Cosmo Prof

Overheard from a distinguished and learned professor:

"Yeah, so he's donating his pay rise. What about his bonus?"

Seen in the papers:

Based on the latest revisions, ministers will enjoy a GDP bonus of between three and eight months if the economy grows between 5 and 10 per cent or more. But they will not get any bonus if the economy grows by 2 per cent or less.

For example, the entry-level annual salary of a minister this year is expected to include a 5.9-month bonus based on Singapore's estimated GDP growth of between 4.5 and 6.5 per cent.

Prime Minister Lee Hsien Loong earned $2.5 million last year; after the revision, he will draw $3.1 million this year.

Disclosing details of their latest performance bonuses, he noted that only two out of the 21 ministers and senior ministers of state received between eight and 10 months' bonus last year.

Another 11 got between 5.5 and seven months' bonus, while eight others got five months' bonus or less. Mr Lee himself got a fixed bonus of five months last year.

By my calculations,

5 month bonus = $1.3 million
5.9 month bonus = $1.52 million
8 month bonus = $2.06 million
10 month bonus = $2.58 million

Donating proceeds of the increase each month to worthy causes for the next 5 years = $0.6 million x 5 years = $3 million

Taking home "bare minimum" bonus of 5 months per year for these 5 years = $6.5 million

You do the math. Of course, this is only for the PM. Let's not even take into account the other 20 minsters and senior minsters of state [some of which hold 2 portfolios].


News Link 1
News Link 2
News Link 3
GDP Growth Table over the years

singapore, minister, pay rise, bonus, civil service
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