Scums in white raised their own salaries ok but for peasants must be careful

[Leepotism]

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[TD="width: 784, colspan: 2"] S'pore needs to be careful about raising wages: Lee Yi Shyan
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SINGAPORE: Minister of State for Trade and Industry, Lee Yi Shyan said Singapore must be careful about raising wages without a corresponding increase in productivity.

Mr Lee was responding to media questions about Professor Lim Chong Yah's recent wage restructuring proposal on the sidelines of a community event.

Prof Lim had said a wage revamp is needed to address the issue of growing income inequality.

This includes progressively raising the pay of low income workers and freezing the wages of top earners.

Prof Lim suggested that those earning below S$1,500 a month should have their pay increase by 50 per cent over the next three years, and freezing wages of those earning S$15,000 or more a month, for the same period.

Prof Lim was one of those involved in Singapore's economic restructuring exercise in the late 1970s.

"In a free market system, for it to work well, we have to be very mindful of the interventions we introduce and if you artificially raise it too much... there are consequences and some of these consequences are not what you want to see," said Mr Lee.

"So I think by Prof Lim's proposal, if I understand him correctly... I think this is a very drastic way of raising the wages without corresponding increase in productivity and that will have a wide impact on the economy," he added.


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[makapaaa]

1.618 months pro-rated National Bonus for political office-holders
04:45 AM Mar 27, 2012

SINGAPORE - Ministers and other political appointment holders, from Parliamentary Secretary to Deputy Prime Minister, will get a pro-rated National Bonus of 1.618 months this month.

The National Bonus, which replaces the GDP bonus, was a recommendation of the white paper on Salaries for a Capable and Committed Government that was endorsed by Parliament in January.

Based on the approved formula, the 2011 National Bonus is 2.625 months, but since the new salaries took effect on May 21 last year - the day Prime Minister Lee Hsien Loong's new Cabinet was sworn into office - the pro-rated amount will be 1.618 months.

In a statement yesterday, the Public Service Division (PSD) said: "All political appointment holders (Parliamentary Secretary to Deputy Prime Minister) will get the same National Bonus rate to reflect their joint contributions as part of the Cabinet. The Prime Minister will get twice the rate as he does not get a performance bonus."

Previously, ministers and political appointment holders were paid between zero and eight months in GDP bonus, with the maximum payout kicking in if GDP growth hits 10 per cent or more.

The PSD reiterated that the National Bonus provides "a direct link" between the salaries of political appointment holders and the socio-economic progress of average- and lower-income Singapore citizens and the growth of Singapore.

The National Bonus is based on four socio-economic indicators with each accounting for 25 per cent of the payout.

The four factors are real median income growth rate for Singapore citizens, real growth rate of lowest 20th percentile income for Singapore citizens, unemployment rate of Singapore citizens and real GDP growth rate.

The payout ranges from zero to six months and political appointment holders will get three months if the targets for the indicators are met.

For 2011, there was no payout under the real median income growth rate indicator, as it was -0.6 per cent. There was, however, a 50 per cent payout level for real growth rate of lowest 20th percentile income indicator as it saw a 1.8 per cent growth.

With Singapore's unemployment rate of Singaporeans at 3 per cent, payout level was 200 per cent for this indicator. A 4.9 per cent real GDP growth rate meant a 100 per cent payout level for this indicator.

The annual salary of political appointment holders is made up of a fixed pay component and a variable pay component.

The fixed pay component is equal to 13 months of his monthly salary, while the variable pay component comprises the annual variable component (AVC), performance bonus and National Bonus.

The total AVC paid for 2011 is 1.25 months plus S$250. The performance bonus is decided by the Prime Minister and ranges from zero to six months, with a good performer getting three months, said PSD.

 

[deedum81]

remove the bonuses if you really wan to prove your salt!

 

[steffychun]

MP cleverer than Professor!!! Time to revoke Profs PhD?

 

[Varuna]

SINGAPORE: Minister of State for Trade and Industry, Lee Yi Shyan said Singapore must be careful about raising wages without a corresponding increase in productivity.

This guy has Engineering Degree from NUS. When he was still in primary school at the age of 10, LCY was appointed by govt to head NWC, which played an important role in economic structuring of our country. He must be a genius to be able to point out weakness of LCY's idea in an area where I still cannot tell where he built his expertise from. So far the people whom I knew who had experience dealing with this guy just did not have good impression of him.

 

[Varuna]

MP cleverer than Professor!!! Time to revoke Profs PhD?

Might a well confer him Professor in Know-All. Politicians are politicians and they should know their limits. When they need expertise to help them formulate policies, they consult the experts. But this guy want to take other people's ricebowl when he is not expert in that. If this is not thick-skinned, what is. But he is our highly productive and deserving minister, what to do...

 

[steffychun]

Might a well confer him Professor in Know-All. Politicians are politicians and they should know their limits. When they need expertise to help them formulate policies, they consult the experts. But this guy want to take other people's ricebowl when he is not expert in that. If this is not thick-skinned, what is. But he is our highly productive and deserving minister, what to do...

