Ge 2011
- Thread starter Red_Bean_Bun
- Start date
powersteer
Well-Known Member
Re: Ge 2011
well said!
red_bean_bun;638963 said:
well said!
blackknight88
Well-Known Member
Re: Ge 2011
Ministers' pensions: How they're paid
Posted: 14 May 2011 0526 hrs
SINGAPORE: When a Cabinet minister retires, the maximum annual pension he is entitled to would be about 10 per cent of his annual salary while he was in service.
But to qualify for the maximum pension, he must have served as an office holder for 18 years, said Mr Tan Kee Yong, secretary to Prime Minister Lee Hsien Loong, in a letter sent to the media on Friday.
Also, Members of Parliament (MPs) elected after January 1995 are not eligible for pension.
Mr Tan's clarification on the pension issue for political office holders and MPs came in the wake of the May 7 General Election, which has seen several veteran ministers and MPs retiring before the hustings started and Cabinet ministers, Mr George Yeo and Mrs Lim Hwee Hua, due to leave office after losing the electoral contest in Aljunied Group Representation Constituency (GRC).
The changing of guard has sparked discussion on ministers' pensions, especially in cyberspace.
Mr Tan said ministers have to serve a minimum of eight years to qualify for a pension.
Noting that the various aspects of the pension issue are a matter of public record, Mr Tan said: "A minister's pension is determined based not on his total monthly salary but only on the pensionable component of this salary at the point of retirement.
"This pensionable component has been frozen since 1994".
To contain pension costs, he added, all salary increases since that year have been added to the non-pensionable component of a minister's salary.
"Thus over time the pensionable component has shrunk as a proportion of total monthly salary," Mr Tan said.
A minister qualifies for the maximum pension of two-thirds of the pensionable component of his monthly salary only if he has served for 18 years.
"The annual components of salary, which account for a significant proportion of the annual salary, are also not pensionable," Mr Tan said.
The Parliamentary Pensions Act also provides for an office-holder to receive a pension at the age of 55, should he qualify for one, while he continues to hold office.
"This provision is being reviewed," Mr Tan said.
Ministers' pensions: How they're paid
Posted: 14 May 2011 0526 hrs
SINGAPORE: When a Cabinet minister retires, the maximum annual pension he is entitled to would be about 10 per cent of his annual salary while he was in service.
But to qualify for the maximum pension, he must have served as an office holder for 18 years, said Mr Tan Kee Yong, secretary to Prime Minister Lee Hsien Loong, in a letter sent to the media on Friday.
Also, Members of Parliament (MPs) elected after January 1995 are not eligible for pension.
Mr Tan's clarification on the pension issue for political office holders and MPs came in the wake of the May 7 General Election, which has seen several veteran ministers and MPs retiring before the hustings started and Cabinet ministers, Mr George Yeo and Mrs Lim Hwee Hua, due to leave office after losing the electoral contest in Aljunied Group Representation Constituency (GRC).
The changing of guard has sparked discussion on ministers' pensions, especially in cyberspace.
Mr Tan said ministers have to serve a minimum of eight years to qualify for a pension.
Noting that the various aspects of the pension issue are a matter of public record, Mr Tan said: "A minister's pension is determined based not on his total monthly salary but only on the pensionable component of this salary at the point of retirement.
"This pensionable component has been frozen since 1994".
To contain pension costs, he added, all salary increases since that year have been added to the non-pensionable component of a minister's salary.
"Thus over time the pensionable component has shrunk as a proportion of total monthly salary," Mr Tan said.
A minister qualifies for the maximum pension of two-thirds of the pensionable component of his monthly salary only if he has served for 18 years.
"The annual components of salary, which account for a significant proportion of the annual salary, are also not pensionable," Mr Tan said.
The Parliamentary Pensions Act also provides for an office-holder to receive a pension at the age of 55, should he qualify for one, while he continues to hold office.
"This provision is being reviewed," Mr Tan said.
Red_Bean_Bun
Well-Known Member
Re: Ge 2011
Like in any annual report of a listed company - the directors' and key office holders' compensation should be made transparent for the shareholders to understand and deliberate on during AGMs.
Like in any annual report of a listed company - the directors' and key office holders' compensation should be made transparent for the shareholders to understand and deliberate on during AGMs.
blackknight88;640898 said:
Red_Bean_Bun
Well-Known Member
Re: Ge 2011
At other places may believe but at EY unlikely......
marklee;640994 said:
At other places may believe but at EY unlikely......
Re: Ge 2011
hosay, TPL for future ministerial role...jin jia SOH ah...kee chiu..
MM Lee, SM Goh to retire from Cabinet
hosay, TPL for future ministerial role...jin jia SOH ah...kee chiu..
MM Lee, SM Goh to retire from Cabinet
... Marine Parade people got a great present from ex-pm.... got Kate Spade liao.......
Red_Bean_Bun
Well-Known Member
Re: Ge 2011
This is indeed sad ...... looks like maybe they are taking responsibility for Aljunied and TPL............
whymehor;641046 said:
This is indeed sad ...... looks like maybe they are taking responsibility for Aljunied and TPL............
