HO Ching 12 hrs
I have no view one way or other about who deserves what.
I have however, one view about tables of comparison like the one given in the article.
One big difference is the clean wage system in SG - ie no other perks in kind during office, and no pensions or other benefits after leaving office in SG.
In most, if not all, other countries, they would have many other perks during term of office, like butlers and hairdressers, free flights on national airlines, even family holidays, etc; and quite a number like the USA would include perks after end of term of office.
I do have one more view about pay for public service, whether for political office or “do good” areas like social services.
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Ho Ching, please stop dissembling and tell us how much you earn as a Gov employee
Thirdly and most importantly why is Ho Ching talking about her husband’s salary while she ignores the elephant in the room, which is what she is paid and which she refuses to disclose. If Piyush Gupta is paid $12 million p.a. while the head of SingTel earns over $20 million (including share options), then she must be paid several times that. We cannot just be stonewalled in Parliament by the fiction that Temasek is a private company. I have said many times over the years that it is extremely likely that she is paid more than $100 million a year and has earned more than a billion dollars while she has been at Temasek. Yet her remuneration is treated like a state secret and guarded as closely as the size of our reserves. And when she talks about a “clean” salary without any perks she and her husband need to explain why they are using the Gulfstream owned by Temasek’s subsidiary, ST Aerospace, and whether it is available for her to use for private trips as CEO. Neither does she reveal whether her family money is invested alongside Temasek’s making use of inside information and getting cut in early on special deals.
It is clear that Ho Ching occupies much the same role as Kwa Geok Choo did for LKY. While LKY was paid an obscene salary by the standards of other world leaders, the real money was being scooped up by his wife in her role as head of Lee & Lee. My father was able to establish that Lee & Lee were the preferred lawyer for the HDB’s conveyancing though at the expense of losing our family home. It was probably her that LKY was referring to when he said in 1994 that lawyers were able to make $4 million p.a. Like LHL’s mother, Ho Ching is able to make the real money while her husband is paid a meagre pittance of only $2.2 million p.a.
I wonder who is really richer: the Najib and Rosmah Show or our very own first couple. I guess we will never know.
Secrecy around the reserves, salaries of Temasek heads and high ministerial pay among the “burning questions”
Reddit user u/marvinisarobot69 sparked a discussion on the Singapore subreddit when he listed six "burning questions" for the government
Kicking off the discussion, u/marvinisarobot69 listed six “burning questions” he has for the Government. He asked:
- “what is our reserves and why is it a secret?;
- “what are the salaries of the key appointment holders of sovereign funds management companies like Temasek?
- “why does the People’s Association’s activities seem so much like an extension of the PAP
- “why did we have a selected President and why the restrictions on race?
- “why do we select non qualified people with ex military background to lead commercial enterprises like SMRT, NOL etc when there are far more qualified people in the world we can select?
- “Why are Ministers’ salaries peg to the top percentage of salaries earners? Why not peg them to a multiple of the median salary ? Why not peg it to performance of the economy and jobs?”
related:
Lee Hsien Yang last Wednesday
Temasek announced its results yesterday. No surprise that it still didn’t disclose Ho Ching’s salary. Why is it such a big secret?
http://theindependent.sg/the-secret-that-is-ho-chings-sala…/
The secret that is Ho Ching’s salary – will we ever know?
The annual remuneration of the Chief Executive Officer (CEO) of Temasek Holdings seems to be the most well-kept secret, with Singaporeans asking, questioning and even speculating what that elusive number could be.
With Ho Ching heading the fund for the past 16 years, since 2002, many push for some transparency.
One Singaporean, Philip Ang, did some calculations and comparisons on his blog. In a post, he wrote, “Although Temasek Holdings manages our state reserves and should be transparent, the PAP government has legislated senior management executives’ remuneration state secret”.
Lee Hsien Yang questions: Why is Ho Ching’s salary such a big secret?
After the announcement yesterday (July 9) that Temasek Holdings, Singapore’s state investment firm, reported a record net portfolio value for the last financial year, many, including Prime Minister Lee Hsien Loong’s younger brother, have been asking about why its chief executive officer (CEO), Ho Ching’s salary remains shrouded in secrecy.
PM Lee’s brother, Lee Hsien Yang, took to Facebook earlier today to point out an obvious, but hidden, piece of the puzzle. He wrote, “Temasek announced its results yesterday. No surprise that it still didn’t disclose Ho Ching’s salary”.
The younger Mr Lee also questioned, “Why is it such a big secret?”. Along with his post, Mr Lee Hsien Yang also shared the following article: The secret that is Ho Ching’s salary – will we ever know?
Lee Hsien Yang: Why is Ho Ching’s salaries a big secret?
The estranged brother of the Prime Minister has hit out at his sister-in-law calling for the government to declare Ho Ching’s salaries:
“Temasek announced its results yesterday. No surprise that it still didn’t disclose Ho Ching’s salary. Why is it such a big secret?”
Through nepotism, the Prime Minister’s wife was made the CEO of Temasek Holdings in 2003, despite having no experience in fund management and being an engineer by training.
