Ever wonder how much does MM Lee earns annually?
Only S$2.7 million, which is a fraction of what the top manager in the Government of Singapore Investment Corporation (GIC) earns, he said.
On Easter Monday, the civil service pay review will be announced in Parliament.
From parliamentary secretaries to ministers, the top level in the civil service is paid a total of S$46 million annually.
That is 0.13% of the total government expenditure or 0.022% of GDP.
The Minister Mentor warned that the Singapore economy would be in jeopardy if it does not pay top dollar for top people.
He said if this S$46 million was cut to maybe S$36 million or S$26 million, the country would save S$20 million but in the process, would jeopardise an economy of S$210 billion.
"So for the average family earning S$1,500-S$3,000, we are talking of astronomical figures but for people like me in government, to deal with the money which we have accumulated by the sweat of our brow over the last 40 years, you have to pay the market rate or the man will up stakes and join Morgan Stanley, Lehman Brothers or Goldman Sachs and you would have an incompetent man and you would have lost money by the billions," said Mr Lee.
I reckon I should start sending my CV to the public sector if I'm heading back home. Come join me and click on the icon above to view available jobs.
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