Assuming an average price of US$8.67, Temasek may have suffered a
loss of over US$1 billion, according to Reuters
calculations. Temasek declined to provide the average selling price
of its BOA shares.
Minister Mentor Lee Kuan Yew has defended the impending salary
increase for ministers and told its critics to have “a sense of
proportion” when debating the issue.
Lee said that for the average family earning S$1,500 or S$3,000
a month, the proposed salary increase might be an astronomical
figure.
“But for people in government like me, having to deal with these
sums of money which we have accumulated through the sweat of our
brow over the last 40 years, you have to pay the market rate,” he
told the Singapore media covering his visit to Australia published
in The Straits Times today.
Otherwise, he said, the top talent in public sector would join
the private sector.
“And then you’ve got an
incompetent man and you’ve lost money, by the
billions. So get a sense of proportion”.
Singapore cabinet ministers are currently drawing S$1.2 million
salary a year but Prime Minister Lee Hsien Loong said recently that
the amount was below the benchmark of S$2.2 million, and should be
increased in order for the public sector to attract and retain
talent.
Minister Mentor Lee described as “absurd” for Singaporeans to
quarrel over the amount the ministers should be
paid. “You know, the cure for all this talk is
really a good dose of incompetent
government,” he said.
The total cost to pay ministers and other office holders is now
at S$46 million a year, which Lee said, amounted to about 0.13 per
cent of the government’s total expenditure.
“We are quarrelling about whether we should pay them S$46
million or S$36 million, or better still S$26 million. So you save S$20 million and
jeopardise an economy of S$210 billion? What are we talking about?”
said Lee.
The proposed salary increase has attracted debate among
Singaporeans who are against the move.
But Lee told them: “I say you have no sense of proportion; you
don’t know what life is about. And just think, what would your apartment be
worth with a poor government and the economy
down?”
Asked on his salary, Lee, said he earned S$2.7 million a
year as Minister Mentor.
“A top lawyer, which I could
easily have become, today earns S$4 million.
And he doesn’t have to carry this responsibility. All he’s got to
do is advise his client. Win or lose, that’s the client’s loss or
gain.”
http://www.ngejay.com/?p=1959
Temasek may have suffered a loss of
over US$1 billion, according to Reuters
calculations.
So is this the signal to increase minister pay again?
Don't increase pay, cannot attract talent, lose more money.
I propose increase minister pay to 5 million annual pay.
