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PM Lee to receive 2 HDB flats in national bonus…

Posted on 26 March 2012

According to a press release from the Prime Minister’s Office, political appointment holders will receive 1.618 months of their salary as a pro-rated national bonus for an outstanding job last year.

This bonus replaces the GDP bonus and is essential to retain talent in the government, because they would otherwise flee to greener pastures.

Like the army.

Based on the approved formula, the 2011 National Bonus is 2.625 months, but since the new salaries took effect on 21 May 2011, the pro-rated amount will be 1.618 months.

The Prime Minister will get twice the rate as he does not get a performance bonus.

This means that after a 36% salary cut earlier year which left his paycheck at a humble S$2.2 million a year, he will be receiving approximately S$593,237 for a job well done in 2011.

In HDB’s terms, this is roughly equivalent of him getting two 4-room flats.

According to the same press report, the National Bonus is based on these four socio-economic indicators with each accounting for 25 per cent of the payout. They are: 1) real Median Income Growth rate for Singapore Citizens, 2) the income growth of the poorest 20% of Singaporeans 3) unemployment rate and 4) GDP growth.

The report then goes on to say that the income for average Singaporeans has decreased by 0.6% while wage growth for the poorest 20% of Singaporeans inched up by 1.8%. GDP growth on the other hand remained strong at 4.9% and unemployment was kept low at 3%.

Which can only mean that Singapore’s ministers will be getting nice bonus checks for keeping its citizens employed (in low paying or jobs with stagnant wages) and keeping the economy mysteriously chugging along without the benefits really trickling down to the rest of the labour market.

Brilliant.

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- who has written 268 posts on New Nation.

Joey is an intern at New Nation. He hopes to be as funny as Belmont one day and get laid at least twice a month.

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