Ladykillerz 4th Gear May 7, 2011 Share May 7, 2011 I always want our SG govt would consider giving pension to our elderly. In the olden days, our grandparents earned low wages and now facing high cost of living. Some told me that if we want to give pension to the elderly, we need to pay higher taxes. However, after reading this late news, I seriously got nothing much to say. Take a deep breath and read on. --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- If you didn't already know, our office holders receive pensions. Yes, a sum of money after they quit for the rest of their lives. It's in the government statutes here - http://statutes.agc.gov.sg/non_version/cgi...le&doctitle Who is an office holder? - The term office holder includes the Prime Minister, Deputy Prime Minister, Speaker, Senior Minister, Minister, Senior Minister of State, Minister of State, Mayor, Senior Parliamentary Secretary, Parliamentary Secretary or Political Secretary. How much? - Depending of length of service, office holders can get a maximum of 2/3 of their annual last drawn salary as an annual pension. For example, PM Lee earns S$3.87m a year now, will get at least S$2.58m a year when he retires. Mah Bow Tan will get at least S$1.8m a year. Vivian Balakrishnan will get S$800k for his 9 years in ministerial office if he retires this year. Pension lumpsum - Pensions can be paid out in lumpsum if the office holder retiree so chooses. For this purpose the annual pension sum payable is multiplied by a 'prescribed commutation factor' to be decided by the President. Someone who sent an email out about this reckons this number to be 14.6. So if a minister's annual salary is S$2m when he retires, he can ask for S$29.2m in one go. Taxes on pension - None. See government statutes http://statutes.agc.gov.sg/non_version/cgi-bin/cgi_getdata.pl?actno=2001-REVED-134&doctitle=INCOME+TAX+ACT&date=latest&method=part&segid=1009775494-001719 section (h)://http://statutes.agc.gov.sg/non_vers...719 section (h) What about the rest of the civil service? - The rest of the civil service was converted away from the pension scheme to CPF some time ago. So ministerial office is only civil service position in SG that allows for pensions now. So what's the problem? - After the facts, this is an opinion - These guys already are the highest paid politicians in the world. Seriously, it's a lot of money. Aren't they also saving up for their retirement like the rest of us? We private sector folks will get nothing when we retire (hopefully). MM has encouraged us to keep on working into our 60s and 70s - is it so that our continuing tax payments would fund their pensions? Talk about skewing the rich-poor gap. I'm not cool with it. - Gurmit Singh Source: Link ↡ Advertisement Link to post Share on other sites More sharing options...
Kiadaw 6th Gear May 7, 2011 Share May 7, 2011 Just a little correction, iirc, They do not have to quit to get pension! They only have to serve like min 8 years & over 50 or 55 years old. A lot of the PAP ministers are getting pension, on top of their pay! Link to post Share on other sites More sharing options...
Iygnaug 1st Gear May 7, 2011 Share May 7, 2011 I seriously doubt all the 2.2milion voters today know of this privileged scheme. Link to post Share on other sites More sharing options...
Relacklabrudder 1st Gear May 7, 2011 Share May 7, 2011 we need to vote opps in to expose all these details! Link to post Share on other sites More sharing options...
Evillusion Supersonic May 7, 2011 Share May 7, 2011 take a deep breathe and make sure all this will be brought forward should the oppo manage to get into parliament. Look just like pyramid tactic the higher u are the more u get and those at the bottom just get breadcrumbs! Link to post Share on other sites More sharing options...
Axela72 5th Gear May 7, 2011 Share May 7, 2011 (edited) now i get the picture on why no need to go for corruption. Other countries need to corrupt inorder to make huge money. We no need here because the money is sitting there for them to grap offically. Clear conscious and Best Job in the world. Edited May 7, 2011 by Axela72 1 Link to post Share on other sites More sharing options...
Wt_know Supersonic May 7, 2011 Share May 7, 2011 (edited) who need to go uni to offer lecture or talk like clinton? hehe can also write memoir after retire and earn more $$$ Edited May 7, 2011 by Wt_know Link to post Share on other sites More sharing options...
Latio2005A Turbocharged May 7, 2011 Share May 7, 2011 (edited) Pui and tiew nia sing! Edited May 7, 2011 by Latio2005A Link to post Share on other sites More sharing options...
Kiadaw 6th Gear May 7, 2011 Share May 7, 2011 I think they do not have to pay tax as well, but I could be wrong. On a serious note. I think we should have a pension system, even at the cost of higher taxes. Its like buying insurance for your old age. Link to post Share on other sites More sharing options...
Poper 2nd Gear May 7, 2011 Share May 7, 2011 now i get the picture on why no need to go for corruption. Other countries need to corrupt inorder to make huge money. We no need here because the money is sitting there for them to grap offically. Clear conscious and Best Job in the world. it took you so long to realize, bro... that's what i call white corruption.. Link to post Share on other sites More sharing options...
Vtim 3rd Gear May 7, 2011 Share May 7, 2011 now i get the picture on why no need to go for corruption. Other countries need to corrupt inorder to make huge money. We no need here because the money is sitting there for them to grap offically. Clear conscious and Best Job in the world. day light robbery :angry: Link to post Share on other sites More sharing options...
Ladykillerz 4th Gear May 7, 2011 Author Share May 7, 2011 I think they do not have to pay tax as well, but I could be wrong. On a serious note. I think we should have a pension system, even at the cost of higher taxes. Its like buying insurance for your old age. you are right. on top of the high salaries, incredible bonuses and fruitful pension, they do not need to pay tax. Link to post Share on other sites More sharing options...
Tarzan666 2nd Gear May 7, 2011 Share May 7, 2011 Dun 4get they every year got performance bonus.. My frd say can get as much as 24 mths. Link to post Share on other sites More sharing options...
Cheepo 3rd Gear May 7, 2011 Share May 7, 2011 What about the rest of the civil service? - The rest of the civil service was converted away from the pension scheme to CPF some time ago. So ministerial office is only civil service position in SG that allows for pensions now. I don't think the entire Civil Service is now on CPF Scheme. I was told the elite Admin Service still retains the pension scheme. The Admin Service is where most of the government scholars are groomed for top positions such as Permanent Secretaries. Link to post Share on other sites More sharing options...
Marvelicious 3rd Gear May 7, 2011 Share May 7, 2011 Absolutely disgraceful and disgusting. The PAP gov must be taught a lesson! Link to post Share on other sites More sharing options...
Kiadaw 6th Gear May 7, 2011 Share May 7, 2011 I don't think the entire Civil Service is now on CPF Scheme. I was told the elite Admin Service still retains the pension scheme. The Admin Service is where most of the government scholars are groomed for top positions such as Permanent Secretaries. What exactly does permanent secretaries do? Link to post Share on other sites More sharing options...
Subutai 3rd Gear May 7, 2011 Share May 7, 2011 After i took a deep breath and read this article... i gave out an equally deep sigh. 1 Link to post Share on other sites More sharing options...
Vinceng Turbocharged February 19, 2018 Share February 19, 2018 So now it’s confirmed GST will be raised to 9% to fill this gap. “The decision to increase GST was made to help fund expenditure in areas like healthcare, security and other social spending,” Mr Heng explained. Actually, GST need not be increased if spending is curbed in certain areas like food waste in SAF camps, and the “abuse” in expenditure (eg. healthcare) by those on pension. https://www.channelnewsasia.com/news/singapore/budget-2018-gst-in-singapore-to-be-raised-to-9-between-2021-and-9970714 ↡ Advertisement 2 Link to post Share on other sites More sharing options...
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