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.
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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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Why Is The Salary Of Singapore’s Prime Minister So High?
Is Singapore’s Prime Minister Really Overpaid?
National Day has just passed. And considering that it is our Bicentennial Year, we thought it might be interesting to revisit the growth we’ve accomplished since achieving Independence in 1965 and to address a commonly debated topic by most Singaporeans as well.
In this article, we’ll be presenting the facts, figures, and statistics of Singapore, one of the world’s fastest-growing economies vs the economies of five other countries.
Using that data, we’ll also be comparing the compensation package of Singapore’s leader vs. that of the leaders from the five selected countries to find out if Singapore’s Prime Minister is really overpaid or not.
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Ho Ching shares an article that supposedly answers why her husband’s salary is so high – but it misses the mark completely
Prime Minister’s wife Ho Ching shared an article on her Facebook page today (21 August) titled “Why is the salary of Singapore’s Prime Minister so high?”
The accompanying caption to her post noted Singapore’s ‘clean wage system’.
She wrote, “One big difference is the clean wage system in SG – ie no other perks in kind, while most if not all other countries would have many other perks, 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.”
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Ho Ching shares article justifying PM Lee’s high salary : “we must not take advantage of them to underpay”
Ho Ching, CEO of Temasek Holdings, shared an article on her Facebook page with the following title, ‘Why Is The Salary Of Singapore’s Prime Minister So High?’.
Taken from finance website Seedly, the article explains, “A Top-Performing CEO Should Command Top-Dollar For His Or Her Work”. Ho, wife of Prime Minister Lee Hsien Loong added a caption saying, “I have no view one way or other about who deserves what”.
However, she wrote that “One big difference is the clean wage system in SG – ie no other perks in kind, and no pensions or other benefits after leaving office in SG, while most if not all other countries 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”.
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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 10 Jul
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-salary-will-we-ever-know/?fbclid=IwAR1B1-WxN52q254CttQuNQBIYM3206fHcNikDugPsZ0yLHQvaf-LDsRr-OU
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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
The highest paid world leaders right now
UK-based credit brokers, Moneypod, has published new data showing the highest paid world leaders in 2018 – and how their salaries compare to their country’s national average wage.
The researchers found that the prime minister of Singapore, Lee Hsien Loong, makes over three times the amount of the second highest earning world leader in Hong Kong’s Carrie Lam – pocketing $1.7 million (R22 million) per year.
UK prime minister Theresa May earns a reported $186,000, compared to Donald Trump’s $400,000 – although the latter only accepts $1 of his salary. Meanwhile, Norway’s prime minister Erna Solberg ($187,000), earns only $100,000 more than the average Norwegian worker due to country’s high average national income.
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20 Highest-Paid World Leaders
Does it pay to be president? Ask the men and women who are among the top paid world leaders.
Earning from just over $200,000 to nearly $2 million, the yearly earnings of these heads of states far exceed the pay of the average citizen in their countries. One measure of the average resident yearly earnings is GDP per capita. While the countries with the highest GDP per capita often have the best-paid leaders -- the annual salaries of their leaders are always well above the country's GDP per capita.
