14 May '11, 5am

DPM Teo dispels pension payout rumours. #singapore

DPM Teo Chee Hean explains why the PMO has decided to clarify pension rumours. (Yahoo! Photo/ Faris Mokhtar). The Prime Minister's Office has dispelled rumours of seven-figured pension payouts paid to retired ministers annually. In a letter to the mainstream media on Friday, the PMO said that retired ministers who serve 18 years or more receive a maximum annual pension payout of about one-tenth of their annual salary. According to the Public Service Division figures for 2009, an entry-grade minister received an annual salary of $1.57 million while a Prime Minister's salary was $3.04 million. On Friday, Deputy Prime Minister Teo Chee Hean told The Straits Times the PMO saw the need to clarify the situation because of "misinformation" that has been circulating on the Internet after the General Election. Rumours being spread online said Foreign Minister George Yeo would conti...

Full article: http://sg.news.yahoo.com/blogs/singaporescene/dpm-teo-dis...

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

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