Yahoo Finance Singapore Freezes World-Leading Ministerial Salaries For Now
By Keith Zhai and Michelle Jamrisko
Some of the world’s most well-compensated ministers won’t be getting a raise anytime soon.
The Singapore government isn’t accepting the 9 percent salary increase recommended by a review committee, Deputy Prime Minister Teo Chee Hean said in parliament Thursday. Another assessment may not be done for another five years.
After the last review, Prime Minister Lee Hsien Loong’s annual income fell 36 percent to S$2.2 million ($1.7 million). New ministers now make about S$1.1 million, down from S$1.58 million before 2011.
By comparison, cabinet members in the U.S. typically earn $210,700, about a quarter of what Singapore ministers get.
The city-state had previously said the million-dollar ministerial earnings prevented corruption and helped attract and retain talent. It cut the salaries after voter unhappiness over a widening income gap weakened support for the ruling party in 2011 elections.
Singapore is ranked sixth among the least corrupt nations in the world in a 2017 index by Transparency International.
To contact the reporters on this story: Keith Zhai in Singapore at qzhai4@bloomberg.net; Michelle Jamrisko in Singapore at mjamrisko@bloomberg.net
To contact the editors responsible for this story: Stephanie Phang at sphang@bloomberg.net; Shamim Adam
© 2018 Bloomberg L.P