To find the highest-paid world leaders, 24/7 Wall St. gathered information from country websites, data from organizations such as the International Monetary Fund, and the CIA World Factbook:
- Lee Hsien Loong; Prime minister of Singapore; Annual salary in USS: $1,700,000
- Carrie Lam; Chief executive of Hong Kong; Annual salary in USD: $578,320
- Malcolm Turnbull; Prime minister of Australia; Annual salary in USD: $409,981
- Alain Berset; President of Switzerland; Annual salary in USD: $401,929
- Donald Trump; President of United States; Annual salary in USD: $400,000
- Jacinda Ardern; Prime minister of New Zealand; Annual salary in USD: $345,385
- Xavier Bettel; Prime minister of Luxembourg; Annual salary in USD: $340,000
- Sebastian Kurz; Chancellor of Austria; Annual salary in USD: $330,396
- Jimmy Morales; President of Guatemala; Annual salary in USD: $326,796
- Justin Trudeau; Prime minister of Canada; Annual salary in USD: $273,809
- Angela Merkel; Chancellor of Germany; Annual salary in USD: $244,000
- Kersti Kaljulaid; President of Estonia; Annual salary in USD: $240,312
- Leo Varadkar; Taoiseach of Ireland; Annual salary in USD: $234,685
- Charles Michel; Prime minister of Belgium; Annual salary in USD: $230,392
- Ilham Aliyev; President of Azerbaijan; Annual salary in USD: $230,000
- Stefan Lofven; Prime minister of Sweden; Annual salary in USD: $224,258
- Mark Rutte; Prime minister of Netherlands; Annual salary in USD: $222,053
- Lars Rasmussen; Prime minister of Denmark; Annual salary in USD: $219,205
- Theresa May; Prime minister of United Kingdom; Annual salary in USD: $214,247
- Moon Jae-in; President of South Korea; Annual salary in USD: $211,320
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These Are The 20 Highest-Paid Political Leaders In The World In 2018
With annual salary ranging from approximately $200,000 to nearly $2 million, it pays to be a political leader. And if you are leading a major economy, such Germany, Canada or the United States, it pays especially well, that’s according to Cristabelle Tumola at 24/7 Wall St. Here’s how much the World’s 20 best-paid leaders are pulling in.
Unsurprisingly, Singapore Prime Minister Lee Hsien Loong, claims the No. 1 spot, with Hong Kong’s Chief executive Carrie Lam in second. These Are The 20 Highest-Paid Political Leaders In The World In 2018:
- Lee Hsien Loong; Prime minister of Singapore; Annual salary: $1,700,000
- Carrie Lam; Chief executive of Hong Kong; Annual salary: $578,320
- Malcolm Turnbull; Prime minister of Australia; Annual salary: $409,981
- Alain Berset; President of Switzerland; Annual salary: $401,929
- Donald Trump; President of United States; Annual salary: $400,000
- Jacinda Ardern; Prime minister of New Zealand; Annual salary: $345,385
- Xavier Bettel; Prime minister of Luxembourg; Annual salary: $340,000
- Sebastian Kurz; Chancellor of Austria; Annual salary: $330,396
- Jimmy Morales; President of Guatemala; Annual salary: $326,796
- Justin Trudeau; Prime minister of Canada; Annual salary: $273,809
- Angela Merkel; Chancellor of Germany; Annual salary: $244,000
- Kersti Kaljulaid; President of Estonia; Annual salary: $240,312
- Leo Varadkar; Taoiseach of Ireland; Annual salary: $234,685
- Charles Michel; Prime minister of Belgium; Annual salary: $230,392
- Ilham Aliyev; President of Azerbaijan; Annual salary: $230,000
- Stefan Lofven; Prime minister of Sweden; Annual salary: $224,258
- Mark Rutte; Prime minister of Netherlands; Annual salary: $222,053
- Lars Rasmussen; Prime minister of Denmark; Annual salary: $219,205
- Theresa May; Prime minister of United Kingdom; Annual salary: $214,247
- Moon Jae-in; President of South Korea; Annual salary: $211,320
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These are the 20 highest-paid world leaders
World leaders…they’re just like us, right? Well, unless you earn a six-figure salary, not so much.
That said, they do make considerably less than the average Fortune 500 CEO. And still, many would say politicians make too much.
