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Wednesday, 4 January 2012

TODAYonline | Singapore | 'Substantial cuts' to political appointment holders' salaries proposed

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.


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