Benchmarking and bonuses: why Singapore pays its politicians like bankers

Live updates

1. 2d ago

   Singapore Prime Minister Receives Substantial Salary Increase

   The Prime Minister of Singapore, identified as the world's highest paid leader, is receiving a significant pay raise. CNBC reports the increase is 64%, while the BBC specifies the salary jump is $1 million. This compensation model aligns political pay with banking industry benchmarks and bonuses to attract and retain top talent. Multiple global news outlets, including the Wall Street Journal and The New York Times, have confirmed the salary adjustment for the head of the Singaporean government.

   Why it matters

   Singapore utilizes a market-based benchmarking system to determine political salaries. The government argues that high pay prevents corruption and ensures the public sector competes with the private sector for elite candidates.

   What is confirmed

   • The Prime Minister of Singapore received a significant salary increase.
   • The Prime Minister of Singapore is the highest paid world leader.

   Still unconfirmed

   • The Prime Minister's pay rise is 64%.
   • The salary increase amounts to $1 million.

   What to watch next

   • Official government publication of the new salary scale
   • Public or legislative response to the pay increase in Singapore
   Sources used for this update (5)

   1. BBC — Highest paid world leader to get salary increase of $1 million
   2. WSJ — One of the World’s Highest-Paid Political Leaders Just Got a Big Raise
   3. CNBC — The world's highest paid leader is set for a 64% pay rise. Here's how others compare
   4. nytimes.com — Singapore’s Prime Minister Gets a Big Raise
   5. Financial Times — Benchmarking and bonuses: why Singapore pays its politicians like bankers
   confidence 90%