Pay cut for the ministers!!!
Wow i am impressed
28% pay cut for PM, 31% cut for entry-level ministers proposed
The committee to review ministers' salaries has recommended a pay cut of 31 per cent for a minister at entry grade, and a cut of 28 per cent for the Prime Minister. -- ST PHOTO: DESMOND LIM
By Lydia Lim, Deputy Political Editor
The committee to review ministers' salaries has recommended a pay cut of 31 per cent for a minister at entry grade, and a cut of 28 per cent for the Prime Minister.
The government intends to accept the committee's recommendations, the Prime Minister said in a letter to the committee released on Wednesday.
That means the salary of a minister at entry level will be cut to $1.1 million. This is down from the current actual salary which stood at $1.58 million in 2010. The Prime Minister's salary will also be adjusted to $2.2 million, down from the 2010 salary of $3.07 million. The President's annual salary will be cut by 51 per cent to $1.54 million.
The committee has also recommended that ministers' pensions be done away with.
The basis of the pay cuts is a recommendation to change the formula used to peg ministers' salaries to top private sector pay.
The current formula for the starting salary of a minister is based on the median income of the top eight earners in six professions, including banking and law, with a one-third discount.
The committee, chaired by National Kidney Foundation chairman Gerard Ee, has recommended the formula be changed to the median income of the top 1,000 Singaporean income earners, with a 40 per cent discount.
It also recommended a new national bonus to replace the GDP bonus that ministers currently receive. The proposed national bonus is to be decided based on four measures: GDP growth, unemployment rate, real growth in median incomes and real growth in the incomes of the bottom 20 per cent of wage earners.
Ride at your own risk !!!