Why our Leaders continue to earn Heavenly Income
While all you guys are focusing on the salary and bonuses, what you guys missed is that our dear gov had removed ALL pension scheme from Singapore BUT kept it only for themselves.
Apparently, all ministers of more than 2 terms will get Full Pension till death. So you kick them out all you want, they will still be laughing all the way to the bank everyday till the end of their life.
I was'nt able to believe it when I was told about this, can someone please tell me I was wrong
Disclosing exact amount earned by ministers can reduce misinformation: Opposition chief Pritam Singh
Deputy Prime Minister Teo Chee Hean & opposition Workers’ Party (WP) members Mr Pritam Singh & Mr Leon Perera engaged in a back-and-forth in Parliament on Monday (Oct 1) over the exact salary earned by Singapore’s ministers.
Mr Singh, who is WP chief, pointed out that DPM Teo’s response to a question by Member of Parliament Alex Yam provided a range and asked instead for details of the “absolute dollar amount”.
Mr Teo replied: “I think I’ve answered the question, and the most important aspect of my answer is that all the components are within the framework of the S$1.1 million (salary for entry-level ministers) that was put in place in 2012.”
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Parliament: Even knowledgeable people have misconceptions about ministerial salaries, says DPM Teo
He cited how the chairman of resort developer Banyan Tree, Mr Ho Kwon Ping, had said in an interview with Channel NewsAsia (CNA) published on Sunday (Sep 30) that he is paid less than ministers.
But the interviewer pointed out to Mr Ho that, according to Banyan Tree Holdings' 2017 annual report, his salary, including benefits & a bonus, was more than $2.5 million.
Mr Teo told the House that this sum is "significantly higher than that of ministers' and certainly not lower than ministers' salaries".
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Does our Prime Minister get paid up to $4.5 million a year?
Several websites and social media pages have jumped on the issue of ministerial salaries in recent weeks.
Falsehoods:
Falsehood #1: The government is not upfront about how ministerial salaries are calculated.
Fact: This is false. The pay components are set out in a White Paper, which was tabled in Parliament in 2012. You can find the White Paper here.
Falsehood #2: Our Prime Minister is being paid $2.2 million a year as a base salary, not including bonuses. His total salary is $4.5 million
Fact: This is false. The Prime Minister’s norm salary is set at two times that of an MR4 Minister. His $2.2 million annual salary includes bonuses. The Prime Minister does not receive a Performance Bonus as there is no one to assess his performance annually. He does receive the National Bonus.
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Gov debunks ‘falsehoods’ about ministerial salaries that have appeared online recently
The Government has moved to debunk what it described as “falsehoods” about ministerial salaries that have been circulating recently.
The Factually website, which is managed by the Public Communications Division of the Ministry of Communications and Information, said several websites & social media pages have “jumped on the issue” of ministerial salaries in recent weeks.
The website said one falsehood that has appeared online is that the Government is not upfront about how ministerial salaries are calculated.
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PM Lee Hsien Loong Earning $4.5 Million/Year Is Fake News: Factually
Factually, a government website, has sought to clarify “online falsehoods” swirling online about ministerial salaries on 16 Sep.
The site, managed by a division of the Ministry of Communications and Information (MCI), claimed that “several websites and social media pages” have “jumped on the issue” as of late.
We looked at the White Paper (2012) and 2017’s salary review report, to find out what the actual figures are.
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Factually or half truths to sidestep actual salaries by PM and ministers? Why the lack of transparency?
In the two review reports (2012 and 2017) on ministerial salaries, the Singapore Government clearly states the amount of salary the Prime Minister and the political appointment holders get annually and how the figures are derived. As for the PM's pay, the $2.2 million is a total of 12+7 months of bonuses, (12 months salary, 13th-months bonus, AVC and a six-month national bonus instead of three months as the PM does not get a performance bonus), which works out to be $110,000 per month or $1.43 million a year for his basic annual salary. So it is also right to say that PM Lee doesn't get $4.5 million a year.
But what the post does not address or trying to sidestep with its half-truths, is the reluctance by the Government or the Prime Minister to reveal the total amount of bonuses received by the ministers. Non-constituency Member of Parliament, Leon Perera had asked Prime Minister Lee Hsien Loong in a written question in September's Parliamentary sitting:
To ask the Prime Minister in each of the past five years, what has been the bonus paid to Cabinet Ministers in terms of (i) the average total number of bonus months (ii) the highest total number of bonus months paid to an individual Minister and (iii) the lowest total number of bonus months paid to an individual Minister.
In PM Lee's reply to the NCMP, he merely revealed the average performance bonus received by the political appointment holders over the past five years. Noting that the bonuses are computed with the four components, PM Lee failed to reveal the amount of National Bonuses received by the political appointment holders which then can be used to calculate the total number of bonuses for the past five years.
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ESM Goh Chok Tong reiterates he is not paid a ministerial salary
Emeritus Senior Minister Goh Chok Tong has reiterated that he does not receive a ministerial salary.
"I shall use this opportunity to debunk public perception that I am paid a ministerial salary. ESM is merely a title with no pay," he wrote in a Facebook post on Tuesday (Sep 18), 2 days after government website Factually debunked online claims about ministerial pay.
