The salaries of Singapore’s multi-millionaire ministers look set
to be revised upwards in 2010 with Singapore’s economy growing
again.
In his New Year message to Singaporeans, Prime Minister Lee
Hsien Loong said Singapore’s economy is likely to grow between 3
and 5 per cent next year.
Describing 2009 as a “volatile year” for the economy, PM Lee
said:
“Considering the anxious moments at the depth of the crisis,
our subsequent recovery is something to take heart from……Next year
we are expecting 3-5 per cent growth.”
PM Lee also urged Singapore workers to ‘up-skill, re-skill and
multi-skill,’ adding: ‘They must be flexible, willing to adapt to
changed conditions, and take on new jobs as conditions change.’
The variable component of Singapore ministers’ pay are pegged to
the nation’s economy. They took a pay cut of up to 20 per cent this
year as a result of the sluggish economy.
Singapore’s ministers are the highest paid in the world. The
annual salary of PM Lee is about $SGD 3 million dollars, or 5 times
more than that of U.S. President Barack Obama.
Even his father, the Minister Mentor Lee Kuan Yew who admitted
that he is “not doing much work except doing forecasting”, received
a higher pay than Obama.
The elder Lee boasted unashamedly that he would earn “much more”
in the private sector.
At 86 years of age, Lee rakes in more than $200,000 a month. In
contrast, the median pay of the average Singapore worker is only
$2,600.
The obscene salaries of Singapore’s ministers is a constant
source of unhappiness among the populace.
After winning the 2006 general election, the ruling party
increased the pay of its ministers by more than 50 per cent to
bring it “more in line” with the private sector.
With the next election likely to be held in 2010, Singaporeans
must think twice before giving PM Lee and his team another
“mandate” to “reward” themselves with another fat pay cheque.
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