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10-03-2015, 10:10 PM
An honorable member of the Coffee Shop Has Just Posted the Following:
During the Parliament debate today (10 Mar), DPM Teo noted that political salaries have not gone up in the past 3 years even as the benchmark they are linked to has risen by around 3% per year over the period.
He said that in January 2012, following a debate in Parliament, the Parliament agreed on 3 principles for determining political salaries:
Salaries must be competitive
Ethos of political service entails making sacrifices, which should be reflected as a discount in wage
Salaries to be paid without hidden bonuses or payments
A committee headed by Gerald Ee then recommended that a Minister at the entry-level MR4 benchmark would be paid $1.1 million, including all components. The MR4 salary was benchmarked against the median income of the top 1,000 earners among Singapore citizens, but with a 40 per cent discount to reflect the ethos of political service.
Since then, this benchmark has risen in two out of three years. Overall, it rose 3 per cent per year, Mr Teo said.
And based on current calculations, the 2014 MR4 benchmark should be $1.2 million, “but we’ve kept it unchanged at $1.1 million”, he added.
“The formula has remained stable and has worked well. The Committee recommended that the salary framework be reviewed every five years. Given that things have been stable, we believe the framework remains valid, and we can continue to adjust salaries within this framework should there be a change in overall salary levels in the coming years,” he said.
Mr Teo spoke about this in response to Moulmein-Kallang GRC MP Edwin Tong’s question. Mr Tong had asked whether it was timely to review the framework by which political salaries are determined.
The Prime Minister currently earns $2.2 million and the President earns $1.54 million.
S’pore ministers paid more than US President and Japanese PM
However, according to a Bloomberg report [Link], U.S. President Barack Obama is paid only about US$400,000 annually while Japanese Prime Minister is paid US$359,000 a year.
In fact, the Japanese PM’s pay was cut 30% in Nov 2011 in advance of legislation that would reduce Japanese public servants’ pay to help fund efforts to rebuild from the March 2011 earthquake and tsunami.
PM Lee called for the salary review after 2011 GE when PAP suffered a large drop in support, garnering the lowest percentage of valid votes since the independence of Singapore.
At the time when he announced the setting up of the salary review committee headed by Gerald Ee, Mr Lee said that Singaporeans have “genuine concerns” over the salaries of its politicians.
“Politics is not a job or a career promotion,” he said then. “It is a calling to serve the larger good of Singapore. But ministers should also be paid properly in order that Singapore can have honest, competent leadership over the long term.”
Rupert Murdoch, chairman and CEO of News Corp, have high praises for Singapore government’s high wage policy for themselves.
“We ought to look at the most open and clear society in the world, which is Singapore, where every minister gets at least a million dollars a year, and the prime minister a lot more, and there is no temptation,” Mr Murdoch told a British parliamentary committee after a hacking scandal. “It is the cleanest society you’d find anywhere.”
Do you agree with Rupert Murdoch’s view?
http://www.tremeritus.com/2015/03/10...-past-3-years/ (http://www.tremeritus.com/2015/03/10/dpm-teo-our-salaries-have-not-risen-in-past-3-years/)
Click here to view the whole thread at www.sammyboy.com (http://www.sammyboy.com/showthread.php?202357-DPM-Teo-Our-salaries-have-not-risen-in-past-3-years&goto=newpost).
During the Parliament debate today (10 Mar), DPM Teo noted that political salaries have not gone up in the past 3 years even as the benchmark they are linked to has risen by around 3% per year over the period.
He said that in January 2012, following a debate in Parliament, the Parliament agreed on 3 principles for determining political salaries:
Salaries must be competitive
Ethos of political service entails making sacrifices, which should be reflected as a discount in wage
Salaries to be paid without hidden bonuses or payments
A committee headed by Gerald Ee then recommended that a Minister at the entry-level MR4 benchmark would be paid $1.1 million, including all components. The MR4 salary was benchmarked against the median income of the top 1,000 earners among Singapore citizens, but with a 40 per cent discount to reflect the ethos of political service.
Since then, this benchmark has risen in two out of three years. Overall, it rose 3 per cent per year, Mr Teo said.
And based on current calculations, the 2014 MR4 benchmark should be $1.2 million, “but we’ve kept it unchanged at $1.1 million”, he added.
“The formula has remained stable and has worked well. The Committee recommended that the salary framework be reviewed every five years. Given that things have been stable, we believe the framework remains valid, and we can continue to adjust salaries within this framework should there be a change in overall salary levels in the coming years,” he said.
Mr Teo spoke about this in response to Moulmein-Kallang GRC MP Edwin Tong’s question. Mr Tong had asked whether it was timely to review the framework by which political salaries are determined.
The Prime Minister currently earns $2.2 million and the President earns $1.54 million.
S’pore ministers paid more than US President and Japanese PM
However, according to a Bloomberg report [Link], U.S. President Barack Obama is paid only about US$400,000 annually while Japanese Prime Minister is paid US$359,000 a year.
In fact, the Japanese PM’s pay was cut 30% in Nov 2011 in advance of legislation that would reduce Japanese public servants’ pay to help fund efforts to rebuild from the March 2011 earthquake and tsunami.
PM Lee called for the salary review after 2011 GE when PAP suffered a large drop in support, garnering the lowest percentage of valid votes since the independence of Singapore.
At the time when he announced the setting up of the salary review committee headed by Gerald Ee, Mr Lee said that Singaporeans have “genuine concerns” over the salaries of its politicians.
“Politics is not a job or a career promotion,” he said then. “It is a calling to serve the larger good of Singapore. But ministers should also be paid properly in order that Singapore can have honest, competent leadership over the long term.”
Rupert Murdoch, chairman and CEO of News Corp, have high praises for Singapore government’s high wage policy for themselves.
“We ought to look at the most open and clear society in the world, which is Singapore, where every minister gets at least a million dollars a year, and the prime minister a lot more, and there is no temptation,” Mr Murdoch told a British parliamentary committee after a hacking scandal. “It is the cleanest society you’d find anywhere.”
Do you agree with Rupert Murdoch’s view?
http://www.tremeritus.com/2015/03/10...-past-3-years/ (http://www.tremeritus.com/2015/03/10/dpm-teo-our-salaries-have-not-risen-in-past-3-years/)
Click here to view the whole thread at www.sammyboy.com (http://www.sammyboy.com/showthread.php?202357-DPM-Teo-Our-salaries-have-not-risen-in-past-3-years&goto=newpost).