Re: Ge 2011
Was it the intention to piggy back Kate Spade into Marine Parade prior to retirement ?? .... :juggle:
In a desperate attempt to explain the PAP’s pension scheme for its retired ministers which has been making waves in cyberspace, DPM Teo Chee Hean unwittingly revealed the shocking fact that PAP ministers start collect their multi-million dollar pension at the age of 55, even if they still remain in office.
Under the Parliamentary Pensions Act (PPA), political office-holders ranging from parliamentary secretaries to the Prime Minister, including the Speaker of Parliament, are eligible to receive pensions from the state, as long as they have served for a minimum of eight years and are at least aged 50 when they step down.
For every completed year of service, the annual pension amount is raised by 1/27 of the ‘pensionable component’ of his salary. The final ratio, however, must not exceed two-thirds. This means that after 18 years of service, the final ratio used to compute a minister’s pension stops increasing, the Straits Times reported.
Before 1982, office-holders had to step down before they could begin receiving pensions. However, for some strange reasons, it was amended that year to allow office-holders to begin collecting at 55, even if they were still holding office.
This means that there are at least 7 PAP ministers who are still receiving pensions from the state on top of their annual multi-million dollar pay package – MM Lee Kuan Yew, SM Goh Chok Tong, PM Lee Hsien Loong, DPM Wong Kan Seng, Minister in PMO Lim Swee Say and DPM Teo Chee Hean himself.
Former Foreign Minister George Yeo, who is 57 year old this year, has been receiving pension for the last 2 days and for the rest of his life.
The state pension scheme applies only to PAP ministers and senior office-holders and has long been scrapped for the ordinary rank-and-file civil servants.
PAP ministers start collecting pensions at age 55 even in office – DPM Teo Editorial THE TEMASEK REVIEW
Was it the intention to piggy back Kate Spade into Marine Parade prior to retirement ?? .... :juggle:
In a desperate attempt to explain the PAP’s pension scheme for its retired ministers which has been making waves in cyberspace, DPM Teo Chee Hean unwittingly revealed the shocking fact that PAP ministers start collect their multi-million dollar pension at the age of 55, even if they still remain in office.
Under the Parliamentary Pensions Act (PPA), political office-holders ranging from parliamentary secretaries to the Prime Minister, including the Speaker of Parliament, are eligible to receive pensions from the state, as long as they have served for a minimum of eight years and are at least aged 50 when they step down.
For every completed year of service, the annual pension amount is raised by 1/27 of the ‘pensionable component’ of his salary. The final ratio, however, must not exceed two-thirds. This means that after 18 years of service, the final ratio used to compute a minister’s pension stops increasing, the Straits Times reported.
Before 1982, office-holders had to step down before they could begin receiving pensions. However, for some strange reasons, it was amended that year to allow office-holders to begin collecting at 55, even if they were still holding office.
This means that there are at least 7 PAP ministers who are still receiving pensions from the state on top of their annual multi-million dollar pay package – MM Lee Kuan Yew, SM Goh Chok Tong, PM Lee Hsien Loong, DPM Wong Kan Seng, Minister in PMO Lim Swee Say and DPM Teo Chee Hean himself.
Former Foreign Minister George Yeo, who is 57 year old this year, has been receiving pension for the last 2 days and for the rest of his life.
The state pension scheme applies only to PAP ministers and senior office-holders and has long been scrapped for the ordinary rank-and-file civil servants.
PAP ministers start collecting pensions at age 55 even in office – DPM Teo Editorial THE TEMASEK REVIEW
Re: Ge 2011
:shhhh: ... you made it sounds like legalized extortion.....tsk..tsk..tsk... then again... there are many many agenda we are not aware of coz much of our history is written in privy....it takes "honest mistakes" such as this and those who have worked closed in grass root level or other voluntary position higher in rank to get suspicious of something's amiss...like the Estate Duty Act which was co-incidentally abolished just before the demise of a certain Lee ...we cannot have the bhp of her assets dyno with witness.... :shhhh: :shhhh:
rodders;641093 said:
:shhhh: ... you made it sounds like legalized extortion.....tsk..tsk..tsk... then again... there are many many agenda we are not aware of coz much of our history is written in privy....it takes "honest mistakes" such as this and those who have worked closed in grass root level or other voluntary position higher in rank to get suspicious of something's amiss...like the Estate Duty Act which was co-incidentally abolished just before the demise of a certain Lee ...we cannot have the bhp of her assets dyno with witness.... :shhhh: :shhhh:
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Re: Ge 2011
:evillook: ... In pursuant to clause 23a (ix) of the amendment to the Club Sandy Pension Act... you need to serve at least 80 yrs and should reach the age of 500 yrs old when stepping down to received a pension calculated based on the cost of a cup of kopi-o-kow at its equivalent value of 1964 average transacted price, limited to coffee shops and mamak stalls. .....
C3P0;641104 said:
:evillook: ... In pursuant to clause 23a (ix) of the amendment to the Club Sandy Pension Act... you need to serve at least 80 yrs and should reach the age of 500 yrs old when stepping down to received a pension calculated based on the cost of a cup of kopi-o-kow at its equivalent value of 1964 average transacted price, limited to coffee shops and mamak stalls. .....
Red_Bean_Bun
Well-Known Member
Re: Ge 2011
But there's CPF ......
rodders;641093 said:
But there's CPF ......
