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3/09/2015
7 digit pay is good or no good?
‘The high salaries of UK executives are "corrosive" to the economy, the High Pay Commission has argued.
The High Pay Commission was set up by pressure group Compass, with backing from the Joseph Rowntree Charitable Trust, to investigate boardroom pay.’
Vince Cable, Business Secretary, ‘said the vast disparities in pay were not good for society, and he would consider the proposals seriously…It's not right that we have the situation that's been happening over the last decade where we have vast extreme awards paid on completely unrelated to the performance of companies.
And that's not good for the consumers, it's not good for people who own the companies, it's not good for the people who work for them, and that's really got to be addressed.’
The counter argument by advocates of 7 digit pay like Richard Evans, president of PepsiCo in the UK and Irish Republic, would say, "If we want great people to come and work in the UK, given it's a global talent pool, we've got to be prepared to pay the amount of money that those executives can get elsewhere in the world."
Is this a problem? I think it is a matter of perception. If one agrees that collecting more taxes is good, then there should be no problem with paying more to the top talents. How can they not pay the top talents the market rate and risk losing them to the private sectors? Or is it the other way round, how to afford not to collect more taxes if govt officials are to be paid 7 digit pay? Would there be top talents being paid 8 digit pay?
Is the British govt justified to be concerned with 7 digit pay? Would they risk losing all their talents to countries like Singapore that are willing to pay 7 digit or even 8 digit pay, inclusive of bonuses and stock options? Or is that the reason why the top talents in UK are descending onto this island where paying 7 or 8 digit pay is normal, natural, to reward top talents for doing real and deserving work unlike what the British Secretary was saying, ‘paid on completely unrelated to the performance of companies?’
Maybe the British should send a team to study our system of 7 digit pay where the incumbents are chosen from a pool of top talents, local and foreign, and paid accordingly, every cent worth it as they really performed as top talents. Not a cent is wasted. And it is definitely good for the consumers, good for people who own the companies, and good for the people who work for them. Look at how well Singapore is run and how good it is for the people and good for the people earning 7 digit pay. No one is complaining and everyone is happy, accepting that the big income gap is normal and a good thing to have. Where got problem?
And yes, if we don’t pay them well they will be poached by other organizations and Singapore and its citizens will be in deep trouble. We have a meritocratic system and those who are paid 7 digits are deserving of their pay. It is a good system and working very well here. Is it sustainable? Where is the money coming from to pay 7 digit pay? I don’t see any problem as everything is just fine, working just fine.
"Maybe the British should send a team to study our system of 7 digit pay where the incumbents are chosen from a pool of top talents, local and foreign, and paid accordingly, every cent worth it as they really performed as top talents."
ReplyDeleteI think, first the British must have a system where the pool of talented incumbents are nominated by a Pope.
The British don't have such a system yet.
The Pope "nominates" the Cardinals who "nominates" the Pope.
Can Singapore learn from such a system of nomination for our parliament?
Is hearing the "correct" voices in parliament a very good thing for Singaporeans?
Most top talents run their own companies. Which top talents want to work for government especially if you have to be a Yes-man?
ReplyDeleteIf father, son, daughter-in-law, another son, a daughter and relatives are all considered top talents...something is obviously wrong, very wrong.....is called "self-deception".
Self deception can become mass deception if enough critical mass of Yes-man keep parroting to the masses long enough.
Some lie to themselves,
Some like to be lied to.
Many just go along,
Few really love the truth.
In the end all this is vanity.
The wisest man, King Solomon concluded, "Fear God, and do His will"....this is the real duty of every man.
"Where is the money coming from to pay 7 digit pay?"
ReplyDeleteRB
Money come from high GDP growth lah. And that come from many cheap and good foreign talents coming here to work lah. Or money from ultra rich foreigners park here through properties, in banks or even spent at casino lah lah.
So now can u see the rationale why PAP do things the way they do? Of course in the process some Sinkies will be angry and dissatisfied with PAP but no issue for PAP if they are a only a minority of 40% or less.
Please lah, everyone wants high pay. Even if they already have high pay, there is a tendency to want higher pay. People tend to over-value themselves, so almost everyone thinks they are PAID TOO LITTLE, and therefore are naturally JEALOUS when they learn somebody else is earning outrageously high pay.
ReplyDeleteIf you manage a hedge fund, the "Two And Twenty" rule applies to your fee: i.e. 2% of net asset value, plus 20% of any and all profits earned/ generated by the the fund. You do the math lah. Hedge fund managers earn 8,9, even 10 digit pay---and most people don't even know. ;-)
Got pay rise?
i.e. 7 digit pay --- good
ReplyDeleteGreater than 7 digit --- better.
How much does it costs to maintain our high priced Cabinet..100 million? What is the costs of their fancy air travels to maintain 'relationship and field studies'..what is the costs of LHL photo op at a food centre..at least with funds..u can choose to participate or not..can u tell LHL..please eat in your spiffy dining room..don't waste tax payers money by eating in food centers...hehe
ReplyDelete
ReplyDeleteWhich will you choose, a 7 digit
pay or GOOD health?
There is someone with a lot of
zeros/digits in his bank accounts
but unable to get up of bed to
spend them!
The answer is clear!
Count your blessing!
Cheers.
After all this world is not fair and God never create everyone the same. Its ok to let them have 7 digit pay but must disclose who they are and where they live and whereabouts and their full assets and income and donations.
ReplyDelete