Let us know in the comments how you feel about these head of state salaries. (All values in U.S. dollars unless otherwise specified):
- Lee Hsien Loong, Prime Minister of Singapore; Salary: $1,717,352 (2.4 million Singapore dollars)
- Leung Chun-ying, Chief Executive of Hong Kong; Salary: $578,320 (4.5 million Hong Kong dollars)
- Doris Leuthard, President of Switzerland; Salary: $401,929 (400,000 Swiss francs)
- Donald Trump, President of The United States; Salary: $400,000
- Malcolm Turnbull, Prime Minister of Australia; Salary: $385,965 (517,504 Australian dollars)
- Christian Kern, Chancellor of Austria; Salary: $330,396 (304,006 euros)
- Justin Trudeau, Prime Minister of Canada; Salary: $253,123 (345,400 Canadian dollars)
- Xavier Bettel, Prime Minister of Luxembourg; Salary: $245,184 (225,600 euros)
- Angela Merkel, Chancellor of Germany; Salary: $235,041 (216,278 euros)
- Charles Michel, Prime Minister of Belgium; Salary: $230,392 (212,000 euros)
- Lars Rasmussen, Prime Minister of Denmark; Salary: $219,205 (1.5 million kroner)
- Stefan Lofven, Prime Minister of Sweden; Salary: $214,587 (1.9 million kroner)
- Shinzo Abe, Prime Minister of Japan; Salary: $203,319 (22.6 million yen)
- Enda Kenny, Taoiseach of Ireland; Salary: $201,034 (185,000 euros)
- Mark Rutte, Prime Minister of The Netherlands; Salary: $195,601 (180,000 euros)
- Francois Hollande, President of France; Salary: $194,530 (178,920 euros)
- Erna Solberg, Prime Minister of Norway; Salary: $187,000 (1.6 million kroner)
- Theresa May, Prime Minister of United Kingdom; Salary: $185,962 (144,000 pounds)
- Gudni Johanesson, President of Iceland; Salary: $156,374 (16.7 million Icelandic kroner)
- Juha Sipila, President of Finland; Salary: $153,197 (140,904 euros)
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20 Highest-Paid World Leaders
Leaders of absolute monarchies and of a number of constitutional monarchies are generally among the wealthiest people on the planet. However, they were excluded from this list because incomes of sultans, emirs, and kings are frequently not available. When looking at relatively wealthy parliamentary democracies, the national governments are often organized differently from one another. While many countries have both a head of state and a head of government — a president and a prime minister, for example — the position that holds the greater power depends on the nation.
In France, the president is the head of state and holds more power than the head of government, who is the prime minister. The hierarchy is reversed in Germany, where the head of government is the chancellor, who holds the highest position of power over the country’s president. Even if a country’s leaders are living like kings compared to their citizens, a government salary can’t compare with that of a chief executive officer in the private sector. Some leaders on this list entered government service from more lucrative careers in the business, legal, and entertainment worlds. Some are so rich that they forgo their salaries.
Even so, world leaders typically receive perks during their time in office — from security to travel expenses. And a nation’s leader is almost always provided a residence maintained with taxpayer money. As we’ve seen with former U.S. presidents and British prime ministers, they earn their biggest bucks after leaving office through lucrative book deals and speaking engagements.
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New Zealand Prime Minister Jacinda Ardern announces 12-month pay freeze for MPs
PHOTO: New Zealand's cabinet has denied themselves an $8,000 pay rise. (Reuters: Charlotte Greenfield)
New Zealand Prime Minister Jacinda Ardern has announced a 12-month pay freeze for the country's politicians, saying they are already paid well enough.
"We do not believe, given that we are on the upper end of the salary scale, that we should be receiving that kind of salary increase." MPs were due to receive a 3 per cent pay rise during September, backdated to July 1, in line with recommendations from the independent Remuneration Authority, but Ms Ardern said she would be introducing legislation to block this going through.
It would have seen Ms Ardern pocket an extra $NZ14,131.47 ($AU12,810) per year on top of her current salary of $427,072. The pay increase would also have seen Ms Ardern's cabinet colleagues earn $8,046 more, as well as a $4,456 bump for the average backbencher.
New Zealand Prime Minister Jacinda Ardern denies HERSELF and the rest of the country’s politicians a pay rise as she cancels a 3% salary hike
As recommended by the independent Remuneration Authority politicians would be given a three per cent pay rise in September dating back to July 1
New Zealand Prime Minister Jacinda Ardern has said she will introduce legislation blocking a pay rise to the country's politicians - including herself.
Politicians in New Zealand were due a three per cent pay rise starting in September, as recommended by the Independent Remuneration Authority.
This would have seen Ms Ardern take home an extra NZ$14,131.47, which is roughly AU$12,810 or £7325.12. She already earns NZ$427,072 a year.
