SINGAPORE: Civil servants will receive a total variable payment this year which is one month less than last year, in view of the slowdown in the global economy and in Singapore.
The year-end Annual Variable Component (AVC) will be reduced to 0.5 month, from one month last year. There will be no special Growth Bonus this year, unlike in 2007 when a special Growth Bonus of 0.5 month was paid.
Civil servants will still receive the 13th month payment or Annual Wage Supplement.
As such, the total AVC and 13th month payment for civil servants in 2008 is two months plus S$100 to S$3,001. This is one month less than the total paid out in 2007 which was three months plus S$220 including the Growth Bonus.
Full report on Channel NewsAsia.
pay cut = wayang only
They bought Citi at $24, now is $5 … losses = $10 billion
So pay cut of few K can account for losses of few BILLIONS?
I think the term “pay cut” is a misnomer. Its simply a variable bonus component that cannot be justified to be given due the the poor economy. In any case, after 19% reduction its still 3million+!!!!! my gosh…..
Remember when govt talk about kidney donations, they mention the donor should be compensated adequately but not excessively that would induce them to sell their kidneys, giving too much will result in sale of kidneys that will end up to be not altruistic….
Isnt the minister’s pay EXCESSIVE?
Btw, the CEOs either got a BIG pay cut, or were booted for these credit crisis fiasco, but our HIGHLY paid ministers only get 19% cut? while 900 DBS staff gets retrenched?? 100% pay Cut??? Speaks volumes of how much they are in tune with the ppl.
btw 253SA, why do you talk as if its the Government or HELL…… all we are asking for is accountability, the Government cannot take credit when the economy is doing well, and then just shrug their shoulders and say too bad when economy is not doing well..
This is what happens when you have a monopoly.
A monopoly have pricing power, they can price their products any price they want and the customers who need the products will have to pay for it.
I am amazed how Singaporeans interpret this news as pay cut. I am even more amazed by the audacity of the mainstream media to sell this news as pay cut. Receiving less bonus is not pay cut. Pay cut only happens when there is reduction in the fixed component of the salary on top of no or less bonus. It is not merely an absolute reduction in the annual salary.
It’s tough not to “grandstand” when you are a $3 Million Dollar Man!
As the reason for their humongous pay rise was to match their talents, let’s brace ourselves for a 18%-19% drop of good governance from our government.
It’s a shame that their talents are no longer worth their original salt!
As they will not be paid their ‘worth’, will some decide to quit their ministership and move to greener pastures like being doctor or lawyer again?
It would be a shame if they do. If they go, the ‘golden period’ would be over and our mother, wife, sister, daughter and grand daughter may have to start looking for position as maids in other countries.
Meanwhile, let’s laugh, rant and be merry to cover the sorry state that we are in.
I’m afraid that if we do not laugh and take a satiric view of their knee jerk wayang actions, madness and anger would have consumed all of us. That’ll be bad as it’ll lead us to IMH, heart attack or even drive us to the jaws of white tiger and MRT trains.
“Pay cut” or “not pay cut” may not the issue anymore.
The policy makers has played themselves into a corner and what is clear is that the present bunch of ministers including president are not up to people’s expectation anymore if the insider account that the nation’s reserves is now down to US$180 billion is true; in the beginning of the year, it was said to be around US$ 265 billion.
Window dressing like lower year end payment makes headlines to distract the poor performances. Pegging salaries to private sector pay is meaningless unless all the poor performers are fired like private sector practices.
pay cut??? not keen, just get out of parliament & don’t waste taxpayer money…period
wow…..if its a US$85 billion loss then divided by 4 million Singaporeans = US$21, 250 per person.
imagine if they had only bothered to use the money to help the citizens instead of losing it away so easily. sigh.
if its a US$85 billion loss then divided by 4 million Singaporeans = US$21, 250 per person. – alky (#58)
Incidentally, the poverty line in the USA is earning less than US$21,250 per year for a family of 4. Are Singaporean funds being used to keep 4 million American families above the poverty line?
Pay cut now is EXPECTED by many given the economic climate.
There was a news about them getting PAY HIKE in 24 months time right?
Guess after their salary adjustment, they no longer still the highest salaried employee in the world, in their category of work?
Wow, I hope my boss give me PAY RISE in 2 years time.
oh, i am the employee of my sole proprietorship as well as the owner lah.
pun intended. hee heee..
aiyoyo
financial tsunami coming
and those civil servants still got so good package??
aiyoyo, dont see the logic..
I am totally disappointed by the ways local main stream media play with the news.
ST only highlighted the good part of goverment, but never utter any single word about the wrong doing and mismanagement
sadly, millions of singaporean do not even realize that they have been mislead by the main stream media
aiyoyo,
we pay 80c for newspapers,
still got some news missing?
is it we need pay $1 or more, then can get all news in the newspaper?
aiyoyo