[PAP Pay Cut] No more pensions for office holders and MPs

[Rogue Trader]

Pensions for office-holders, MPs scrapped
AsiaOne
Monday, Sep 10, 2012

Singapore's Parliament today passed a bill scrapping pensions for office-holders and Members of Parliament (MPs).

This means government office-holders who turn 55 and remain in office may no longer collect pension. Those who have been accruing pensions have had the amounts frozen since May 20 last year.

With the Parliamentary Pensions (Abolition) Bill, new office-holders appointed on or after May 21, 2011 as well as office-holders who had served for less than eight years by that date will not be eligible for pension.

The Parliament also passed a bill removing its power to grant a pension to a former president. A provision to grant pension to the widow and surviving residents of the president or former presidents was also removed.

These changes were proposed in a White Paper on ministerial salaries that was endorsed last January and have already been put into effect administratively.


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[winners]

Smell a rat here. They may have anticipated more opposition MPs on the way.

 

[Bigfuck]

Why you so happy? The motherfuckers receive many other incomes and privy to insider too. So what is the big deal? Maybe some 8 dollar bypass no longer possible but if they are making millions why bother?

 

[TuaBui]

L p , P L !!! Expect to see ex . so and so being offer Directorship All Over .

 

[Dreamer1]

Why you so happy? The motherfuckers receive many other incomes and privy to insider too. So what is the big deal? Maybe some 8 dollar bypass no longer possible but if they are making millions why bother?

BG George Yeo & Co must now really start working and earn his salary so that he would not be sacked by Tycoon Robert Kuok,a slave master ,no more play play man!

 

[hairylee]

Smell a rat here. They may have anticipated more opposition MPs on the way.

Yes, these dirty white bastards. Reduce the income of opposition MPs whereas their own MP have their pay cuts compensated in many other ways.
Opposition MPs will not be able to contribute more to their own parties.
I think PAP is the richest party in the world.

 

[po2wq]

Pensions for office-holders, MPs scrapped ...

moni dat caters 2 tis now go where? ...

 

[Loofydralb]

Chee bye

TPL still eligible for pension! An airhead whose greatest acheivement as an MP is screwing on energy savings lightbulbs.

The only way to correct that now is to vote her out in 2016. Then she won't get a pension.

 

[Conqueror]

It's Just Another FASCIST Party

Yes, these dirty white bastards.

I think PAP is the richest party in the world.

It's just another asshole fascist party, that's all. :*:

 

[cunnilaubu]

Re: It's Just Another FASCIST Party

I think the news article is misleading.

1) Those who are really affected are those who had became MPs after GE2006 as they had not served continuously for 8 years. This includes the newbie such and as HSK, TCJ, CCS, TPL and oppo MPs like SL, PEH, CSM.

2) Those who had retired at GE2011, like LBH, GY, LHH, CST, etc will continue to receive their pensions.

3) For those who are receiving pension before GE 2011 and are still in office; and those who had accumulated 8 years of service by GE 2011 and are still in office, they will have their pensions freeze until they retire in the future. After which, they will start / resume receiving the pension. This group includes LKY, GCT, LHL, TCH, WKS, RL, MBT, and all the lao jiao & LTK.

If my reading of Section 4(3)(a) of the Parliamentary Pensions (Abolition) Bill is correct, for group 3, even if their pensions are frozen for the time being, the amount which they were suppose to receive (ie. from 21 May 2011 until they retire) will be accumulated and given to them as a lump sum (without interest) when they retire. If this is correct, then it is misleading the public and may be against the spirit of the Salary Review Committee’s recommendation. Because there is no lost at all, except for the interest. Any legal expert care to confirm?