Denmark’s PM paid 6x less than PM Lee, still the least corrupt country in the world
The Prime Minister of Denmark is the head of government in the Kingdom of Denmark. Prime Minister Lars Løkke Rasmussen, Denmark’s 25th Prime Minister has been in office since June 2015, previously holding the position from 2009 to 2011, and as Leader of the centre-right liberal Venstre party since 2009.
Denmark PM’s salary relative to PM Lee’s - PM Rasmussen’s annual salary amounts to approximately 1.458 million Danish Krone (~SGD 306,000). This puts his salary at one-sixth that of Singapore’s PM Lee Hsien Loong (SGD 2.2 million). The average gross salary in Denmark is Kr 522,657 per annum (Average Salary Survey, 2017/18). Denmark’s PM earns approximately 2.87 times that amount. In Singapore, the average gross salary per annum is SGD 67,152. PM Lee earns a whopping 32 times that amount.
Debunking the myths - If the PAP Government’s line of reasoning held true, Denmark would have a tough time attracting capable leaders for political office, in addition to suffering from endemic corruption in its civil service. However, the truth couldn’t be further. Denmark is consistently ranked among the top 5 least corrupt countries in the world by Transparency International, a global corruption watchdog. In fact, Denmark has been ranked “#1 least corrupt” for seven out of the last ten years on this index. This puts the country ahead of Singapore (6th).
Do the world’s highest paid politicians deliver world class performance?
The world’s highest paid footballers are now playing at the biggest stage, the World Cup in Russia. The likes of Ronaldo, Messi and Neymar are expected to deliver world class performances befitting their status as the world’s most expensive footballers. It is a heavy burden but one they have to shoulder.
What about our politicians? They are also getting really, really big bucks – in fact, they are the world’s highest paid by a long, long mile. Do they deliver world class performance?
Ask any Tan, Lee or Teo out there. Costs of living keep going up, and so will taxes, we are told. But standards of public services (like the sluggish SMRT and the short supply of hospital beds) keep slipping.
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ESM Goh’s $1M criterion deems all first world leaders too “mediocre” to become PAP ministers
At a public dialogue with South East District residents on 2 August, Emeritus Senior Minister (ESM) Goh Chok Tong told the residents that if the ministerial pays are cut, Singapore will end up recruiting "very, very mediocre people" as officeholders.
ESM Goh said, "To any one of us here, $1 million is a lot of money. So where do you want to get your ministers from? From people who earn only $500,000 a year, whose capacity is $500,000 a year?"
"So (when) I look for ministers, anybody who wants to be paid more than half a million, I won’t take him. 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?"In other words, he is only looking for people who can earn more than a million dollars a year in order to qualify for becoming a PAP minister. ESM Goh was responding to a suggestion by Braddell Heights resident Abdul Aziz, 70, that ministerial salaries be cut to fund pensions for elderly people. Singapore’s entry-level ministers are now paid an annual salary of over S$1.1 million while PM Lee himself fetches a cool S$2.2 million a year.
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No Surprise, Singapore’s PM is Still the Highest Salary Among All World Leaders
In an article published on the website Brightside, the salaries of 13 world leaders were compared, with US President Donald Trump at the bottom of the list, as he only receives $1 per year. At the top of the list is Singapore’s Prime Minister Lee Hsien Loong, who receives $2.2 million a year. Here’s a summary of what 13 world leaders earn annually, and what the minimum monthly wages are in the country where they live:
- 13 Donald Trump, US President—Mr. Trump waived the Presidential salary of $400,000 a year ($33,000 a month, $1,095 a day), and only receives $1 annually. Since he has a fortune worth $3 billion, he can well afford this. The minimum salary in the US is $1,160 per month.
- 12 Petro Poroshenko, President of Ukraine—Mr. Poroshenko receives $12,220 a year ($1,018 a month, $33 a day). However his $1.3 billion makes him the sixth wealthiest person in his country. The minimum salary in the Ukraine is $133 per month.
