I refer to ST’s “Parliament: Political office holders received average performance bonus of 4 months’ salary in last 5 years” and Today’s “Govt ministers paid an average performance bonus of 4.1 months in 2017“.
NCMP Leon Perera ” had asked about the bonus paid to Cabinet ministers in the last five years in terms of the average total of bonus months, and the highest and lowest total of bonus months paid to an individual minister”.
Although ministers receive 4 different types of bonuses in 2017, ie performance bonus (3 to 6 months), national bonus (5.25 months, see image below), 13-month bonus (1 month) and AWC (1.5 months), PM Lee disclosed only figures for performance bonus which downplayed the obscene total ministerial bonus that’s rarely paid even in the private sector.
Singaporeans are now under the impression that ministers were paid about only 4.1 months’ bonus in 2017 (Today’s headline) when, in fact, they received more than 10 months’ bonus.
Despite the ministerial salary review in 2012, PAP has still managed to pay ministers obscene amounts in tax dollar bonuses while average income earners struggle with PAP-created high cost of living.
If the PAP government has nothing to conceal from citizens, the following information should be disclosed:
– PM Lee’s and individual minister’s total bonus in 2017. – Similar annual bonus information since ministerial salary was revised in 2012.
And Leon should not have accepted the non answer from PM Lee.
https://likedatosocanmeh.wordpress.com/2018/09/11/pm-lees-parliamentary-disclosure-found-wanting-ministers-total-bonus-more-than-10-months-in-2017/
Someone Whatsapp me this:
Let me calculate the total salary of the Singapore deputy prime minister (DPM) for you.
(1) The base salary of the Singapore DPM is S$1.87 million. (2) Assuming that he got the average performance bonus of 4.1% in 2017, this means that his performance bonus was S$638,917 in 2017. His performance bonus is even higher than the salary of the president of the United States. (3) All the ministers get a National Bonus (NB) of up to 6 months. Based on the formula to calculate the National Bonus (NB), they would have gotten 4.5 months of NB last year. The DPM would have gotten S$701,250. (*see formula in link below) (4) All the ministers also get a 13th-month annual allowance. This is an additional S$187,000 for the DPM. (5) All the ministers also get an annual variable component of 0 to 1.5 months. Let's say, the deputy prime minister got 1 month, which would give him another S$187,000. (6) In total, the DPM (and the other ministers) received a total bonus/allowance of at least 9.6 months.
In total, the Singapore deputy prime minister would have earned at least S$3.58 million last year. This is nearly 2 times his base salary.
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Now, let me calculate the prime minister's salary for you. He does not get a performance bonus because it is claimed that "there is no one to assess his individual performance". (Shouldn't his performance be assessed by you - his boss?)
So, what does he get? He gets 2 times the National Bonus (up to 12 months). Here's the breakdown.
(1) The base salary of the Singapore prime minister is S$2.2 million. (2) His 13th-month annual allowance is S$220,000. (3) Assuming he also gets an annual variable component of 1 month (max 1.5 months), he gets another S$220,000. (4) The prime minister's NB is twice as high as the other ministers, so he would have gotten 9 months of NB bonus last year. This would be S$1.65 million. His NB bonus alone is nearly 3 times the salary of the president of the United States. (5) In total, the prime minister received a total bonus/allowance of at least 10 months.
In total, the Singapore prime minister would have earned at least S$4.29 million. This is nearly 2 times his base salary, and even higher than his base salary of S$3.07 million in 2007.
But this is not even it.
All the ministers also can get an additional Special Variable Payment. There is no stated limit to this payment.
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In Singapore, there are still more than 7% of Singapore residents who earn less than S$1,000. Most of them might have zero bonus.
The prime minister earns 9 months of bonus, based on the NB formula.
The Singapore prime minister earns 357.5 times what they earn.
In fact, the prime minister gets to earn S$1,000 in just less than 3 minutes (2.8 minutes).
If you earn S$2,000 a month, the prime minister just takes less than 6 minutes (5.6 minutes) to earn what you earn.
If you earn S$3,000 a month, the prime minister just takes less than 9 minutes (8.34 minutes) to earn what you earn.
In one month, the prime minister would earn S$357,500 a month. The prime minister earns enough to buy a HDB public housing flat.
How many years do you have to work to pay for a HDB flat? Do you get any CPF pension savings left after that?
The prime minister earns enough every month to buy a HDB flat. But your HDB flat will have zero value at the end of 99-years.
Who did you vote for?
https://www.psd.gov.sg/docs/default-source/default-document-library/cos2018/annex-b-2017-salary-review-report.pdf
Singapore sure is a weird country in its own right; mediocre folks in government with no genuine results to show for are yet rewarded with obscene salaries and bonuses. They live so very large while leaving so little for the rest of us ordinary peasants.
70% love to be screwed in the ass and willingly fund the salaries of these jiak leow bee ministers.
Lee Hsien Loong: I made about S$770,000 in bonus on average each year
In a feeble attempt to explain his astronomical salaries, dictator Prime Minister Lee Hsien Loong declared in parliament yesterday (Sep 10) that he received about 4 months bonus on average each year in the past 5 years. Based off his S$2.2 million salaries, the amount is about S$770,000.
Compared to Singaporeans who only receive 13th month annual variable wage as “bonus”, Lee Hsien Loong and his ministers are getting effectively get 4 times in monthly salaries or 220 times the median bonus.
Lee Hsien Loong declined to reveal the actual amount he and his S$52 million-a-year cabinet ministers received:
Last year, Lee Hsien Loong and his compatriots received 5.5 months in bonuses with Lee Hsien Loong alone bagging the most from Singaporean taxes.
Earlier in March, Deputy Prime Minister Teo Chee Hean said that ministerial salaries will remain unchanged even when their “formula” – pegging to the country’s richest – would adjust their salaries upward.
Ministerial salaries are determined by the ruling party government, which Lee Hsien Loong complained that without high salaries, they will corrupt.
http://statestimesreview.com/2018/09/10/lee-hsien-loong-i-made-about-s770000-in-bonus-on-average-each-year/
Looks like SDP needs to revise its artwork. No longer 4 months worth of bonuses, but more than 10 months.