Wednesday, January 4, 2012
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?