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Remuneration for Ministers and Members of Parliament  

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admin
(@admin)
Member Admin
Joined: 1 year ago
Posts: 586
26/07/2020 5:44 am  

https://www.ifaq.gov.sg/psd/apps/fcd_faqmain.aspx?TOPIC=6477#FAQ_34246

The salary formula features fixed and variable pay components which are linked to individual performance and national outcomes, i.e.

Annual Salary = Fixed (13 months)
+ Annual Variable Component (typically 1 month)
+ Individual Performance Bonus (3 months for good performance)
+ National Bonus (3 months if targets are met)
= 20 months.

A Minister may start at the lower end of the MR4 range with a monthly salary of $46,750. This works out to an annual salary of $935,000, of which $607,750 is fixed and the rest is variable.

At the benchmark level, the monthly salary is $55,000, which works out to an annual salary of $1,100,000. The fixed salary is $715,000 and the rest is variable.

The salaries of the appointment holders are performance-linked, to ensure that the leaders are accountable for their roles and responsibilities. The salaries are also linked to the socio-economic outcomes of Singaporeans.

 


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