- 11 Xi Jinping, President of the People’s Republic of China—Mr. Xi earns $20,500 annually ($1,716 a month, $56 a day), the same amount since 2015, when it went up by more than 60 percent. Though neither he nor his family owns businesses, close relatives have a fortune of $376 million. The minimum monthly salary in China is between $150 and $300, depending on the location.
- 10 Sauli Niinistö, President of Finland—Mr. Niinistö earns $146,700 a year, ($12,225 a month, $402 a day). The minimum monthly salary in Finland is about $2000, though is not limited by law.
- 9 Vladimir Putin, President of Russia—Mr. Putin earns $151,000 a year, ($12,586 a month, $414 a day). The minimum monthly salary in Russia is $140.
- 8 Theresa May, Prime Minister of the United Kingdom—Mrs May earns $198,500 a year ($16,542 a month, $544 a day). The minimum monthly salary in the UK is $1569.
- 7 Emmanuel Macron, President of France—Mr. Macron earns $211,500 a year ($17,628 a month, $580 a day). The minimum monthly salary in France is $1758.
- 6 Jimmy Morales, President of Guatemala. Mr Morales earns $232,000 ($19,300 a month, $634 a day) a year and is the highest paid of all Latin American leaders. However, he gives 60% of his wages to charity, in fulfillment of a campaign promise he made. The minimum monthly salary in Guatemala is $200.
- 5 Angela Merkel, Chancellor of Germany—Mrs Merkel makes $263,000 a year ($22,000 a month, $720 a day). The minimum monthly salary in Germany is $1780.
- 4 Justin Trudeau, Prime Minister of Canada—Mr. Trudeau earns $267,000 a year ($22,285 a month, $733 a day). The minimum monthly salary in Canada is $1400, on average, depending on the province.
- 3 Malcolm Turnbull, Prime Minister of Australia—Mr Turnbull earns $403,700 a year ($33,645 a month, $1,106 a day). Mr. Turnbull, a former businessman and banker, is a multimillionaire. The minimum monthly salary in Australia is $1900.
- 2 Doris Leuthard, President of the Swiss Confederation. Ms Leuthard earns $437,000 a year ($36,000 a month, $1,200 a day), an amount equal to the salaries of all other ministers combined. There is no minimum wage in Switzerland, except for the Canton of Neuchâtel, where it is $20 for every hour.
- 1 Lee Hsien Loong, Prime Minister of Singapore. Mr. Lee makes $2.2 million a year ($147,000 a month, $7,350 a day). Mr. Lee’s father, who jump started Singapore’s economics, was Prime Minister before him. His wages are the highest among all the world leaders, and he deems it to be fair and realistic.” Singapore runs of a budget of $53 million annually. Mr Lee actually used to be paid more, but when citizens complained, the amount was reduced by more than one-third. Singapore’s minimum salary is not limited by law, but it is approximately $1,000 per month.
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Here are the salaries of 13 major world leaders
Earlier this month, Russian President Vladimir Putin announced that he and almost everyone working for him would take a 10% pay cut because of mounting economic sanctions imposed on his country. Whether Putin and his staff will actually feel the slash in their salaries is debatable, considering Putin says he is unaware of the amount printed on his paychecks. "Frankly, I don't even know my own salary; they just give it to me, and I put it away in my account," he reportedly said to a group of reporters during his annual Q&A session in December. Putin's official salary is chump change compared with that of a prime minister of an island nation smaller than New York City.
Singapore's Lee Hsien Loong earns 12 1/2 times as much as Putin at a whooping $1.7 million. Loong's salary is large enough to pay for the combined salaries of the leaders of India, Brazil, Italy, Russia, France, Turkey, Japan, United Kingdom, South Africa, and Germany.
Loong's Singapore is also the world's most expensive city for a second year in a row, according to The Economist's bi-annual Worldwide Cost of Living report.
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Leading With A Fortune: Paychecks Of World Leaders
Lee Hsien Loong - $2.2 million
The 13-term strong Singaporean prime minister is the highest paid world leader with an annual salary of $2.2 million. According to reports, his monthly salary is about $147,000. No wonder that he has been on the receiving end of a lot of flak from citizens.
