RETIRED ministers who serve 18 years or more receive annual
pension payouts approximately equal to one-tenth of their annual
salaries, the Prime Minister's Office (PMO) disclosed in a letter
to The Straits Times Forum on Friday.
Annual salaries of ministers vary from year to year.
The latest available Public Service Division (PSD) figures are
for 2009, when an entry-grade minister received an annual salary of
$1.57 million. The Prime Minister's salary that year was $3.04
million.
Deputy Prime Minister Teo Chee Hean said the PMO saw the need to
clarify the 'actual situation' because of the 'misinformation' that
had been circulating on the Internet after the May 7 election.
Online forum postings in recent days have been claiming that Mr
George Yeo may continue to receive a seven-digit sum as pension
every year, even after stepping down as Foreign Minister following
his electoral defeat in Aljunied GRC.
'The actual position is quite different from the misinformation
that has been going around,' said Mr Teo, acknowledging that public
'consternation' may have resulted.
-- ST
In a nut shell.
After serving at least 18 years, entitled to pension, which is
one year salary divided by 10, per year.
That means LSL pension will be $304,000 per year, just shaking
leg.
That also means Mr George Yeo, if he has already served at least
18 years, and is eligible for retirement from government service,
would be entitled to a six-figure pension per year, not
seven-figure pension.
It is not known if Mr George Yeo will receive any pension.