Thursday, March 02, 2006

Lucky Singaporeans get a DISCOUNT !

LHL was asked how much PAP ministers are paid. He declined to answer by explains how their pay is worked out. "The benchmark is pegged to two-thirds of the income of the 24th highest earner (median) among a group comprising the top eight earners from six professions (bankers, accountants, engineers, lawyers, MNCs amd local manufacturers)," Mr Lee said

However, the ministers pay has been lagging behind this benchmark set by the PAP govt. No wonder he does not want to tell us, he doesn't want us to feel sorry about our ministers who have to work so hard to earn pay that is "below benchmark".

Singaporeans are so lucky to get a discount from their ministers. Since the PAP is so kind to give us so much goodies, lets give the ministers what they rightfully deserve after the elections. It is the logical thing to do.
---------------------------------------------------------
Ministers' pay lags behind salary benchmarks: PM

Thursday • March 2, 2006

DECLINING to reveal exactly how much each cabinet minister is paid, Prime Minister Lee Hsien Loong yesterday shot down the suggestion that ministers who hold multiple portfolios are paid multiple salaries.

In a written response to a question from Non-Constituency MP Steve Chia, Mr Lee said: "They receive only one salary based on the salary grade they are at."

But the Ministry of Finance — which publishes the manpower expenditure for each ministry's political appointment holders in the budget book annually — "does not intend to disclose the salaries" of individual cabinet ministers, he added.

Mr Chia, who is also the Secretary-General of the National Solidarity Party, had tabled a question on this, asking for the ministers' pay for FY2005 to be disclosed in bracket ranges of $250,000. He also asked how this salary compensation compares with the last disclosed figures in 2000.

To this, Mr Lee, who is also the Finance Minister, said: "The framework for setting ministerial salaries and the salary benchmarks were debated openly in Parliament when they were first formulated in 1994 and again in 2000 when they were revised."

The formula for the ministerial salary benchmark has remained unchanged since the last revision in 2000, he said.

"The benchmark is pegged to two-thirds of the income of the 24th highest earner (median) among a group comprising the top eight earners from six professions (bankers, accountants, engineers, lawyers, MNCs amd local manufacturers)," Mr Lee said, adding that ministers took wage cuts in November 2001 and July 2003.

Although these cuts were restored in July 2004 and January 2005 to pre-Nov 2001 levels, ministerial salaries have "lagged behind" the salary benchmarks compared to the year 2000, he added.

7 comments:

Anonymous said...

As HDB flats are supposed to be low-cost public housing, S'poreans have every right to know whether they are priced with a "true cash subsidy" or a "cleverly-disguised profit".
The HDB Flat Pricing Issue is all about TRANSPARENCY (i.e. as in the NKF Shameful Scandal).

http://groups.yahoo.com/group/Sg_Review/message/2242

Anonymous said...

Mr Mah Bow Tan:

The Government has committed that the majority of Singaporeans would be able to afford a basic HDB flat. Affordability is therefore the key consideration in pricing HDB flats. All HDB flats come with a market subsidy, i.e. they are priced below their equivalent market value.

Last year, 3- and 4-room HDB flat buyers used, on average, less than 20% of their monthly income to service their monthly loans. It is well within the 40% guideline used by financial institutions in credit assessment. It is also lower than international benchmarks of household expenditure on housing, which is typically around 25% or 30% of household income. This clearly shows that HDB flats remain affordable to Singaporeans.

We have consistently adopted an affordability-based pricing system. This has enabled more than 80% of Singaporeans to own their HDB flat.

Anonymous said...

Everything in Singapore is affordable - medical care, housing, transport and education.

If you can't pay for it, go to the bank or SingPost, they will help you to pay and you can pay them back in affordable monthly instalments.

Mah Bow Tan is right everything is affordable - you just have to keep working until age 70 to affort the instalments.

Anonymous said...

Trust the PAP, they know what they are doing. Peasants don't need to know the details. Calculations are just too complex for simple minded peasants. Just accept that salary are reasonable and justified. Keep supporting the PAP.

Problem is the peasants took the same stance on the NKF. Never mind what the CEO is being paid. Trust him. Just accept whatever benefits he is getting is justified. Keep donating.

Anonymous said...

We got to understand that there are so MANY poor people that once their pay increase, we will price ourselves out and investment in Singapore will not be viable.

However, there are so few ministers that their high pay as a whole is just peanut. We need these talents to come out with brillant ideas like casino, COE (better than proton cars).

Anonymous said...

let's clear everything in our mind first: the highest paid civil servant is our president, followed by MM, PM, followed by SM who had 5 years pay-freeze.

Anonymous said...

Read very carefully hor. LHL said their salaries "lagged behind" the benchmark, but the benchmark itself has been ever increasing hor.

The benchmark is increasing so fast that may be 20% annual increment can't ever catch up!