Tag Archives: Income

HDB: THANKS TO MINISTER KHAW, NEW BTO FLATS ARE MORE AFFORDABLE NOW

NEW Housing Board flats have become more affordable relative to applicants' household incomes, compared with last year's figures. But while the gap is closing, they have yet to reach the target that National Development Minister Khaw Boon Wan set last year of having new flats priced at about four times the applicants' median income. When he set that target last year, the price ratio was about 5.5 times annual salary. Now, it is lower for all flat sizes.

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PAP MINISTERIAL SALARIES INCREASED BY 3,600% SINCE S’PORE’S INDEPENDENCE

In 1965, a minister was paid a monthly salary of $2,500. 45 years later, a minister’s monthly income (Grade MR4) had risen by 5,200% to $131,991 ($1,583,900 divide by 12 months). It was only after heavy election losses that the PAP reduced ministers’ salary to $1,100,000, translating into an increase of 3,600%. In 1970, Lee Kuan Yew said it would “be impossible to attract men of integrity and ability to become ministers with the existing pay once the current ministers leave office”. Maybe Lee’s ‘ability’ referred to the ramping up of GDP only.

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