14 May '11, 3am

Pension about a tenth of minister's pay - PMO writes letter to dispel rumours of seven-digit sums #singapore

Pension about a tenth of minister's pay - PMO writes letter to dispel rumours of seven-digit sums #singapore

The pension is taken into account as part of a minister's total pay package when comparisons are made with private sector benchmarks, said DPM Teo. -- PHOTO: JOSEPH NAIR FOR THE STRAITS TIMES RETIRED ministers who serve 18 years or more receive annual pension payouts approximately equal to one-tenth of their annual salaries, the Prime Minister's Office (PMO) disclosed in a letter to The Straits Times Forum on Friday. Annual salaries of ministers vary from year to year. The latest available Public Service Division (PSD) figures are for 2009, when an entry-grade minister received an annual salary of $1.57 million. The Prime Minister's salary that year was $3.04 million. Deputy Prime Minister Teo Chee Hean said the PMO saw the need to clarify the 'actual situation' because of the 'misinformation' that had been circulating on the Internet after the May 7 election. Online forum...

Full article: http://www.straitstimes.com/BreakingNews/Singapore/Story/...

Tweets

DPM Teo dispels pension payout rumours. #singapore

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S$3.8

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