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Tag: millionaires

  • No Pay Increments For Politicians Over Past Three Years

    No Pay Increments For Politicians Over Past Three Years

    The sizes of politicians’ pay cheques have not changed in the past three years, although the salary benchmark for an entry-level minister last year was about 9 per cent higher than 2011 levels.

    Deputy Prime Minister and Minister-in-charge of the Civil Service Teo Chee Hean told the House yesterday the 2011 annual salary norm of S$1.1 million was kept because changes in the benchmark have been “moderate” — it moved up in two years and down in one, resulting in an overall annual increase of 3 per cent.

    While a ministerial salaries committee recommended the salary framework be reviewed every five years, Mr Teo said “we can continue to adjust salaries within this framework should there be a change in overall salary levels in the coming years”, given that things have been stable and the framework remains valid.

    He was responding to a question from Mr Edwin Tong (Moulmein-Kallang) at the Committee of Supply debate for the Prime Minister’s Office yesterday about how the framework proposed by the committee had been applied and how the benchmark had moved.

    The benchmark for politicians’ pay is based on the median income of the top 1,000 earners who are Singapore citizens, with a 40 per cent discount to reflect the ethos of political service, as recommended by a ministerial salaries committee appointed in May 2011 by Prime Minister Lee Hsien Loong.

    This benchmark for an entry-level minister, also called the MR4 benchmark, includes all salary components including individual performance bonuses.

    The MR4 benchmark for last year was S$1.2 million, but the MR4 annual salary norm was kept at S$1.1 million, said Mr Teo.

    In January 2012, the ministerial salaries committee led by charity-sector veteran Gerard Ee had proposed linking the salary framework and National Bonus to the socio-economic progress of average and lower-income Singaporeans.

    Its recommendations, which were backdated to May 2011, included the removal of the pension scheme for politicians.

    Yesterday, Mr Teo said Singapore must continue to keep wages in the Public Service realistic and strike a balance between recognising the ethos of political service and providing a fair salary.

    This would ensure a flow of able and committed leaders into the Government, he added.

     

    Source: www.todayonline.com

  • Gilbert Goh: 10 Ministers To Ship Out Of The Cebiner After The Next Elections

    Gilbert Goh: 10 Ministers To Ship Out Of The Cebiner After The Next Elections

    Ten ministers we want to see out of the cabinet after the next election:-

    1. Lim Swee Say – a minister without portfolio, Mr Lim is in charge of the labour department here but is seldom seen advocating for our workers.

    In fact, he earns his million-dollar salary by discouraging the implementation of minimum wage as he says that wage increase should be accompanied by higher productivity.

    Termed the tooth-pick minister because he is only concerned about the lack of tooth pick when he visited a Dai Tai Fong restaurant two years ago, Singapore will not miss him at all if he is out of the cabinet after the next election as he is seldom saying anything useful for the people.

    Certainly not deserving of his million-dollar salary.

    2. Admiral Lui Tuck Yew – in his first term as transport minister, Admiral Lui mishandled the many train mishaps that occurred the past few years by simply brushing them off as ordinary occurrences and seldom spoke out convincingly against any annual PTC fare hike even though SMRT made millions in profits for many years.

    When he tried to travel in public transport to get a real personal feel of the daily grind of average Singporeans, he was jeered at by many as trying to score cheap political points.

    He was also the first minister in Singapore to almost have a effigy burnt in his name at Hong Lim park early this year during the transport fare hike protest.

    A minister that is best left to manage ships than trains and buses.

    Deserve a pay-cut if he continues to perform this manner.

    3. Gan Kim Yong – Mr Gan was transferred to take care of the health ministry after the 2011 election when he couldn’t manage the problematic manpower ministry during his first term.

    An average minister at best, Mr Gan could not inspire in his parliamentary speeches and lack the charisma and leadership to helm a ministry.

    Singaporeans will not miss him if he is taken out as a minister after the next election.

    He probably only has the capacity to be a state minister.

    Singapore can get someone to replace him as minister after the next election.

    4. MG Chan Chun Sing – he led the social work ministry of the country even though he is an army officer for the best part of his career.

    Parachuted in by the prime minister when the party lost its first-ever GRC after the 2011 GE, MG Chan quickly established himself and became the kee-chu minister.

    In many of his speeches to the constituents, he asked people to raise their hands in hokkein “kee-chu” if they agreed with his points.

    Since taking over the social work ministry, MG Chan has not really introduced any policies that deserve mention so far.

    Touted as the next prime minister material, MG Chan is labelled a hardliner and prefer to use the rod than spoil the child type.

    If he does eventually take over as prime minister, Singaporeans will have many sleepless nights and human rights activists will be busy trying to escape lawsuits.

    5. BG Tan Chuan Jin – helming the massive heavyweight manpower ministry, BG Tan quickly established himself as a good communicator and used his fast oratory wit alot to side-step important issues.

    Seldom wanting to take side on any matter, he generalises alot in his speeches and sometimes one could not really tell what he is trying to communicate to the people.

    He has charming baby-face look and could be a poster boy for the government.

    Many people speculated that he didn’t do a good job as manpower minister when they didn’t confirm him as a full-fledged minister like they have done for MG Chan – he was acting minister for another 6 months before turning permanent.

