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Just reading through the ministerial pay threads.. and did some calculation...
I think the cabinet has 15 ministers and averaged out... their pay should be in the $2 million/year. But don't forget the Perm Sec is also a close second. So a ministerial department pays $4m/year to the top 2 ppl.
So if there are 15 ministries, the payout is 15 x 4 = 60million. plus president.. $63million. There are other organs of states, but lets keep things simple for now.
$63 million per year from a country with population of 4 million. So everyone pays almost $16 a year to fund their pay.
That's on the assumption that everyone pays the government. Kids, and retirees have reduced spending/tax payments.
Say the population has 50% actively paying tax directly (be it GST, income tax and misc fees). So the burden is only distributed amongst 2million people.
$63 m divided 2 million... $31.5 per year. So you pay $2 at least per month to fund their pay.
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I wanted to do this calculations too, but I was too lazy...
anyway, 84 seats in parliament
84 - 15 cabinet ministers = 69 MPs
Suppose each one get $19k a month (no bonus, no nothing else, simplified)It adds up to another almost $1.3million
So, total simplified calculations is $64.3 million
Supposed on average, the pay was raised by 30% recently (actually more, but give them some benefits in the calculations)
Total pay rise is $64.3m / 1.3 * 0.3 = $14.8 million
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Originally posted by Ponders:
Just reading through the ministerial pay threads.. and did some calculation...
I think the cabinet has 15 ministers and averaged out... their pay should be in the $2 million/year. But don't forget the Perm Sec is also a close second. So a ministerial department pays $4m/year to the top 2 ppl.
So if there are 15 ministries, the payout is 15 x 4 = 60million. plus president.. $63million. There are other organs of states, but lets keep things simple for now.
$63 million per year from a country with population of 4 million. So everyone pays almost $16 a year to fund their pay.
That's on the assumption that everyone pays the government. Kids, and retirees have reduced spending/tax payments.
Say the population has 50% actively paying tax directly (be it GST, income tax and misc fees). So the burden is only distributed amongst 2million people.
$63 m divided 2 million... $31.5 per year. So you pay $2 at least per month to fund their pay.
You are only correct if the government doesnt generate any income other than taxing Singaporeans.
But the truth is that, government generate income through various channel.
a) Stamp duties and property tax
b) Corporate taxes
c) GST - Singaporeans, PR, Tourists FT
d) Income tax - majority of Singaporeans dont pay income taxes
e) Foreign Direct Investment
f) Returns from GIC and Temasek investment
g) COE, Veh Tax, Petrol Tax
Edited by TCH05 27 Mar `08, 10:44AM
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a) is paid by the people
b) i don't dispute this.
c) paid by the people, Tourist get refunds.
d) Income tax (that's how i derive the 50%)
e) FDI, goes to the investment which in turn goes to the company who pays corporate tax.
f) I have yet to hear any official word if GIC and Temasek returns actualy goes back to MinFin
g) Paid by the people
What I meant in the post is to show the shared burden amongst all residents in Singapore. It doesn't have to be a tax payer.
That's why i reduced the figure to 50% to show active "payers"
On top of other income generated, the funds are generally earmarked for a specific purpose already.
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