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Found 2 results

  1. http://finance.yahoo.com/news/Libya-unrest...set=&ccode=
  2. Can someone explain the logic to me? When the benchmark rises, their pay goes up. When the benchmark decreases, shouldn't their pay drop as well? Pay adjustment deferred Reason: Private sector benchmarks used to calculate pay have fallen By Li Xueying A PLANNED adjustment of the pay of Cabinet ministers and top civil servants to align it with salaries in the private sector has been deferred - for the third time. The adjustment was to have been made in January last year, but was deferred then, and again last November, because of the weak economy. A statement from the Public Service Division (PSD) said the Government will monitor economic growth and movement of the pay benchmarks 'before making any subsequent decision on when to implement the salary adjustment'. The deferment applies to administrative service officers, and those who hold political, judicial and statutory appointments. Explaining the deferment despite a roaring economy this year, the PSD said the two private sector benchmarks it uses to decide the pay of these officers had fallen. The first benchmark - 2/3M48 - pegs pay to two-thirds of the salary of the 24th highest earner in a group comprising the top eight earners from six selected professions. This benchmark is used to determine the pay of entry-level ministers and senior permanent secretaries. The second benchmark - 15P32 - pegs pay to that of the 15th top earner aged 32 in the same six professions. It is used to decide the salaries of entry-grade Superscale administrative service officers. Read the full story in Thursday's edition of The Straits Times. [email protected]
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