    Also seen as best left to serve in the army than helming a complicated ministry that requires alot of private sector and industrial experience, BG Tan is seen lacking as the manpower minister. He seldom speaks as if he truly understand what is happening on the ground.

    He has really done nothing much during his term as manpower minister to remedy the serious flaw in our manpower dilemma right now. People get terminated easily without proper redress and foreigners on social tourist visas could look for work without repercussion.

    So far, besides Mr Gan, none of the minister could boast of any solid private sector experience that is vital in many portfolio ministry and this is seriously exposed through BG Tan.

    This lack of private sector experience is a serious flaw in our current cabinet make-up right now and Singaporeans are paying the price.

    6. Dr Vivian Balaikrishnan – taken out from the heavyweight MCYS social work ministry after the 2011 GE after his massive controversial remark on our poor – three hot meals and hotel stay, Mr Balaikrishnan now helms the public works department.

    He also says that there is no homeless people staying in Singapore and thus ridiculed the intelligence of Singaporeans.

    Often seen as speaking arrogantly and completely out of line with the ground, he will remain minister for the minor ministry for the rest of his political career and public works suits him best.

    Singaporeans won’t miss him if he is taken out of the cabinet altogether.

    7. Admiral DPM Teo Chee Hean – DPM Teo is also seen as a hardliner and often took on duties that our prime minister shrink from.

    He was the man who handled the two top civil servant corruption cases and also got embroiled in the Michael Palmer disgraced exit as Speaker of Parliament.

    Lacking charisma and hardnosed, DPM Teo lacks empathy and seldom inspires with his speeches.

    He is also dull looking and has sleepy eyes that hardly could wake up.

    A deputy prime minister that Singapore could do without.

    8. Khaw Boon Wan – Mr Khaw shone in his ministerial term as health minister but is seen lacking as national development minister after taking over in 2011. He could not pacify a population that is crying for transparency in the actual costing of our HDB flats.

    Cost of new HDB flats have rose considerably but the build-in size has shrank much.

    However, to his credit, he manages to speed up the building of new HDB flats and the waiting time has being slashed by almost one-third from the tenure under previous minister Mah Bow Tan.

    Mr Khaw has performed ordinarily as housing minister and we expect more from him as he is capable of doing much more like when he helmed the health ministry.

    9.Dr Yaacob Ibrahim – deemed the minister for Malay affairs, he seldom however speaks up for the plight of Malays and is the much-hated mouthpiece for the government.

    He also helms the ministry for communication and information.

    Caught in the unenviable position of having to speak up for the Malays and yet not trampling on the tail-coat of our government, Dr Yacob could not function well in his role except to collect his million-dollar paycheck every year.

    Singaporeans, especially the Malay community, will not miss him if he is out of the cabinet either by the loss of his GRC or a downgrade in portfolio duties.

    10. Ng Eng Hen – the surgeon minister is now handling defence after trying out education in his first term.

    Not many people know of his ministerial effort as he is often soft-spoken and stay in the shadow.

    The best thing he has done is to reduce national service to 24 months from 30 months and he seldom inspires with his speeches.

    Its also strange a surgeon led the defence portfolio when we have more than seven generals in the cabinet team.

    A minister that will not be missed if he is gone after the next election as so far his contribution is really very minimal.

    He can then get back his 5-million dollar job as a top private surgeon.

     

    Gilbert Goh

    *Article first appeared on https://www.facebook.com/goh.gilbert/posts/10153402207138975

     

    Source: www.therealsingapore.com

     

  • 1,395 Ultra High Net Worth Individuals With Combined Net Worth of S$234 Billion in Singapore in 2014

    1,395 Ultra High Net Worth Individuals With Combined Net Worth of S$234 Billion in Singapore in 2014

    The ultra high net worth (UHNW) population in Singapore saw the addition of 40 individuals in 2014, according to a wealth report released on Wednesday (Nov 19).

    There are now a total of 1,395 UHNW individuals in Singapore – a record high. Their combined net worth is US$180 billion (S$234 billion), an increase of 12.5 per cent over the past year, according to the Wealth-X and UBS World Ultra Wealth Report.

    UHNW individuals are defined as those with US$30 million and above in net assets. The size of Singapore’s UHNW population ranks sixth among Asian countries and 19th globally, according to the report.

    This year, while Singapore’s UHNW population grew slower than both the global and Asian average, the combined wealth of its UHNW individuals has grown significantly faster.

    “Such strong growth is reflective of the city-state’s growing international appeal with regards to the strength of its financial sector, and the ease of both establishing and conducting business in the country, allowing for rapid wealth accumulation” the report stated.

    The report also found that:

    • Singapore’s UHNW population controls almost 17 per cent of the country’s total wealth of US$1.08 trillion.
    • More than 20 per cent of Singapore’s UHNW population is engaged in the finance, banking and investment industry
    • 60 per cent of Singapore’s UHNW population is fully self-made.
    • 25 per cent of Singapore’s UHNW population inherited their wealth and went on to grow their fortunes through businesses or other ventures
    • 15 per cent fully inherited their wealth
    • Singapore’s female UHNW population accounts for a much larger share of its total population than the global average. But the average net worth of female UHNW individuals in Singapore is 45 per cent lower than that of male UHNW individuals in the country.

    Source: www.channelnewsasia.com