Sunday, May 15, 2011

Highly paid Singapore ministers get their pensions at 55 ... even if they are still in office???

In a desperate attempt to explain the PAP’s pension scheme for its retired ministers which has been making waves in cyberspace, DPM Teo Chee Hean unwittingly revealed the shocking fact that PAP ministers start collect their multi-million dollar pension at the age of 55, even if they still remain in office.

Under the Parliamentary Pensions Act (PPA), political office-holders ranging from parliamentary secretaries to the Prime Minister, including the Speaker of Parliament, are eligible to receive pensions from the state, as long as they have served for a minimum of eight years and are at least aged 50 when they step down.

For every completed year of service, the annual pension amount is raised by 1/27 of the ‘pensionable component’ of his salary. The final ratio, however, must not exceed two-thirds. This means that after 18 years of service, the final ratio used to compute a minister’s pension stops increasing, the Straits Times reported. More...

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  5. EU to spend £1bn of taxpayers' money on pensions for retired eurocrats in 2010!!!
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