RETIRED ministers who serve 18 years or more receive annual pension payouts approximately equal to one-tenth of their annual salaries, the Prime Minister's Office (PMO) disclosed in a letter to The Straits Times Forum on Friday.
Annual salaries of ministers vary from year to year.
The latest available Public Service Division (PSD) figures are for 2009, when an entry-grade minister received an annual salary of $1.57 million. The Prime Minister's salary that year was $3.04 million.
Deputy Prime Minister Teo Chee Hean said the PMO saw the need to clarify the 'actual situation' because of the 'misinformation' that had been circulating on the Internet after the May 7 election.
Online forum postings in recent days have been claiming that Mr George Yeo may continue to receive a seven-digit sum as pension every year, even after stepping down as Foreign Minister following his electoral defeat in Aljunied GRC.
'The actual position is quite different from the misinformation that has been going around,' said Mr Teo, acknowledging that public 'consternation' may have resulted.
-- ST
a 10th of $1 million is $100,000
Originally posted by QX179R:RETIRED ministers who serve 18 years or more receive annual pension payouts approximately equal to one-tenth of their annual salaries, the Prime Minister's Office (PMO) disclosed in a letter to The Straits Times Forum on Friday.
Annual salaries of ministers vary from year to year.
The latest available Public Service Division (PSD) figures are for 2009, when an entry-grade minister received an annual salary of $1.57 million. The Prime Minister's salary that year was $3.04 million.
Deputy Prime Minister Teo Chee Hean said the PMO saw the need to clarify the 'actual situation' because of the 'misinformation' that had been circulating on the Internet after the May 7 election.
Online forum postings in recent days have been claiming that Mr George Yeo may continue to receive a seven-digit sum as pension every year, even after stepping down as Foreign Minister following his electoral defeat in Aljunied GRC.
'The actual position is quite different from the misinformation that has been going around,' said Mr Teo, acknowledging that public 'consternation' may have resulted.
-- ST
In a nut shell.
After serving at least 18 years, entitled to pension, which is one year salary divided by 10, per year.
That means LSL pension will be $304,000 per year, just shaking leg.
That also means Mr George Yeo, if he has already served at least 18 years, and is eligible for retirement from government service, would be entitled to a six-figure pension per year, not seven-figure pension.
It is not known if Mr George Yeo will receive any pension.
Lol...
Maximum is 2/3 of last drawn annual salary... Where did the 10% come from?
The Singapore Government website on the Statutes should not be fake right?
He is more than 55 years old and has served 23 years and is entitled to the maximum of 66.67% of last drawn annual salary according to the statutes.
Entry-level is already 1.57 million, so why it is wrong to say that his annual pension of 7 digits is wrong? I did not fail my maths.
Two-thirds of 1.57 million is 1,046,666 while not taking into account of any increase over the years since 1.57 million is only entry-level. Wake up fellow Singaporeans!
http://en.wikipedia.org/wiki/George_Yeo
Now, I think it is better for the authorities to come clean on how much pension a ministers or mps will get. And dont beat around the bush or try to detort any information to the public. I dont know how much a minister (according to their length of service), definately alot of money is being pay out to them. And also their cpf, double bonus.
why do they still get pensions when their salaries are already so high?
they need to abolish the pension scheme. after all, they have already done it for the rank and file, so why are the overpaid fat cat ministers still receiving it?
Originally posted by dragg:why do they still get pensions when their salaries are already so high?
They are smart, they don't want the CPF scheme