atans1

Posts Tagged ‘Ministers’ Salaries & Pensions’

PMI Index- Heading south

In Economy on 17/10/2018 at 6:59 am
Like many other exporters.
PAP govt that exceptional meh?
S’pore as an open economy is buffeted by global forces our millionaire ministers can do nothing about. When global conditions are good, they claim that they deserve their millions. But when global conditions are not good, they say “Don’t blame us. S’pore open economy leh.”
I have no issue with obscene payouts (unlike do-good retired bankers like Chris K and his ex-TRE pals) because I was an equities broker and arbitrageur and my pay was linked to the commissions and arbitrage income I brought in. But when times were bad, I couldn’t say like a minister can, “Cannot cut my pay. Global conditions are bad.Not my fault.”

Ex-PM’s money obsession causing PAP problems

In Political governance, Public Administration on 19/09/2018 at 10:33 am

Over the weekend I read

Finance, like law, is a profession that attracts a lot of reasonably intelligent, hard-working people who rather like money. People like me. Most of us are not really suited to it, though, and that makes for a lot of unhappy careers. The financial crisis saved me from that, and I am grateful.

Robert Armstrong FT’s chief editorial writer and was a hedgie analyst 10 yrs ago

This reminded me of

“For the love of money is the root of all evil: which while some coveted after, they have erred from the faith, and pierced themselves through with many sorrows.”

1 Timothy 6:10

Then today, I read

Factually, the government website, has debunked online falsehoods on PM’s and Ministers’ pay. I shall use this opportunity to debunk public perception that I am paid a ministerial salary.

(GCT on FB)

This then reminded me that GCT poured shit and piss on the PAP’s NatDay celebrations with his comment that those in the private sector earning less than $1m are “very mediocre people”. And that the PAP only chose ministers from the private sector if they were earning $1m or more. OK, OK, he later did say that salary was not the “starting point” when the PAP chose $1m ministers.

The silence from the present cabinet is deafening.

Secret Squirrel and Morocco Mole tell me that they hear that he was “ordered” to release the transcript of what he said and clarify that salary was not a factor when the PAP chose ministers.

Much good this did. I didn’t start commenting on his comments until I read the transcript. I mean TOC, TRE and The Indians Idiots are the cybernuts what ST is to the PAPpies.

And if salary was not the “starting point” when the PAP chose $1m ministers, why talk so much about money?

Whatever, based on his comments about ministerial salaries over the yrs, I get the sense that he is obsessed about money. Fault of wife? Remember she said $600,000 salary was “Peanuts”. Or could it be because he came from a very poor family?

“For the love of money is the root of all evil: which while some coveted after, they have erred from the faith, and pierced themselves through with many sorrows.”

1 Timothy 6:10

I’m not the only one not impressed  with the transcript he released. Here’s something a FBer posted at the time

There was a clarification? I thought it’s the just the transcript.

Or did he think the transcript gave him a context? I’ve read it, the points remain that his idea of meritocracy is how much money one can make.

His main point, which is where the money is going to come from, is correct, but he is also forgetting that if people are taxed more, then what politicians earn come even under greater scrutiny.

Certainly, I am happy to pay Scandinavian level taxes if it means free healthcare for the elderly and free education, but not if it goes to enriching politicians.

That said, and it goes back to what I said about the Ben Davis saga, our Government need to be more innovative when it comes to their pay package. Using an indicator based on economy sends a strong signal that nothing else matters, that running a country is only about the economy.

But it’s not.

Shouldn’t a minister in charge of transportation, for example, be pegged against how efficiently our transport systems run?

Shouldn’t a minister of social and family development be pegged with how many families move out of poverty each year?

Shouldn’t a minister of health be pegged to how more people are getting proper healthcare and the overall health of the nation?

If a minister does a good job at his portfolio, based on tangible KPIs on the aspect of society he or she looks after, I’d be happy to even pay them $10m, much less $1m. So maybe it can be flexi-wage, where they get a lower monthly salary but a much higher bonus payout if they perform well for example.

There are so many ways we can attract private sector talent, especially today when so many bright minds join start-ups for very little money in the hope of a big pay-out later.

I agree that we do need to pay our ministers well – but how that pay comes about can be far more creative than the way it is currently structured.

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Ministers’ Salaries & Pensions

In Political governance on 15/11/2011 at 7:20 pm

Or “Stream of consciouness of a wondering mind” or how one tot lead to another.

When I read yesterday that NSP was organising a forum on ministers’ salaries, I tot of the story in the Chinese media last week that junior ministers’ starting salaries would be around the S$300,000 mark rather than the present (suspended) S$1m mark. and wondered how much would cabinet ministers and the president draw under the revised scheme?

I then wondered why the opposition MPs and NCMPs did not ask what our ministers and president are drawing pending the salary review report? The PM had said in May that any changes would be effective from the date he announced the review. So are they meanwhile paid their millions, with a clawback provision? Aka like investment bankers. And if so, what happens if a minister pleads poverty? Will he get the chance to pay back in instalments? If so, how long and at what interest?

Our WP MPs and NSMPs more interested in playing on same team as PAP? Like in footie?

Then I was reminded of what “moretothepoint” posted on TOC last Saturday

REMEMBER ITS THEIR COUNTRY. WE ONLY LIVE HERE.

At a social gathering of prominent ladies today, Mrs Yu-Foo Yee Shoon {former MP and junior minister) was askedrepeatedly how much her ex-MP cum MoS pension was.

She tried to avoid the question by going on about the basis of how ministerial salaries were determined.

One insistent member of the floor kept asking and she finally replied that she gets 40% of her last drawn package of $500,000 p.a.

So that’s about $20K a month for doing nothing.

The audience let out a murmur when the numbers sunk in.

===

All these, for some unknown reason, reminded me of this passage in “Animal Farm” : “Comrades!’ he cried. ‘You do not imagine, I hope, that we pigs are doing this in a spirit of selfishness and privilege? Many of us actually dislike milk and apples. I dislike them myself. Our sole object in taking these things is to preserve our health. Milk and apples (this has been proved by Science, comrades) contain substances absolutely necessary to the well-being of a pig. We pigs are brainworkers. The whole management and organisation of this farm depend on us. Day and night we are watching over your welfare. It is for your sake that we drink the milk and eat those apples.”― George Orwell