Pay and pension cuts for Singapore’s ministers

Singapore’s prime minister has agreed to take a pay cut of 35% –but will still be one of the world’s best-paid leaders.

A review committee appointed to look at the salaries of Singapore’s ministers recommended that prime minister Lee Hsien Loong’s annual salary be cut to 2,200,000 Singapore dollars (£1.1 million).

The committee also recommended the president’s annual salary be cut by 52% to 1,540,000 Singapore dollars, and ministers at entry-level grade paid a salary of 1,100,000 Singapore dollars, a cut of 37%.

The committee recommended the pension scheme be removed and all political appointment holders adopt the Central Provident Fund system, the basic retirement scheme for Singaporeans.

The committee was asked to review the salaries and aimed to consider what fair compensation would offer appropriate recognition for Singapore’s political office holders, and what discount would value the ethos of political service.

The Employee Benefits team wonders if, in this age of austerity, David Cameron will nobly take a similar stance with his annual salary of £142,000, or if he will be taking more to bring him into line with other world leaders.

Read more articles on pay cuts