Singapore Prime Minister Still the World’s Best Paid
January 22nd, 2012January 19th, 2012—Singapore—Although it was decided earlier in the month that the Prime Minister of Singapore would take a 36 per cent annual pay cut, it has emerged that even with the new package, the Singapore Prime Minister will be the world’s best paid. The new package would entitle the Prime Minister to a basic pay of SGD $2.2 million. Most of the developed nations average between US $400,000 to US $500,000 for their head of state and hence, the salary of the ministers in Singapore have made headlines all across the world.
However, as per sites such as SingaporeStartup.com (www.singaporestartup.com), annual pay packages in Singapore are in general high and hence, attract a number of foreign professionals and overseas entrepreneurs. There may be pros and cons to such high salaries for government ministers, but there is no denying it creates an aspirational value for Singapore amongst foreigners. Of course, there are many who feel ministers should not be paid that much money especially when there is a risk of an economic recession and local residents losing their jobs. On the other hand, those in favor of the high salaries feel Singapore is one of the few nations that continue to attract high caliber of candidates for political positions and there is less or no corruption in Singapore whereas most Asian nations suffer from a variety of problems all arising from corrupt politicians trying to make some quick money.
According to SingaporeStartup.com, although the Prime Minister has agreed to the cut in basic pay, the debate over the high salaries for ministers in Singapore is expected to continue for quite some time. It will be interesting to see if the impact of the ongoing economic crisis in Europe on Singapore would dampen the mood in the country and put further pressure on ministers to accept a pay that would seem reasonable to the residents of the country.
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SingaporeStartup.com is a leading portal which focuses on offshore companies in Singapore. The site provides in-depth guides on how to setup an offshore company in Singapore and also provides information on laws as well as policies which affect offshore companies in the country. For more information, please visit http://www.singaporestartup.com/
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