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3/02/2006

minister's salary benchmark

as a hr professional, i am very impressed by the formula used to benchmark the minister's salary. it is conservatively 'pegged to two thirds of the income of the 24th highest earner(median) among a group comprising the top eight earners from six professions(bankers, accountants, engineers, mncs and local manufacturers.' hypothetically if in one bad year all these professionals are hit by a slump and the 24th highest earner earns only $50,000 pa, then our ministers will be paid 2/3 of $50,000 pa. but if there is an extraordinary year when there is a boom and the 24th earner earns $20 million, our ministers will also be paid 2/3 of $20 million. this is very fair. it is like a gambler going into a casino. when lucky, can make a few million. when unlucky can lose a few million. i like the formula. no need for a salary scale. no upper limit nor starting salary.

2 comments:

Anonymous said...

Just read this article, The Old and New Guards of PAP. siew91 NewSintercom

It would be interesting to see what would happen if the PM were to announce that all PAP Govt. ministers' salaries are reduced to 10% of its current rate. I wonder how many ministers would resign?? This would indicate whether they are doing the job for money or for the good of Singapore. What do you think Redbean????

redbean said...

political leaders are different from employees. political leaders look at national interests and the interests of the people as their primary objectives and their personal interests as secondary. but this is difficult in reality.

what we should not encourage is to treat politics as a job or career for self interest. when people enters politics with self first and people and nation second, then we have a problem.

the current thinking is that the best would not go into politics. and in order for the best to go into politics, we need to pay them the best. is there any flaw in such a reasoning?

then there is the issue of what is the best? the best technical mind or the best in the heart? a good and decent man whose heart is with the people and country, or a 200 IQ whose interest is in self or maybe in his field of expertise?

are we getting the right people to lead the country? i am very sure we are getting a lot of career minded employees who are in politics because of a rewarding career and not because they are there to serve the country.