However, Lee has deemed his wages to be “fair and realistic”. For some added perspective, the entire annual budget of Singapore is around $53 million, while the minimum salary offered to Singaporeans is roughly $1,000 per month.
To add to the countrymen’s frustration, a review committee last month had proposed a nine per cent salary hike for government officials, including Loong. Thankfully, the parliament rejected the proposal.
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The Queen of England gets a supreme salary … see how other world leaders stack up
Worth more than $3 billion at last count, President Donald Trump famously promised during the 2016 U.S. presidential to draw no salary should he be elected and, thus far, he’s been keeping his promise, donating presidential pay in quarterly chunks to various government department such as the Department of Health and Human Services.
Wondering how much the president makes exactly in his current job, and how his salary stacks up compared to other world leaders — and the average citizen who voted him in? British financial services firm IG Group has compiled an online comparative database of how various elected, appointed and lifetime leaders of OECD countries are compensated.
Here’s a look at one such measure, the annual salaries, in U.S. dollars, of the top 10 best-paid global leaders, and how many times the average per capita GDP of the nations they govern they earn.
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Top 10 Highest Paid Government Leaders
While most political leaders' salaries pale in comparison to that of the likes of Warren Buffett's, some are downright huge when compared to the people a leader may govern.
When it comes to what a leader is really paid, a distinction must be made between base salary and additional stipends. Leaders may receive free residences or residential stipends, free healthcare, free travel and other perks. They may be permitted expenses that most people would have to pay for out of pocket. Those figures are more difficult to come by, especially in the murky world of political influence.
Less scrupulous world leaders may pad their own bank accounts with their own country's money through corruption. "Transparency International's Corruption Perceptions Index (CPI)," first released in 1995, tracks corruption trends in 178 countries. It assigns a rank of 10 to countries deemed clean, and zero to countries considered highly corrupt.
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New Zealand Prime Minister Ms Ardern the OECD's fifth highest paid leader
In a study of the pay gap between world leaders and average citizens, Ms Ardern was ranked third, earning 8.63 times the average New Zealand wage — which was ranked 18th out of 32 in the study.
Australian Prime Minister Malcolm Turnbull tops the earning list by world leaders, earning $538,000 which is 10.14 times the average Australian worker.
According to New Zealand media, Ms Ardern is not the first prime minister to introduce legislation to reduce politicians pay.
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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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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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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.
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
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PM Lee is paid over 40 times the salary an average Singaporean earns
According to official figures released by the Ministry of Manpower, Singaporeans working full-time earned an average of S$4,232 a month or $50,784 for 12 months in 2017. PM Lee, in contrast, earned a S$2.2 million base salary in 2017.
This means that the Prime Minister earns just over 43.4 times the salary an average Singaporean working full-time was paid last year.
A look at the 34 countries that are a part of the Organisation for Economic Co-operation and Development (OECD) – an international group that aims to “promote policies that will improve the economic and social well-being of people around the world” – shows that the heads of government in these countries do not have an over 40x salary difference with their citizens. The top ten nations with the highest disparity between the pay of heads of governments and average citizen salary only show a 10-6x difference:
- Enrique Peña Nieto, President of Mexico – earns 10x the average salary in Mexico
- Malcolm Turnbull, Prime Minister of Australia – earns 10x average salary in Australia
- Jacinda Ardern, Prime Minister of New Zealand – earns 8x average salary in NZ
- Alain Berset, President of Switzerland – earns 8x average salary in Switzerland
- Angela Merkel, Chancellor of Germany – earns 8x average salary in Germany
- Sebastian Kurz, Chancellor of Austria – earns 7x average salary in Austria
- Sebastián Piñera, President of Chile – earns 7x average salary in Chile
- Donald Trump, President of the US – earns 6x average salary in the US
- Recep Tayyip Erdoğan , President of Turkey – earns 6x average salary in Turkey
- Stefan Löfven, Prime Minister of Sweden – earns 6x average salary in Sweden
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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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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
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
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.
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