Sunday, May 08, 2011

Fat pension for ousted ministers

Dear Mr. Tan,
Some people feel sympathy for the ministers that are ousted in the general election, having lost the election at Aljunied GRC. They is no need for sympathy. The ousted ministers will not be paupers. Each person may be getting a lifetime pension of half a million or more a year. They can retire quite comfortably.


REPLY
Are you sure of the figures? When does the pension start to be payable - from age 55 or 60, or 65?
at

3 comments:

  1. Singapore's 5 Minute Investment DiaryMay 08, 2011 9:42 PM

    Good question Mr Tan.

    It's high time we get some transparency on this pension thing.

    ReplyDelete
  2. sgcynicMay 09, 2011 12:17 AM

    Ministers and other high office appointment holders draw pension from age 55 onwards. (http://www.yawningbread.org/arch_2007/yax-728.htm)

    I am not sure exactly how pension they would draw (as a fraction of their last drawn salary). Refer Ms Sylvia Lim's speech in the thread (http://sgforums.com/forums/10/topics/186951).

    If I am not wrong ministers on reaching age 55 draw both their salary AND their pension concurrently. I stand ready to be corrected.

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  3. EverlearningMay 09, 2011 12:48 PM

    This was the expected outcome from the created system for either party to make way for the other, such is the reality.

    I could not say sorry for the ousted ministers like you because I would be sad if the WP did not win in this election.

    ReplyDelete