National Bonus for political office holders

[makapaaa]

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[TD="class: msgtxt"]National Bonus for political office holders
Posted: 26 March 2012 1708 hrs
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PM Lee Hsien Loong (centre, first row) and his Cabinet (Photo by Hester Tan)[/TD]
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SINGAPORE: Ministers and other political appointment holders, from Parliamentary Secretary to Deputy Prime Minister, will get a pro-rated National Bonus of 1.618 months in March.

The National Bonus, which replaces the GDP bonus, was a recommendation of the White Paper on "Salaries for a Capable and Committed Government" that was endorsed by Parliament in January 2012.

Based on the approved formula, the 2011 National Bonus is 2.625 months, but since the new salaries took effect on 21 May 2011, the pro-rated amount will be 1.618 months.

The Public Service Division announced this on Monday.


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All political appointment holders (Parliamentary Secretary to Deputy Prime Minister) will get the same National Bonus rate to reflect their joint contributions as part of the Cabinet. The Prime Minister will get twice the rate as he does not get a performance bonus.

The National Bonus provides a direct link between the salaries of political appointment holders and the socio-economic progress of average- and lower-income Singapore citizens and the growth of Singapore.

The National Bonus is based on four socio-economic indicators with each accounting for 25 percent of the payout. The payout matrix is tabled below. The payout ranges from zero to six months and political appointment holders will get three months if the targets for the indicators are met.

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The annual salary (S) of political appointment holders is made up of a fixed pay component (F) and a variable pay component (V), that is S=F+V. The amount in F is equal to 13 months of his monthly salary. V comprises the annual variable component (AVC), performance bonus and National Bonus. The total AVC paid for 2011 is 1.25 months plus S$250. The performance bonus is decided by the Prime Minister and ranges from zero to six months, with a good performer getting three months.

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[TD="class: msgtxt"]The PAP ministers' remuneration p.a.=Basic salary (12 mth) + AWS(1 mth) + National Bonus(3 mth) + Performance Bonus (6 mth ?) =22 mths ?
Do u call this daylight robbery or legalised corruption ? Since they don't feel shameful to take the money,let the world know about it .The truth is there is nothing great about the PAP,just a mafia gang to enrich their members at the expenses of the ordinary Singaporean citizens.KNNCCB to the PAP !!!
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[glockman]

Why can't they live without a bonus? Earning millions and we are facing worldwide economic downturn. Why must a bonus be given to them? CCB!

 

[GoldenDragon]

Why can't they live without a bonus? Earning millions and we are facing worldwide economic downturn. Why must a bonus be given to them? CCB!

GREED. No other explanation.

 

[johnny333]

PAP has a very short memory. Sporeans & the world is watching them.

http://www.economist.com/node/21542479

Falling on their wallets
Politicians take a pay cut—poor things

Jan 7th 2012 | SINGAPORE | from the print edition

IT IS a proud boast of Singapore that this very small but immensely wealthy city-state is the least corrupt and best place to do business in the world. And a chief reason for that, at least according to the politicians, is that they themselves are by some way the highest-paid elected officials in the world. Why would a minister bother with corruption, so the argument goes, when he can take home S$1.6m ($1.3m) a year for just keeping on the straight and narrow?

Maybe. But most Singaporeans feel that their representatives have stretched that argument too far. Anger boiled over during last year’s general election, with many opposition candidates questioning whether it was really necessary for Lee Hsien Loong, the prime minister, to trouser up to S$3.4m a year (compared with Barack Obama’s $400,000), especially at a time when many Singaporeans were struggling with rising prices. Surely Mr Lee did not need that much to keep him honest? The salary issue helped to push the ruling party’s share of the vote down to its lowest-ever level.

After this unprecedented public reversal, bordering on humiliation, the government vowed to respond. Now it has. Mr Lee has promised to accept in full the recommendations of an independent review committee on salaries that he himself set up. The committee, which reported on January 4th, recommends that the prime minister take a pay cut of 36%, bringing his salary down to a paltry S$2.2m, and that ministers take slightly bigger cuts. The salary for the largely honorific president is to be more than halved. And from now on all ministers will lose their special pension schemes.

It is a victory for democracy, Singapore-style. The knack of responding to voters’ complaints while sticking to its basic operating principles is what has kept the People’s Action Party in power ever since independence in 1962. After all, despite appeasing the voters, Singapore’s politicians remain the best-paid in the world: a minister will still get S$1.1m a year. No one feels too sorry for these sea-green incorruptibles—just as no one suggests that they will be any less virtuous for their pay cuts.

 

[kingat33]

PAP has a very short memory. Sporeans & the world is watching them.


Falling on their wallets
Politicians take a pay cut—poor things

Jan 7th 2012 | SINGAPORE | from the print edition

IT IS a proud boast of Singapore that this very small but immensely wealthy city-state is the least corrupt and best place to do business in the world. And a chief reason for that, at least according to the politicians, is that they themselves are by some way the highest-paid elected officials in the world. Why would a minister bother with corruption, so the argument goes, when he can take home S$1.6m ($1.3m) a year for just keeping on the straight and narrow?

Maybe. But most Singaporeans feel that their representatives have stretched that argument too far. Anger boiled over during last year’s general election, with many opposition candidates questioning whether it was really necessary for Lee Hsien Loong, the prime minister, to trouser up to S$3.4m a year (compared with Barack Obama’s $400,000), especially at a time when many Singaporeans were struggling with rising prices. Surely Mr Lee did not need that much to keep him honest? The salary issue helped to push the ruling party’s share of the vote down to its lowest-ever level.

After this unprecedented public reversal, bordering on humiliation, the government vowed to respond. Now it has. Mr Lee has promised to accept in full the recommendations of an independent review committee on salaries that he himself set up. The committee, which reported on January 4th, recommends that the prime minister take a pay cut of 36%, bringing his salary down to a paltry S$2.2m, and that ministers take slightly bigger cuts. The salary for the largely honorific president is to be more than halved. And from now on all ministers will lose their special pension schemes.

It is a victory for democracy, Singapore-style. The knack of responding to voters’ complaints while sticking to its basic operating principles is what has kept the People’s Action Party in power ever since independence in 1962. After all, despite appeasing the voters, Singapore’s politicians remain the best-paid in the world: a minister will still get S$1.1m a year. No one feels too sorry for these sea-green incorruptibles—just as no one suggests that they will be any less virtuous for their pay cuts.

Tell all pap ministers to go to hell and go quick. Do bring their families along too as the chinese saying, cut the grass must also include all the roots so piss off pap.

 

[johnny333]

Tell all pap ministers to go to hell and go quick. Do bring their families along too as the chinese saying, cut the grass must also include all the roots so piss off pap.

By the way the article is from the Jan 7th issue of The Economist


Sporeans must help them by giving a push. Sometimes it's very hard for the world's highest paid politicians to do the right thing. Just ask LKY who is in his 80's & can't even walk without assistance

 

[steffychun]

The devil takes care of his own.

 

[glockman]

GREED. No other explanation.

I know bro. Its greed and their elevated sense of self-importance.

 

[Froggy]

I thought they are paid base on annual package now still have bonus by month? Wow.

 

[Narong Wongwan]

Why can't they live without a bonus? Earning millions and we are facing worldwide economic downturn. Why must a bonus be given to them? CCB!

Wall street bankers comes to mind.....
Kena paycut now take back bonus......LPPL
60.1% sinkies must be feeling damn shiok now!

 

[KuanTi01]

It's a classic case of LPPL! Creative accounting! As usual, these elites are so full of themselves!