The former prime minister said that since retiring from Cabinet in 2011, he continues to work for Singapore & use his stature to help raise awareness and funds for different groups of disadvantaged Singaporeans.
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No salary for Emeritus Senior Minister post, says Goh Chok Tong
Emeritus Senior Minister (ESM) Goh Chok Tong clarified in a Facebook post on Tuesday (Sep 18) that he is not drawing a ministerial salary.
Mr Goh's post follows recent public discussion about ministerial salaries. He said: "I shall use this opportunity to debunk public perception that I am paid a ministerial salary. ESM is merely a title with no pay."
The Government on Sunday debunked “falsehoods” about ministerial salaries that have been circulating online.
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MParader 4 hours ago
Factually, the government website, has debunked online falsehoods on PM’s and Ministers’ pay. I shall use this opportunity to debunk public perception that I am paid a ministerial salary. ESM is merely a title with no pay. Though retired from Cabinet since 2011, I continue to work for Singapore in various capacities and use my stature to help raise awareness and funds for different groups of disadvantaged Singaporeans. Instead of threatening to get up from my grave when things go wrong, I prefer to contribute while still alive but without getting in the way of the younger leaders. Moreover, I have no plans to do a Mahathir! --- gct
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Comments in MParader 19 hours
Tan Gek Hua Sir, I understand you are also currently a Senior Advisor to MAS. It is a common phenomenon that retired ministers or even current MPs holding multiple positions or directorships in various companies. There was even news that there was once a MP Yeo Guat Kwang who holds a whopping 64 positions. I wonder what's your view on politicians holding multiple positions and drawing salaries from multiple sources.
Ronald Quek As a senior public servant, it is prudent to be transparent with your remuneration and bonuses, otherwise you can’t stop the public from speculating and gossiping.
As an ESM, is there an annual expense budget allocated for this office/title? As the Senior Advisor to MAS, are there any board fees, allowances or bonuses paid to you each year? So many current ministers, retired ministers and senior military officers and civil servants were given board seats and advisory positions in GIC/MAS and GLCs - are they paid board fees, allowances or bonuses on top of their regular pensions? Let’s be open and honest about this. It will help us as citizens to fully understand this hot topic.
Is it necessary to hold a title of Emeritus Minister to continue to contribute to the country? It gives the ugly impression that our retired PM’s are reluctant to give up power,under the pretext that they care for the country. Singaporeans also care for their country in their humble and sincere ways. Cheers.
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More Comments in MParader 17 Sep at 22:33
Tan Chee-Kiong Dear Mr Goh, I am not a usual social media commenter, but I thought it is a Low taste act to use the late Mr LKY’s dignifying phrase in this way. It is also not nice to reference to Dr Mahathir in such manner. As a true blue singaporean, I feel ashamed of your act.
Toh Hai Hoe Damien Haha now then dare to aim jibes at someone who is dead. Why don’t you voice this out earlier when the respected MM was alive?
Don Muthuswamy You're thinking of doing a Mahatir???? First of all, tell us, what happened to the Swiss standard of living that you have promised us????? Suggest that you spend your last years quietly. People just get pissed off whenever you open your mouth.
Christine Sng Mechtler Dear ESM, the most effective way to stop the speculation is to publish the actual bonuses and salaries of each minister. Why so coy? It is, after all, public expenditure, you know.
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Govt seeks to set record straight on ministerial pay
THE Prime Minister does not get paid up to S$4.5 million a year, the government has said, as it sought to debunk what it called "falsehoods" about ministerial salaries that have surfaced recently.
Government website Factually, which is run by the Public Communications.
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Comments on Government debunks online falsehoods about ministerial salaries, including reports on PM's pay
It does not mentioned the other components, whether the PM is pay a salary for his role as chairman in GIC and other roles in other organisations. This would add up to his total, if he is paid. Shouldn't a PM that getting the top dollar, be fully focus on the job, then to diverse into other roles. Then it also conflict of interest issue. Please clarify on this too.
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Govt’s attempt to debunk online ‘falsehoods’ on ministerial bonuses only intensifies outrage over high pay
Responding to the ensuing public backlash, the Factually.sg website – run by the Ministry of Communications and Information’s Public Communications Division – said today that several websites and social media pages have “jumped on the issue” of ministerial pay and tried to debunk what it called “falsehoods” that are circulating online. The page said that one of these online falsehoods is that the Government is not upfront about how ministerial salaries are calculated and pointed to the 2012 White Paper on ministerial pay components that is readily available.
Several netizens responding to the Factually article have pointed out that the issue is not that people do not understand how ministerial salaries are calculated – they want to know what the actual salaries are and expect the exact figures from the Government. It is puzzling that the Government would ask the electorate to look up a six-year-old document on how pay is calculated when it could simply provide the actual figures that the people seek.
