Ministers

[Yewheng]

http://news.xin.msn.com/en/singapore/artic...umentid=4841311

 

SINGAPORE: When a Cabinet minister retires, the maximum annual pension he is entitled to would be about 10 per cent of his annual salary while he was in service.

 

But to qualify for the maximum pension, he must have served as an office holder for 18 years, said Mr Tan Kee Yong, secretary to Prime Minister Lee Hsien Loong, in a letter sent to the media on Friday.

 

Also, Members of Parliament (MPs) elected after January 1995 are not eligible for pension.

 

Mr Tan

[Duckduck]

walan they sure get GLC job way better pay than pension lor... so many of them chairman of coys they have zero experience in... super puppets..

[Parkingidiot]

Ok, based on the above article, let's do some calculations:

 

From the article:

When a Cabinet minister retires, the maximum annual pension he is entitled to would be about 10 per cent of his annual salary while he was in service.

 

George Yeo. Born 13 Sep 1954. Current age: 56

MP from Sep 1988 - May 2011 : 22 years

 

 

Mr Tan said ministers have to serve a minimum of eight years to qualify for a pension.

 

A minister qualifies for the maximum pension of <b>two

[Gendut]

http://news.xin.msn.com/en/singapore/artic...umentid=4841311

 

SINGAPORE: When a Cabinet minister retires, the maximum annual pension he is entitled to would be about 10 per cent of his annual salary while he was in service.

 

But to qualify for the maximum pension, he must have served as an office holder for 18 years, said Mr Tan Kee Yong, secretary to Prime Minister Lee Hsien Loong, in a letter sent to the media on Friday.

 

Also, Members of Parliament (MPs) elected after January 1995 are not eligible for pension.

 

Mr Tan

[Iisterry]

SINGAPORE: When a Cabinet minister retires, the maximum annual pension he is entitled to would be about 10 per cent of his annual salary while he was in service.

 

But to qualify for the maximum pension, he must have served as an office holder for 18 years, said Mr Tan Kee Yong, secretary to Prime Minister Lee Hsien Loong, in a letter sent to the media on Friday.

 

A minister qualifies for the maximum pension of two

[Tireburner]

Last sentence mentions it will be reviewed. It would be reviewed upwards to take into account inflation and higher pay from CEO since 1994?

[Iisterry]

WE WISH to make this clarification about pensions of political office-holders. The points below are already on the public record, having been stated during the parliamentary debate on salaries for political appointment-holders in 2007, on other occasions in Parliament and in previous media releases.

 

Under the Parliamentary Pensions Act, political office-holders are eligible for a pension. The pension scheme recognises their role and impact on national policies, and the strong reliance on depth of expertise and length of experience for the continuity of national policies.

 

Ministers have to serve a minimum of eight years as a political office-holder to qualify for a pension. A minister's pension is determined based not on his total monthly salary, but only on the pensionable component of this salary at the point of retirement. This pensionable component has been frozen since 1994.

 

All salary increases since 1994 have been added to the non-pensionable component, to contain pension costs.

 

Thus, over time, the pensionable component has shrunk as a proportion of total monthly salary.

 

A minister qualifies for the maximum pension of two-thirds of this pensionable component of monthly salary only after having served as an office-holder for 18 years.

 

The pension will be less if he has served for a shorter period.

 

The annual components of salary, which account for a significant proportion of the annual salary, are also not pensionable.

 

the maximum annual pension of a minister retiring now would be about 10 per cent of his annual salary while he was in service.

 

The Parliamentary Pensions Act, as amended in 1982, provides for an office- holder to receive a pension at the age of 55, should he qualify for one, while he continues to hold office. This provision is being reviewed.

 

Salaries of political office-holders are benchmarked against the private sector. In making the comparison, the value of the office-holder's pension is fully taken into account.

 

Members of Parliament elected after January 1995 are not eligible for pension.

 

Tan Kee Yong

Secretary to Prime Minister

Prime Minister's Office

 

This "Pensions are about 10% of a minister's pay" statement being thrown about does not seem to be particularly accurate. They stated it themselves, the current pension worth is roughly estimated at 10% of his annual salary while in service.

 

Now the million dollar question is, how was it computed? Is annual salary computed to include bonuses and what-nots? I remember that it was widely published that they took a "pay-cut" in the economic crisis by forgoing their bonuses (or rather because GDP growth was not met).

 

If the bonuses are computed to arrive at the figure of 10%, the statement is misleading at best. What exactly are their non-pensionable components

 

"There's a very specific reason for a small group of officers to still be on pensions, because there is a premium in this case for long-term service in order to provide consistency of policy and implementation." - DPM Teo

 

So you need to give a person a life-long pension in order for them to do their job to produce consistent policy and implement it. Well.

Edited May 14, 2011 by Iisterry

[Gendut]

This thread is one good example NOT to read the Straits Times.

[Icedream]

So confusing.

 

Why don't they just clarify how much GY and gang getting as well as those retired like LBH?

[Perrier]

As a servant to the public, their salary structure and calculation should be open to the public.

 

Again, this is like a black hole that we know exists but has no freaking idea how it works.

[Perrier]

So confusing.

 

Why don't they just clarify how much GY and gang getting as well as those retired like LBH?

 

If cannot convince, confuse. See, it works. [laugh]

[Pisces69]

Ok, based on the above article, let's do some calculations:

 

From the article:

When a Cabinet minister retires, the maximum annual pension he is entitled to would be about 10 per cent of his annual salary while he was in service.

 

George Yeo. Born 13 Sep 1954. Current age: 56

MP from Sep 1988 - May 2011 : 22 years

 

 

Mr Tan said ministers have to serve a minimum of eight years to qualify for a pension.

 

A minister qualifies for the maximum pension of <b>two

[Porche]

they want to confuse you so u won't ask more questions

[Mllcg]

But how come these office holders still get pension when gharmen last time say SG sud not hv pension scheme anymore as its a big drain on the gharmen reserves. Now most if not all Sporeans dont get any pension already.

 

Like that again it seems like is double standards. 1 for the commoner n another for the Elites? :angry:

 

civil servants still got pension la.

[Pisces69]

So confusing.

 

Why don't they just clarify how much GY and gang getting as well as those retired like LBH?

 

Best or worst part is I read that even tho ty still in service, ty wil get their pension once ty reach a certain age? That means ty get normal salary plus the pension?

 

Or did I read wrongly?

 

[Pisces69]

If cannot convince, confuse. See, it works. [laugh]

 

Do things like a magician at a show. Right hand distract n left hand hide the ball.

 

[Mllcg]

Best or worst part is I read that even tho ty still in service, ty wil get their pension once ty reach a certain age? That means ty get normal salary plus the pension?

 

Or did I read wrongly?

 

ya. its normal salary+pension

[Pisces69]

civil servants still got pension la.

 

I tot ty long ago converted to full CPF scheme already. How come ty still getting pension when gharmen already say pension wil drain the economy.

 

So only a certain group of civil servants r still getting a pension? So its double standards again.

 

1 for the commoner n 1 for the Elites.