[Singapore] Highest-paid world leader set for $1 million pay rise

In Singapore, the government has announced plans to raise the annual salaries of its ministers and other office holders, including Prime Minister Lawrence Wong, the world’s highest-paid political leader, BBC News reports.

Lawrence Wong will receive an increase of 1.4 million Singapore dollars ($1.1m) in his annual pay package. The Prime Minister has stated that he will donate the additional pay to charity over the next five years.

According to Mr Wong, raising the pay of ministers was necessary to attract better talent. The government has previously argued that paying ministers high salaries deters corruption.

However, the move has reportedly attracted criticism in Singapore, where there is deep concern about job security and the rising cost of living.

Without his pay rise, Wong is still the highest-paid world leader by far. His current annual salary is S$2.2m, and now that figure will leap by more than 60 per cent to S$3.6m ($2.8m).

On September 8, Mr Wong acknowledged that Singapore ministers' salaries have attracted scrutiny since they are significantly higher than most citizens’ earnings. The country’s median monthly income is S$5,775.

The Prime Minister stated that he has faced difficulty convincing business leaders and top civil servants to run for political office. Though the government cannot match what some of these people earn, "we do not make the financial hurdle unnecessarily high" for them to give up their careers and join politics, he said.

"Overall, I believe this will give me and future prime ministers a better chance of persuading capable Singaporeans to step forward, and of building the strongest possible team for Singapore."

The base pay package for ministers is around S$1.1m. That will climb to around S$1.2m under the new pay scheme.

Mr Wong reportedly stated that he expects the majority of ministers to receive even more than that - around S$1.35m - by the end of the current term of government, as pay increases based on performance.

Part of ministers' pay package is determined by whether the country reaches certain targets for unemployment rate, income growth, and GDP growth.

Source: BBC News

(Quotes via original reporting)

In Singapore, the government has announced plans to raise the annual salaries of its ministers and other office holders, including Prime Minister Lawrence Wong, the world’s highest-paid political leader, BBC News reports.

Lawrence Wong will receive an increase of 1.4 million Singapore dollars ($1.1m) in his annual pay package. The Prime Minister has stated that he will donate the additional pay to charity over the next five years.

According to Mr Wong, raising the pay of ministers was necessary to attract better talent. The government has previously argued that paying ministers high salaries deters corruption.

However, the move has reportedly attracted criticism in Singapore, where there is deep concern about job security and the rising cost of living.

Without his pay rise, Wong is still the highest-paid world leader by far. His current annual salary is S$2.2m, and now that figure will leap by more than 60 per cent to S$3.6m ($2.8m).

On September 8, Mr Wong acknowledged that Singapore ministers' salaries have attracted scrutiny since they are significantly higher than most citizens’ earnings. The country’s median monthly income is S$5,775.

The Prime Minister stated that he has faced difficulty convincing business leaders and top civil servants to run for political office. Though the government cannot match what some of these people earn, "we do not make the financial hurdle unnecessarily high" for them to give up their careers and join politics, he said.

"Overall, I believe this will give me and future prime ministers a better chance of persuading capable Singaporeans to step forward, and of building the strongest possible team for Singapore."

The base pay package for ministers is around S$1.1m. That will climb to around S$1.2m under the new pay scheme.

Mr Wong reportedly stated that he expects the majority of ministers to receive even more than that - around S$1.35m - by the end of the current term of government, as pay increases based on performance.

Part of ministers' pay package is determined by whether the country reaches certain targets for unemployment rate, income growth, and GDP growth.

Source: BBC News

(Quotes via original reporting)