Further, the Factually article asserted that the claim that PM Lee earns $4.5 million after bonuses is false. The Government portal said: “The Prime Minister’s norm salary is set at two times that of an MR4 Minister. His S$2.2 million annual salary includes bonuses. The Prime Minister does not receive a Performance Bonus as there is no one to assess his performance annually. He does receive the National Bonus.” Despite the Government’s attempt to debunk these “falsehoods,” netizens are urging the Government to first be transparent itself before it calls out others online
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Govt ministers paid an average performance bonus of 4.1 months in 2017
Political officeholders here received on average a performance bonus of 4.1 months last year, Prime Minister Lee Hsien Loong revealed on Monday (Sep 10).
The figure was given in a written reply to a parliamentary question by Non-Constituency Member of Parliament Leon Perera, who asked about the bonus paid in the past 5 years to Cabinet ministers — in terms of the average total number of bonus months, as well as the highest & lowest bonus paid by the same measure.
Figures given by Mr Lee showed that political officeholders of all grades, which include Cabinet ministers & ministers of state, received about 4 months’ performance bonus — with the highest at 4.4 months in 2015, & the lowest at 4.1 months last year.
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How Is A Minister’s Salary And Bonus Calculated? We Break It Down For You
In terms of moolah (money) earned among world leaders, Singapore’s ministers outdraw many other world leaders, according to a white paper released by the Public Servant Division in 2012.
This 50-page document revealed that our typical ministers are capable of earning up to an impressive $1.46 million in annual income.
Other than the fixed 13-month salary that ministers receive, they also have a chance of earning additional income from 3 separate areas — according to this white paper. These areas are:
- Annual Variable Component
- Performance Bonus
- National Bonus
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4 or almost 12 months bonus? PM Lee artfully deflects question on total bonus ministers received from 2013-2017
The performance bonus, however, is only a part of the bonus package political office-holders receive each year
PM Lee actually acknowledged that the bonus framework for political office-holders involves four components but did not reveal the total average bonus that was paid out to political office-holders under the three other components.
Besides monthly pay and the performance bonus, political office-holders also receive a 13th month non-pensionable annual allowance, an annual variable component (AVC) as paid to civil servants and a National Bonus linked to Singapore’s economic growth.
It is unclear why PM Lee did not include the 13th month bonus, AVC bonus and National Bonus and provide Perera with the total average months bonus, highest months bonus paid to an individual minister and lowest months bonus paid to an individual minister.
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13 bonus months for the Prime Minister in 2017? PM Lee skirts questions filed by WP NCMP Leon Perera about total bonus months paid to ministers
AVC figures from the annual announcement from the Public Service Divison
If you did not read Mr Perera's question, you would have thought the NCMP had asked the PM about the total PB received by political office holders over the past five years. But once you look at Mr Perera's full question, you will realise that PM Lee had skirted around the question instead of answering the question directly. Mr Perara had asked:
"To ask the Prime Minister in each of the past five years, what has been the bonus paid to Cabinet Ministers in terms of (i) the average total number of bonus months (ii) the highest total number of bonus months paid to an individual Minister and (iii) the lowest total number of bonus months paid to an individual Minister".And as if there was a cue to Mainstream Media, every platform zoomed into the performance bonus as their headlines instead of clarifying that the total annual bonus for the ministers is much more than just 4 months. Channel News Asia went even further by stating that the performance bonus dwindled over the years.
So to understand how much exactly does the political holders get for their total bonus months in a year, we refer to the salary formula that is in place since 2012, which is 13th-month bonus + Performance bonus + Annual Variable Component + National Bonus. And based on the calculated figures according to the formula, we see that the political holders get at least 10 months of bonus on top of their annual salary.
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Political office holders received average performance bonus of 4 months' salary in last 5 years
Political office holders of all grades received an average annual performance bonus of around 4 months' salary in the last 5 years, with the amount given to each individual ranging between 3 & 6 months of their pay each year, said Prime Minister Lee Hsien Loong on Monday (Sep 10).
He gave these figures in a written parliamentary reply to Non-Constituency Member of Parliament Leon Perera, who had asked about the bonus paid to Cabinet ministers in the last five years in terms of the average total of bonus months, and the highest and lowest total of bonus months paid to an individual minister.
The average performance bonus hit a high in 2015, when political office holders received 4.4 months of bonus, while the lowest bonus in the last five years was in 2017, when they received 4.1 months of bonus.
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GDP Slumps but Political Office Holders Receive Top-Notch 4 Months Performance Bonuses
Prime Minister Lee Hsien Loong revealed in parliament today that the political office holders received an average of 4.4 months performance bonus a year in the last 5 years.
In a written parliamentary response to a question by Workers’ Party MP Leon Perera, Mr Lee said that the amount of performance bonus received by individual political officer holders ranged from 3 to 6 months bonus. Political office holders include parliamentary secretaries, ministers of state and Cabinet ministers. In comparison, top performers in the civil service about 3 months.
Besides performance bonus, political office holders also receive bonuses in the form of an Annual Variable Component, National Bonus and 13th Month Bonus. A Cabinet Minister of the lowest pay-grade (MR4) earns about S$1.1 million a year, while the Prime Minister earns about S$2.2 million a year.
