How many in Singapore get 8 months bonus?


A friend wrote on his Facebook, "As Singapore is no longer the "impregnable fortress" it was perceived to be, it is like any other cosmopolitan city with transport, employment, municipal, drainage, etc problems. Hence, I agree that we should also compare with other countries of similar size and density."

Yup, this post is about the Ministerial Salary Review Committee's report (see HERE).

When you take away the 8 months bonus assumption (13 month + 1 month annual variable component + 3 months performance bonus + 3 months National Bonus), the Ministerial salary review actually looks more acceptable.

For example, if you take away the bonus assumption, the salary recommendation for the Parliamentary Secretary is $20,900 per month, and the Prime Minister's salary recommendation is $110,000 per month.

Even if these still seem like HUGE amounts, anyone with a sense of proportion would tell you that when measured against the responsibility these individuals hold, the amount would be fair compensation.

It is the 8 months bonus which makes these (otherwise well thought out) Ministerial Salary Review recommendations out of whack.

I mean how many in Singapore get 8 months bonus?

Comments

boey said…
There will be talent who will love the country, will not mine the pay check. Is a chance to be of service to their country. 

But the current ministers are all scholars, they are all the materlistics  type. They go into politic because it is already path for them and a easy way to make respectable money. They do not understand the pain and suffering the people has to goes through daily. 

May be a less scholastic type would make a better government. They can not make the cut because the current government do not see the value in them. To the government that piece of toilet paper mean a door to the golden gate. They can not see anything further then that.

I strongly believe, when things come easy like the current minsters, are call in, they forgotten all their basic, that is to service the country. I rather those greedy fool go out there and make their kill then to stay in government office. Even thou they get the highest pay you believe there will be no curruption and everyone will do an honest pay job?  The answer is no, I do not need to name a few you can read it from the press of late who was caught!!! 
Jafri said…
The provision of 8 months bonus to the office bearers is indeed ridiculous and serves as an insult to the majority of the population in this country for their impotency to react over such an outrageous deed. The blatant act of rewarding the office bearers with such an obscene amount of remuneration over their so called "good performance" in their works is truly an act of nothing but corruption.
Wang said…
RP

Almost all executives in the financial industry can receive up to 12 months bonus or more.
so that is at least at minimum 100000 people.

would opine that at least 20% or more of working adults may be able to.

regards
singapost said…
@Wang: No wonder the financial sector needs trillions of dollars of bailout. It would be ridiculous to peg the bonus to the top 20 percent of the workforce for that would make the Ministers who are essentially public servants elitist.
Wang said…
singapost

Please inform which bank in Singapore received a bailout so far since 1990s.

Am not aware of any. would opine your comment does not assist in the singapore context.

regards
singapost said…
@Wang: In the Singapore context the government is invested in the local banks like DBS and UOB are via Temasek Holdings and so no bailout has become necessary. But you only need to see the amount of losses Temasek and GLCs - but that's ok because it is the people's money.
Wang said…
Singapost

Assume you are a investor, you would note that there are no overall losses.

Individually investments yes, they did loses and most glaring to me is Shin Corp.

However, to be fair, Temasek and GIC have made monies overall in total investment portfolio in at minimum 5 year period.
Unless you have some numbers access which I am not aware of since dealing with finance industry.


Even Lucky's example of Norwegian pension fund lost money and not to say the Harvard pension fund have also lost.
singapost said…
@Wang: TH's group net profit was S$13 billion, more than double the S$5 billion a year ago, an increase of 3.8 per cent from S$186 billion in the previous year which translates to a return of 4.6 percent due to higher contributions from investment activities and improved profits from its portfolio companies. What TH did not reveal was if any state-owned entities were sold during the same time period, which may have boosted its earnings.

But TH is not an exception, almost all sovereign funds registered profits from the rebound with the Norwegian Government Pension Fund giving a return of close to 10 percent last year.

The difference being the Norwegian swf is more transparent than sg's swf. Where there is lack of transparency you can never really know profitability.