Singapore raises ministers’ salaries for the first time in 15 years: Here’s why

Singapore’s government reportedly says it will adjust the annual competition of its ministers and other office holders including its prime minister who is the highest paid political leader in the world.

Singapore Prime Minister Lawrence Wong, the world’s highest-paid political leader is set to receive a salary of more than $1 million Singapore dollars in his annual pay package.

According to Wong, the primary motive behind raising ministers’ pay was to attract better talent. Earlier, the government argued that paying ministers well helped to avoid corruption.

The recent move has faced disapproval in Singapore where there is serious concern about job security and the rising cost of living.

On Tuesday, Wong recognized that Singapore’s ministries salaries have drawn attention given that they are higher than what average citizens earn.

At present, the base pay package of ministers is about $1 million. The new pay scheme will grow to approximately $1.2m. But Wong asserted he expects most of these ministers to earn more than that around $1.35m.

According to reports, the pay will be increased to around $1.35m by the end of the government's current team.

Singapore’s ministers have been a target of criticism for years but the ruling People’s Action Party (PAP) which has governed the country since independence continues to defend its compensation policies.

Following the increase, income will be far higher than those of other major political leaders in the world.

In addition, Hong Kong’s Chief Executive John Lee earns approximately 719 US dollars, and Switzerland’s President Guy Parmelin earns around 606,000 US dollars.