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S’pore political office holders received average of more than 4 months performance bonus yearly
Singapore’s political office-holders received an average of more than four months of performance bonus per year between 2013 and 2017. This was revealed by Prime Minister Lee Hsien Loong in a written answer on Monday, Sept. 10, in response to a question filed by the Workers’ Party’s Non-Constituency Member of Parliament Leon Perera. The average performance bonus was 4.1 months in 2017. This was the average performance bonus over the five-year period:
- 2017 — 4.1 months
- 2016 — 4.3 months
- 2015 — 4.4 months
- 2014 — 4.2 months
- 2013 — 4.3 months
- Monthly salary
- 13th month non-pensionable annual allowance
- National bonus (linked to Singapore’s socio-economic outcomes)
- Annual variable component, as paid to civil servants
Cut pay for ministers? Singapore will pay price: ESM Goh
Doing so would be popular, but will make it harder for Government to attract good people
Emeritus Senior Minister Goh Chok Tong has sounded a warning that Cabinet ministers are not paid enough and that down the road, Singapore will be confronted with the problem of getting competent people to join the Government.
Speaking at a dialogue with South East District residents last week, he disclosed that MP Edwin Tong, a lawyer, took a 75 per cent pay cut when he became a senior minister of state on July 1. Mr Tong previously earned more than $2 million a year as senior counsel and now makes about $500,000, Mr Goh said.
He made the point last Thursday in response to Braddell Heights resident Abdul Aziz, 70, who asked if ministerial salaries could be cut to fund pensions for elderly people.
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Higher pay will attract most talented team, so country can prosper
In his own words
In debating the motion to change the formula to calculate ministerial pay, Mr Lee Kuan Yew, then Senior Minister, put up a robust argument for paying ministers good salaries. He said that the private sector had taken away many good men and women from the Government, and without good people, the country would suffer.
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ESM Goh: "Ministers are not paid enough"
“But you did not. You said cut from defence, 1 per cent is enough. And on top of that, you said cut ministers’ salaries. That is very populist.”
“I am telling you the ministers are not paid enough, and down the road, we are going to get a problem with getting people to join the Government, because civil servants now earn more than ministers. Are you aware of that?" Mr Goh added.
He asked where Singaporeans would want to get office holders from.
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Does our Prime Minister get paid up to $4.5 million a year?
Falsehoods:
Falsehood #1: The government is not upfront about how ministerial salaries are calculated.
Fact: This is false. The pay components are set out in a White Paper, which was tabled in Parliament in 2012. You can find the White Paper here.
Falsehood #2: Our Prime Minister is being paid $2.2 million a year as a base salary, not including bonuses. His total salary is $4.5 million
Fact: This is false. The Prime Minister’s norm salary is set at two times that of an MR4 Minister. His $2.2 million annual salary includes bonuses. The Prime Minister does not receive a Performance Bonus as there is no one to assess his performance annually. He does receive the National Bonus.
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MR4 Minister Salary
17: Based on Inland Revenue Authority of Singapore (IRAS) YA2017 income data, the benchmark figure is $1,224,700, i.e. the median income of the top 1,000 earners who are Singapore Citizens after 40% discount. Thus, we recommend setting the annual salary for an entry level MR4 Minister at $1,200,000. This represents his total annual salary package if 1 month AVC is paid in that year, he is a good performer and targets for the National Bonus indicators are met (please see illustration below). This would be an increase in salary of $100,000 or 9% from the current MR4 salary (or a year-on-year increase of 1.5% between 2011 and 2017).
Salary for Other Political Appointment Holders
19: The annual salary for all the other political appointment holders are set at a ratio to the MR4 annual salary, as shown in Table 2. Following the recommended adjustment to the MR4 annual salary, the annual salaries for the other appointments should similarly be adjusted. For a comparison between the current salaries and recommended salaries, please refer to Table 2.
Annual "Norm" Salaries of MR4 minister (Good Performance & National Bonus targets are met)
Fixed monthly pay: 12 months
13th month bonus: 1 month
Variable pay AVC (0.95 - 1.5 months): 1 month
Performance bonus (3 - 6 months): 3 months
National Bonus (3 - 6 months): 3 months
Total: 12 + 1 + 1 + 3 + 3 = 20 months
$1,100,000 divided by 20 months = $55,000 per month
Lowest Annual Salaries of MR4 minister without any bonus (Targets not met)
Fixed monthly pay: 12 months
13th month bonus: 1 month
Variable pay AVC (0.95 - 1.5 months): 0 month
Performance bonus (3 - 6 months): 0 month
National Bonus (3.4 - 4.9 months): 0 month
Total: 12 + 1 + 0 + 0 + 0 = 13 months
Lowest Annual = 13 months x $55,000/mth = $715,000 per annum
Lowest Annual Salaries of MR4 minister with bonus (Targets met)
Fixed monthly pay: 12 months
13th month bonus: 1 month
Variable pay AVC (0.95 - 1.5 months): 0.95 month
Performance bonus (3 - 6 months): 3 months
National Bonus (3 - 6 months): 3 months
Total: 12 + 1 + 0.95 + 3 + 3 = 19.95 months
Lowest Annual = 19.95 months x $55,000/mth = $1,097,250 per annum
Maximum Annual Salaries of MR4 minister with bonus (Targets exceeded)
Fixed monthly pay: 12 months
13th month bonus: 1 month
Variable pay AVC (0.95 - 1.5 months): 1.5 month
Performance bonus (3 - 6 months): 6 months
National Bonus (3 - 6 months): 4.9 months
Total: 12 + 1 + 1.5 + 6 + 6 = 25.4 months
Maximum Annual = 26.5 months x $55,000/mth = $1,457,500 per annum
Average Annual Salaries of MR4 minister (2013 - 2017)
Fixed monthly pay: 12 months
13th month bonus: 1 month
Variable pay AVC (0.95 - 1.5 months): 1.3 month
Performance bonus (3 - 6 months): 4.3 months
National Bonus (3.4 - 4.9 months): 4.1 months
Total: 12 + 1 + 1.3 + 4.3 + 4.1 = 22.7 months
Average Annual = 22.7 months x $55,000/mth = $1,248,500 per annum
The Crazy Rich Salaries of Singapore's Ministers Versus the Poor Peasants Who Support Them
Singapore’s ministers are living like the kings and queens that they believe themselves to be.
