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His pension will be based on 2/3rds of his salary as a minister, as that is his highest annual salary of any office held by him. He will get 14.6 years of pension paid to him in a single payment, and it will be tax free. It was horrifying when Goh Chok Tong proposed recently that ministers serve 8 years only, and new ones come in.So, it also doesn't matter that there are occasional reductions in salary during recessions, since their pension is based on their highest annual salary. If MM's pension is based on 2.5 million (conservative estimate), his commutated pension is .5 million. It means that the pool of multi-million dollar pension earners will get bigger and bigger!And yet the ministers, etc are collecting tax free pensions on top of their world's highest salaries. Police & Military Officers and High Court Judges are still entitled to pensions in the same manner.On this basis, SM / PM / MM will get 2/3rd x S million for the rest of their lives. It will add to the financial burden of future generations of Singaporeans having to pay for the pensions of people who have already been paid too much during their terms of office.
(4) For the purposes of subsections (2) and (2A), “annual salary”, in relation to any office, means the annual equivalent of the highest monthly rate of salary (excluding any non-pensionable allowances) received by an office-holding Member during any period of reckonable service as a holder of that office. This means that it is paid in 1 lump sum instead of monthly payments for life.Astonishing, isn't it, that the pension is payable based on the "Highest annual salary of any office held by him" and "highest monthly rate of salary." So, it doesn't matter that the MP was a low ranking parliamentary secretary for 17 years, and then became a multi-million $ minister for 1 year. The lump sum is equivalent to 175.14 months of pension, i.e. It doesn't matter that the minister asks for it because he has terminal cancer and has 3 months to live.Note 1: New ministers will make about S.1 million (US0,000) Note 2: The monthly pay for a Singapore Member of Parliament (who does virtually nothing) is S2,500 (US8,306) per year tax free.Note 3: In addition to their inflated salaries, the Singapore politicians receive extra pay as appointed company directors!
United Kingdom: Prime Minister: US9,000 Australia: Prime Minister: US9,000 Hong Kong: Prime Minister: US6,000 Japan: Prime Minister: US$9,000 Canada: Prime Minister: US6,000 Germany: Prime Minister: US3,000 France: Prime Minister: US8,000The Parliamentary Pensions Act provides that "office holders" (which means "Prime Minister, Deputy Prime Minister, Speaker, Senior Minister, Minister, Senior Minister of State, Minister of State, Mayor, Senior Parliamentary Secretary, Parliamentary Secretary or Political Secretary").
The Act has a formula for payment of the amount of pension.