Someone in TR wrote that David Marshall in an interview said he was paid $8000 a month in the 1950s as Chief Minister and went on like Marshall to rant against the PAP.
Based on $8000 a month, Marshall was paid $96,000 a year. From what I understand that could buy 3 bungalow properties in a then non-fashionable area in the East, say Frankel or Opera estate. He could have some change leftover.
Today, a minister earning $3m a yr, may juz be able to buy a bungalow in these areas with his annual salary.
Want to beat up PAP, join in the bashing, But don’t talk rubbish. Only helps PAP.
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err…so, that means they use the $$$ to buy a bunglow a year?
Marshall probably adjusted the $8000 figure for inflation. Meaning he was probably referring to $8000 in 1994 terms rather than in 1957.
Yeah, I was thinking along this line i.e. Marshall quoted his 1950s salary in inflation-adjusted 1990s dollars. $8000 in 1950s is like the $300,000/mth salary today. Don’t think any politician could get away with that in the 1950s. Even during the early 1970s, the average wage for ordinary citizens were roughly $300/mth.
I remember at that time LKY publicly declared that those earning $200 or less must not be allowed to have more than 2 children.
That’s an inaccurate method of comparison because you’re introducing an additional irrelevant factor (rate of property price increase). This skews the comparison.
Should compare the ratio of the median wage to Marshall’s wage in 1950 and again in 2010.
BTW what was the median wage in 1950? 1970s I reckon it was about $1000. So $500 or less? Just asking because you seem to be old enough to know.
Well if your were to refer to the interview, there is no mention of inflation adjustment.
It refers to that, in addition, as pensions are pegged to last drawn salary under the civil list method for life. in addition, medical benefits were given to all immediate family members.
That was why graduates at the time were at the peak of the scale.
So sorry to burst bubble, but he was among the top earners at the time.