When comparing what Singapore’s prime minister Lee Hsien Loong pays himself with what political leaders in other countries are paid, Lee's salary shoots through the roof, literally (red bar in chart below).
The prime minister pays himself a base salary of S$2.2 million (US$1.6 million) a year, but the next highest political leader salary is about a whopping one-third less (in Hong Kong).
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Singapore’s Prime Minister Should Not Earn More than S$325,000 A Year
Last month, the unwillingness of Singapore’s government to disclose the full salary of Singapore’s ministers caused much uproar. Singapore’s prime minister is estimated to earn as much as S$2.7 million from 2013 to 2017 but it could be more, because of a Special Variable Payment that the ministers can earn, which has no stated limit. In theory, the ministers can earn an infinite amount of salary.
Two weeks ago, I asked people how much they think the Singapore prime minister should earn. Here are the results. [If you want to also take part in the survey, you can do so at the end of this article.]
More than 90% (93.84%) of respondents felt that the prime minister’s salary of an estimated S$2.7 million (or more) is too high.
related: How Much Do You Think Prime Minister and S'poreans Should Earn?
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While all you guys are focusing on the salary and bonuses, what you guys missed is that our dear gov had removed ALL pension scheme from Singapore BUT kept it only for themselves.
Apparently, all ministers of more than 2 terms will get Full Pension till death. So you kick them out all you want, they will still be laughing all the way to the bank everyday till the end of their life.
I wasnt able to believe it when I was told about this, can someone please tell me I was wrong
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Sometimes I start doing an evaluation of my life.
In one of those I came across the story of the racing driver, Michael Shumacher.
When I studied his resume as an athlete I saw that he was:
Winner of the Grand Prix in 1991.
He was 7 times world champion of Formula 1.
Happiness was in his Being, but on a fateful day his story and his destiny completely changed due to a ski accident.
Today, just 44 kilos of weight struggling to "survive" since December 2013.
His wife begins to sell the goods to cover the expenses and thus be able to keep him alive in a room adapted in his house, where he lies like a vegetable.
Here comes a question:
Who is better than who?
Life can take directions never imagined.
It's amazing how everything can change in an instant.
No one is exempt from anything.
And in no circumstances are they of any use:
Money,
Titles,
Fame,
Success,
Power.
We are all the same.
Then why the pride?
Why the arrogance?
So why so much attachments to material goods and wealth?
All we have is the day to day so that we can live it with passion and happiness, doing good, serving our God, our family and neighbors with full of Joy and Gratitude.
We need to stop creating problems, claim insignificant things, and always avoid everything that "takes our time and lives".
Be careful not to lose someone who loves you and accepts you as you are.
As in the game of chess, in the end both the King and the Pawn are kept in the same box. In the end, we will all meet our end the same way.
It is worth examining what we have done or not yet do.
We are born without bringing anything. We die without taking anything, absolutely nothing!
And the sad thing is that in the interval between life and death, we fight for what we did not bring and even more for what we will not take. Think about that.
Let's live more, let's love more. Let's always understand the other and be more tolerant.
I wish we never forget that to be great *You have to be humble*.
Firing an Employee Is Hard to Do. Even a Bad One
It's a tough decision to let someone go from your company. But when you get to the point of making that decision, you may be too late. You gave second chances, you tried to get the person to come around, and you stayed positive until that point that pushed you over the edge. Then you said to yourself, "I should have let the person go months ago."
Here are some more things to remind yourself - the damage waiting can do in this situation:
If you're thinking that you need to rid your company of someone who isn't a fit, it's probably too late, so just do it and allow everyone to move on.
read more
related:
Top 20 Highest Paid Government Leaders
Govt debunks falsehoods on ministerial salaries
The 'Dr Mahathir-Activists KL Meeting' Saga
Is the ground sour?
ESM Goh: "Who are going to clean the tables?"
