual wage guidelines for the period spanning December 1, 2026, to November 30, 2027.
These guidelines are closely monitored by investors, corporate executives, and market professionals. They establish the baseline for wage growth across the economy, including progressive wage targets for lower-income workers, with the ministry aiming to publish the recommendations by the end of October.
Seah’s departure marks the end of an 11-year tenure at the helm of the tripartite body, which he has chaired since 2015. The Ministry of Manpower expressed deep appreciation for his service, stating that his leadership was "instrumental in building and sustaining the tripartite consensus that underpinned Singapore's wage policies during his tenure."
Beyond the wage council, Seah remains chairman of DBS Bank, Singapore Airlines and LASALLE College of the Arts. He has also served as a member of the Council of Presidential Advisers since 2021. It remains unclear if his resignation from this specific role will impact his other corporate and public appointments.
His replacement brings extensive financial and institutional expertise to the wage deliberation process. Hsieh currently serves as chairman of the National University of Singapore board of trustees, deputy chairman of CapitaLand Investment, and a board director at sovereign wealth fund GIC.
Hsieh previously held top-tier financial leadership positions, including chief executive of the Singapore Exchange and president of Temasek Holdings. The ministry emphasized that his experience in "bringing together diverse stakeholders and building consensus will be valuable in leading NWC's upcoming tripartite deliberations on wage issues."