They must think that the professor is corrupt since he does not earn a 1/2 million dollar salary compared to the MIW

 

[Bigfuck]

Yum char 5 times a day lor. Expertise wat

 

[Leepotism]

remove the bonuses if you really wan to prove your salt!

Yes not only remove their bonuses. Reduce their atrocious salaries.

 

[Leepotism]

This guy has Engineering Degree from NUS. When he was still in primary school at the age of 10, LCY was appointed by govt to head NWC, which played an important role in economic structuring of our country. He must be a genius to be able to point out weakness of LCY's idea in an area where I still cannot tell where he built his expertise from. So far the people whom I knew who had experience dealing with this guy just did not have good impression of him.

Li Yi-shan is as good as Liu Tuck Yew. Not worth to pay them so much for bullshitting all the way.

 

[laksaboy]

My sources tell me that back when Lee Yi Shyan was still at IE Singapore, he was a notoriously arrogant cunt. Very hard to work with him.

I'm sure he finds himself at home within the ranks of the PAP.

 

[johnny333]

Even as a school boy I remember hearing this same message of being careful about raising the wages of the "lesser mortals". Back then LKY still had hair

Sounded reasonable back then, but now that the PAP has a track record, we can seen that the PAP is the biggest culprit to contributing to inflation on this island. From their multi-million salaries, COE, ever increase hikes to rentals, utilities, etc we know who is responsible for chasing companies out of Spore.

 

[zeddy]

In a free market system, for it to work well, we have to be very mindful of the interventions we introduce and if you artificially raise it too much... there are consequences and some of these consequences are not what you want to see," said Mr Lee.

"So I think by Prof Lim's proposal, if I understand him correctly... I think this is a very drastic way of raising the wages without corresponding increase in productivity and that will have a wide impact on the economy," he added

This is the typical selfish PAP bastard.. He wants to enjoy his millions while there are many Sinkies out there earnin just $800 per month.. Remember Him.. Vote him out in 2016..

 

[jw5]

Hentah kaki cepat hentah!!!!!!

 

[Cruxx]

Might a well confer him Professor in Know-All. Politicians are politicians and they should know their limits. When they need expertise to help them formulate policies, they consult the experts. But this guy want to take other people's ricebowl when he is not expert in that. If this is not thick-skinned, what is. But he is our highly productive and deserving minister, what to do...

Lee Kuan Yew - the original dilettante.

 

[greedy and cunning]

i heard this a thousand times :

wage increase must be followed by a corresponding rise in productivity.

slaves must upgrade to earn more.

we will progress together.

no one will be left behind.

if we work together we will have a better tomorrow.

 

[ginfreely]

"In a free market system, for it to work well, we have to be very mindful of the interventions we introduce and if you artificially raise it too much... there are consequences and some of these consequences are not what you want to see," said Mr Lee.

The free market system only apples to others but not themselves. PAP can decide their own pay, afterall the salary review committee's recommendations need PM Lee's endorsement before submitting to Parliament.

 

[Scrooball (clone)]

My sources tell me that back when Lee Yi Shyan was still at IE Singapore, he was a notoriously arrogant cunt. Very hard to work with him.

I'm sure he finds himself at home within the ranks of the PAP.

Even chao ang mor need to show him respect.

 

[LeMans2011]

Lee Yi Shyan is a dumbfuck... or rather trying to fool the 60.1% dumbfucks.

Raising minimum wages has nothing to do with productivity. The premise of minimum wage is that the existing wage is not commensurate with the workers contribution therefore need to be brought on par. If he cannot understand this simple logic then he must be an idiot.

Similarly asking for reduction in Ministers' pay is not about whether their productivity has decreased, but the fact that the astronomical sum is way above what they should rightfully deserve.

 

[Leepotism]

Lee Yi Shyan is a dumbfuck... or rather trying to fool the 60.1% dumbfucks.

Raising minimum wages has nothing to do with productivity. The premise of minimum wage is that the existing wage is not commensurate with the workers contribution therefore need to be brought on par. If he cannot understand this simple logic then he must be an idiot.

Similarly asking for reduction in Ministers' pay is not about whether their productivity has decreased, but the fact that the astronomical sum is way above what they should rightfully deserve.

Another scum minister cum clown Lim Swee Say gave peasants the thumbs down:

Wage restructuring suggestion 'too risky': Lim Swee Say


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SINGAPORE - National Trades Union Congress (NTUC) secretary-general Lim Swee Say felt local economist Lim Chong Yah's suggestions for a wage restructuring was 'too risky'.

Professor Lim, who helmed the National Wage Council from 1971 to 2001, had called for the wages of low income workers earning $1,500 and below to be increased by 50 per cent over the next three years, and a wage freeze for top income earners earning more than S$15,000 a month.

Speaking to reporters, Mr Lim, who is also Minister in the Prime Minister's Office, said he does not believe that there can be a 50 per cent corresponding increase in productivity in the next three years, in tandem with the pay increases.

When that happens, companies may cut jobs or move out of Singapore and there may also be structural unemployment, he added.

Prof Lim had led wage restructuring in the 80s, driving up wages of low income workers. But Mr Lim felt that strategy is less feasible today, given that the world is far more globalised now, and jobs are more mobile.