ESM Goh: "Ministers are not paid enough"
Can Singapore “Do a Malaysia”?
Goh Chok Tong & Tan Cheng Bock ‘do a Mahathir’?
An Opposition alliance under Tan Cheng Bock
ESM Goh wants 4th-Gen PM to be picked this year
Old Mahathir could be frosty with Singapore: New Mahathir?
GST hike: Damned if they do
In perverse fashion, Malaysians might have done PAP a favour
A Political Elite Class in Singapore?
The Chan Chun Sing Puzzles
Dawn of a new era, in our own backyard!
The protege toppled by his mentor
Paying high salaries to mitigate corruption
Maintaining Standards of our Civil Service
Singapore’s Corruption Control Framework
Business and Rules of Prudence
Salary for Other Political Appointment Holders
19: The annual salary for all the other political appointment holders are set at a ratio to the MR4 annual salary, as shown in Table 2. Following the recommended adjustment to the MR4 annual salary, the annual salaries for the other appointments should similarly be adjusted. For a comparison between the current salaries and recommended salaries, please refer to Table 2.
Annual "Norm" Salaries of MR4 minister (Good Performance & National Bonus targets are met)
Fixed monthly pay: 12 months
13th month bonus: 1 month
Variable pay AVC (0.95 - 1.5 months): 1 month
Performance bonus (3 - 6 months): 3 months
National Bonus (3 - 6 months): 3 months
Total: 12 + 1 + 1 + 3 + 3 = 20 months
$1,100,000 divided by 20 months = $55,000 per month
Lowest Annual Salaries of MR4 minister without any bonus (Targets not met)
Fixed monthly pay: 12 months
13th month bonus: 1 month
Variable pay AVC (0.95 - 1.5 months): 0 month
Performance bonus (3 - 6 months): 0 month
National Bonus (3.4 - 4.9 months): 0 month
Total: 12 + 1 + 0 + 0 + 0 = 13 months
Lowest Annual = 13 months x $55,000/mth = $715,000 per annum
Lowest Annual Salaries of MR4 minister with bonus (Targets met)
Fixed monthly pay: 12 months
13th month bonus: 1 month
Variable pay AVC (0.95 - 1.5 months): 0.95 month
Performance bonus (3 - 6 months): 3 months
National Bonus (3 - 6 months): 3 months
Total: 12 + 1 + 0.95 + 3 + 3 = 19.95 months
Lowest Annual = 19.95 months x $55,000/mth = $1,097,250 per annum
Maximum Annual Salaries of MR4 minister with bonus (Targets exceeded)
Fixed monthly pay: 12 months
13th month bonus: 1 month
Variable pay AVC (0.95 - 1.5 months): 1.5 month
Performance bonus (3 - 6 months): 6 months
National Bonus (3 - 6 months): 4.9 months
Total: 12 + 1 + 1.5 + 6 + 6 = 25.4 months
Maximum Annual = 26.5 months x $55,000/mth = $1,457,500 per annum
Average Annual Salaries of MR4 minister (2013 - 2017)
Fixed monthly pay: 12 months
13th month bonus: 1 month
Variable pay AVC (0.95 - 1.5 months): 1.3 month
Performance bonus (3 - 6 months): 4.3 months
National Bonus (3.4 - 4.9 months): 4.1 months
Total: 12 + 1 + 1.3 + 4.3 + 4.1 = 22.7 months
Average Annual = 22.7 months x $55,000/mth = $1,248,500 per annum
Update 25 Sep 2018: Ministers should accept pay sacrifice as job is 'form of NS': Blackbox survey
Nearly seven in ten Singaporeans (67 per cent) feel that ministers should be “willing to make a sacrifice” and accept a lower pay than what they may earn in the private sector as their job is a “form of national service”, a recent Blackbox Research survey showed. Nearly two in five, or 36 per cent, also disagreed that an important criterion for ministers should be “the likelihood that they would earn a high salary if they were working in the private sector” while 27 per cent agreed with the statement and 37 per cent expressed neutral views, according to the survey conducted between 17 and 24 August.
Last month, Emeritus Senior Minister Goh Chok Tong sparked a heated debate on ministerial salary after a dialogue he had with South East District residents. During the dialogue, he said that ministers are not paid enough and also spoke about the difficulties in attracting top talent to join the government. He had said, “You are going to end up with very very mediocre people, who can’t even earn a million dollars outside to be our minister. Think about that. Is it good for you, or is it worse for us in the end?”
Currently, the annual salary of an MR4 grade (entry level) minister stands at $1.1 million, while the Prime Minister earns $2.2 million. This is based on the assumption of an Annual Variable Component of one month, good individual performance and the national bonus indicators being met.
The Crazy Rich Salaries of Singapore's Ministers Versus the Poor Peasants Who Support Them
Singapore’s ministers are living like the kings and queens that they believe themselves to be.
When comparing what Singapore’s prime minister Lee Hsien Loong pays himself with what political leaders in other countries are paid, Lee's salary shoots through the roof, literally (red bar in chart below).
