TODAYonline Singapore 'Substantial cuts' to political appointment holders' salaries proposed
The committee had decided to benchmark an entry-level minister's salary to the median income of the top 1,000 earners, who are Singapore citizens, with a 40 per cent discount to signify the ethos and sacrifice of political service.
Based on 2011 income data from the Inland Revenue Authority of Singapore, the new benchmark figure is S$1.1 million.
The suggested salary formula features fixed and variable pay components that are linked to performance and national outcomes. The formula is as such:Annual salary (20 months) = fixed component (13 months) + annual variable component (usually 1 month) + individual performance bonus (3 months for good performers) +national bonus (3 months if targets are met).
This means that an entry-level minister, whose annual salary is S$1.1 million (20 months), will draw a fixed salary of S$715,000. The remainder is variable.