Ocean6576 4th Gear May 12, 2011 Share May 12, 2011 Guys, read this some where so post here to share. Dear friends A lawyer friend (whose name I have with-held) has given me the shocking answer to my query: Do retired ministers receive 50% of their last-drawn pay for life? (scroll down: be sure to read the text in bold especially). I also attach a copy of the Parliamentary Act so you know I am not making this up. Please spread this message by cutting and pasting the text below in a new email message and sending it to all your friends. Some people actually think our ministers only make $40,000 a month, hence are not bothered by our ministers' pay. Some people think it's okay for our ministers to quibble over $30 increase in subsidies to the poor!! Regards __________________________________________________ _ DO MINISTERS RECEIVE 50% OF THEIR LAST-DRAWN PAY FOR LIFE? You friend is wrong about 50%. It is actually as high as 2/3rds. The Parliamentary Pensions Act provides that "office holders" (which means "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"). If you closed your eyes and threw a stone in Parliament House during a Parliamentary sitting - assuming if, and it is a big if, that everyone attends (which is never the case. Parliamentary sittings are lucky if 50% of MPs attend!) you will hit at least 1 or perhaps 2 with the stone ricocheting PAP chaps entitled to pensions. Anyhow, back to your question. The Act has a formula for payment of the amount of pension. You start with a numerator of 8 (meaning 8 years of service as office holder) and add 1 for every year of service after that. You divide this number by a fixed denominator of 27, and you stop when the number hits 2/3rds, which means that anyone who has 18 years service will hit maximum pension. The amount that is due to him FOR LIFE is found at section 4:4(2) The annual amount of pension payable to an office-holding Member shall be ↡ Advertisement Link to post Share on other sites More sharing options...
Hiphiphoray 6th Gear May 12, 2011 Share May 12, 2011 Thats hell a lot of money sia!!! Link to post Share on other sites More sharing options...
Tigerwoods Turbocharged May 12, 2011 Share May 12, 2011 Old news... Link to post Share on other sites More sharing options...
Itsec 2nd Gear May 12, 2011 Share May 12, 2011 if based on 8 yrs of duty, by year 2050, we will have many idiots sitting at home getting millions... and citizen gonna slog for them till die!!! Years ago when the salary are not pegged to so-called private CEOs, this is deem acceptable...but now, we are talking about each person getting min sum of 30 millions... this is way too much!!! :angry: Link to post Share on other sites More sharing options...
Rosschang 1st Gear May 12, 2011 Share May 12, 2011 Democracy my Foot when u can't even point ur finger at that fella and tell him he is not worth a penny, and give him a good yank outta his office. Link to post Share on other sites More sharing options...
Kezg1 5th Gear May 12, 2011 Share May 12, 2011 No wonder they said cannot have social security like down-under.....any private sector peg to this system??? Link to post Share on other sites More sharing options...
Tigerwoods Turbocharged May 12, 2011 Share May 12, 2011 if based on 8 yrs of duty, by year 2050, we will have many idiots sitting at home getting millions... and citizen gonna slog for them till die!!! Years ago when the salary are not pegged to so-called private CEOs, this is deem acceptable...but now, we are talking about each person getting min sum of 30 millions... this is way too much!!! :angry: I read most of them opted for 1 lump sum. Link to post Share on other sites More sharing options...
Pencapchew Neutral Newbie May 12, 2011 Share May 12, 2011 Tigerwoods... i respect your avatar. Link to post Share on other sites More sharing options...
Tigerwoods Turbocharged May 12, 2011 Share May 12, 2011 Tigerwoods... i respect your avatar. this will remind everyone never forget our humble beginnings and never to play dirty, never to take your people for granted. Link to post Share on other sites More sharing options...
Gearoil 1st Gear May 12, 2011 Share May 12, 2011 this will remind everyone never forget our humble beginnings and never to play dirty, never to take your people for granted. Most men after a certain period of time ...especially when the going has been good for them... ....forgets and grow arrogant , complacent and being in public office and to serve the people has become second, third or even last priority for them to do so. one thing is sure... They themselves don't even feel it ( which explains why the PAP COULD NOT DETECT THE LEVEL OF RESENTMENT of their ppl).. and sure as hell, they won't bother.. Link to post Share on other sites More sharing options...
Tigerwoods Turbocharged May 12, 2011 Share May 12, 2011 Most men after a certain period of time ...especially when the going has been good for them... ....forgets and grow arrogant , complacent and being in public office and to serve the people has become second, third or even last priority for them to do so. one thing is sure... They themselves don't even feel it ( which explains why the PAP COULD NOT DETECT THE LEVEL OF RESENTMENT of their ppl).. and sure as hell, they won't bother.. It seems too much love for money makes men blind.. and also deaf, and Eh Kaw...(mute dog) instead of Too much sex... Link to post Share on other sites More sharing options...
Curahee 1st Gear May 12, 2011 Share May 12, 2011 One of the best job in the world Link to post Share on other sites More sharing options...
Felipe 3rd Gear May 12, 2011 Share May 12, 2011 Sporeans know abt these figures n still choose to vote them. 40% dun approve but only 6 ppl to speak for u. Migration is the only way left. Link to post Share on other sites More sharing options...
Good-Carbuyer 1st Gear May 12, 2011 Share May 12, 2011 Sporeans know abt these figures n still choose to vote them. 40% dun approve but only 6 ppl to speak for u. Migration is the only way left. Your demonstration of support they dictated? Link to post Share on other sites More sharing options...
Felipe 3rd Gear May 12, 2011 Share May 12, 2011 Your demonstration of support they dictated? Sorry dun quite get ur ques, cn u rephrase? Link to post Share on other sites More sharing options...
Good-Carbuyer 1st Gear May 12, 2011 Share May 12, 2011 Sorry dun quite get ur ques, cn u rephrase? I mean their intention/motive is to drive out of Singaporeans and surrender our wealth accumulated over the the years to them. You so co-operative to support their demand by emigrating? Link to post Share on other sites More sharing options...
Fcw75 Hypersonic May 12, 2011 Share May 12, 2011 Sporeans know abt these figures n still choose to vote them. 40% dun approve but only 6 ppl to speak for u. Migration is the only way left. Vote with your feet! Link to post Share on other sites More sharing options...
Seaweed 1st Gear May 12, 2011 Share May 12, 2011 they removed pension scheme for the poor folks in civil service...but kept the pension scheme for rich folks...weird system we have if it is all truth... [shakehead] ↡ Advertisement Link to post Share on other sites More sharing options...
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