The prime minister pays himself a base salary of S$2.2 million (US$1.6 million) a year, but the next highest political leader salary is about a whopping one-third less (in Hong Kong).
read more
Singapore’s Prime Minister Should Not Earn More than S$325,000 A Year
Last month, the unwillingness of Singapore’s government to disclose the full salary of Singapore’s ministers caused much uproar. Singapore’s prime minister is estimated to earn as much as S$2.7 million from 2013 to 2017 but it could be more, because of a Special Variable Payment that the ministers can earn, which has no stated limit. In theory, the ministers can earn an infinite amount of salary.
Two weeks ago, I asked people how much they think the Singapore prime minister should earn. Here are the results. [If you want to also take part in the survey, you can do so at the end of this article.]
More than 90% (93.84%) of respondents felt that the prime minister’s salary of an estimated S$2.7 million (or more) is too high.
related: How Much Do You Think Prime Minister and S'poreans Should Earn?
Why our Leaders continue to earn Heavenly Income and Pensions
While all you guys are focusing on the salary and bonuses, what you guys missed is that our dear gov had removed ALL pension scheme from Singapore BUT kept it only for themselves.
Apparently, all ministers of more than 2 terms will get Full Pension till death. So you kick them out all you want, they will still be laughing all the way to the bank everyday till the end of their life.
I wasnt able to believe it when I was told about this, can someone please tell me I was wrong
read more
Sometimes I start doing an evaluation of my life.
In one of those I came across the story of the racing driver, Michael Shumacher.
When I studied his resume as an athlete I saw that he was:
Winner of the Grand Prix in 1991.
He was 7 times world champion of Formula 1.
Happiness was in his Being, but on a fateful day his story and his destiny completely changed due to a ski accident.
Today, just 44 kilos of weight struggling to "survive" since December 2013.
His wife begins to sell the goods to cover the expenses and thus be able to keep him alive in a room adapted in his house, where he lies like a vegetable.
Here comes a question:
Who is better than who?
Life can take directions never imagined.
It's amazing how everything can change in an instant.
No one is exempt from anything.
And in no circumstances are they of any use:
Money,
Titles,
Fame,
Success,
Power.
We are all the same.
Then why the pride?
Why the arrogance?
So why so much attachments to material goods and wealth?
All we have is the day to day so that we can live it with passion and happiness, doing good, serving our God, our family and neighbors with full of Joy and Gratitude.
We need to stop creating problems, claim insignificant things, and always avoid everything that "takes our time and lives".
Be careful not to lose someone who loves you and accepts you as you are.
As in the game of chess, in the end both the King and the Pawn are kept in the same box. In the end, we will all meet our end the same way.
It is worth examining what we have done or not yet do.
We are born without bringing anything. We die without taking anything, absolutely nothing!
And the sad thing is that in the interval between life and death, we fight for what we did not bring and even more for what we will not take. Think about that.
Let's live more, let's love more. Let's always understand the other and be more tolerant.
I wish we never forget that to be great *You have to be humble*.
Firing an Employee Is Hard to Do. Even a Bad One
Put your fears behind you and do the right thing for your business and your employees
Here are some more things to remind yourself - the damage waiting can do in this situation:
- They may have harmed the company morale and culture, not to mention they're probably miserable themselves. Why? By the time you let them go, the employees who work directly with them may be beyond aggravated.
- You'll lose great people--Your employees may start to think that leadership "doesn't see it like they do," which could be true if you don't work closely with the person like their peers do. Their peers will see issues way before you do and may lose trust in your decision-making.
- You might think they "hold the keys." You might have a manager or person who knows more than you about their area of expertise and you think, "If they're gone, who is going to take over?" You'll be surprised at who is ready to step up. You probably have an amazing person in the company ready to take over, change perceptions, and give an upbeat vibe to the team.
- You might think "Everyone loves them." Stop being afraid that everyone will leave if they leave. If you feel they shouldn't be a part of the team, chances are, so do a lot of other people. A quick reality check with peers and people who work with them will tell you that in fact everyone doesn't love them, and people work at your business because they like what they do, not because of the person who just needs to go.
If you're thinking that you need to rid your company of someone who isn't a fit, it's probably too late, so just do it and allow everyone to move on.
read more
related:
Top 20 Highest Paid Government Leaders
Govt debunks falsehoods on ministerial salaries
The 'Dr Mahathir-Activists KL Meeting' Saga
Is the ground sour?
ESM Goh: "Who are going to clean the tables?"
ESM Goh: "Ministers are not paid enough"
Can Singapore “Do a Malaysia”?
Goh Chok Tong & Tan Cheng Bock ‘do a Mahathir’?
An Opposition alliance under Tan Cheng Bock
ESM Goh wants 4th-Gen PM to be picked this year
Old Mahathir could be frosty with Singapore: New Mahathir?
GST hike: Damned if they do
In perverse fashion, Malaysians might have done PAP a favour
A Political Elite Class in Singapore?
The Chan Chun Sing Puzzles
Dawn of a new era, in our own backyard!
The protege toppled by his mentor
Paying high salaries to mitigate corruption
Maintaining Standards of our Civil Service
Singapore’s Corruption Control Framework
Business and Rules of Prudence
