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19-07-2020 04:05 PM
Unregistered http://theindependent.sg/the-day-lee...ughter-in-law/

The day Lee Kuan Yew spoke of the “meagre pay” of his daughter-in-law
August 14, 2018

It is a question which no one wants to provide a direct, clear, simple answer to: how much exactly is the Executive Director and Chief Executive Officer of Temasek paid?

Some have tried to do the impossible and offer what are speculative guesses, with answers ranging from a salary of tens of millions to even $100m for the executive in question.

Others have endeavoured to probe for an answer by looking at the Administrative or Management expenses of Temasek, as perhaps proxies which can be further distilled to reveal the magic number. No such luck.

Temasek’s Administrative expenses range from $7.3b in 2011 to $9.6b in 2015.

When questions were raised about such seemingly astronomical administrative costs in its annual reports, the sovereign wealth fund explained:

“This also included expenses of subsidiary companies such Singapore Airlines, PSA, and others, and not for Temasek Holdings only.”

So there. Basically, the administrative costs are commingled. Temasek did not bother to separate and itemise them so Singaporeans can know the Administrative costs for Temasek itself.

Only a few people would know the exact and accurate figure we are seeking – the president, the prime minister, the Minister of Finance, the Temasek Board, and the executive herself – but none apparently is willing to divulge what seems to be a state secret.

As the debate sparked by ESM Goh Chok Tong’s remarks on ministers’ salary continues, questions of executive salaries for government-linked entities like Temasek and the GIC should be raised as well.

The assumption by many is that the top executives in GLCs are handsomely paid. The CEO of DBS, for example, is paid more than S$10m.

Using this as a marker, the salary of Temasek’s CEO is then speculated to be – some say, naturally – much higher, since she oversees a much larger reserves, at some $300b.

But we can’t extrapolate like this. In any case, it would just be speculative work.

What we do know is that in 1996, when the CEO of Temasek was a mere managing director of a smaller entity called Singapore Technologies (ST), her salary was in the spotlight because of remarks made by the late Lee Kuan Yew, then Senior Minister, in 1996.

SM Lee had described the salary of his daughter-in-law, who hadn’t yet joined Temasek then, as “meagre”.

This prompted her to ask SM Lee to clarify the remarks, otherwise she would find it hard to recruit “good men” for the company.

“My daughter-in-law,” SM Lee told Parliament, “wrote to me this morning. She says: Better clarify about Singapore Technologies otherwise she can’t get good men. She said: Yes, she does not get much but she as MD has paid $1 million in bonuses to successful MDs of her subsidiaries.”

SM Lee then revealed that her salary in 1995 was $21,500 a month.

“If you include the 13-month AWS, it’s $279,500 (annually). Her bonus was $290,000, so it’s a total of $569,500,” SM Lee said.

In 1996, her salary went up to $28,000 a month.

If you used the Monetary Authority of Singapore’s Wage Calculator, which factors in inflation, a $28,000 salary in 1996 would be about $38,000 today (2018).


SM Lee had encouraged government-linked companies to follow the practice of the private sector and to pay officers “attractive packages” to attract talents.

As for the $1m bonuses paid by the CEO of ST to ST subsidiaries’ executives, SM Lee said:

“I think there’s no harm letting it be known because it is a difference in philosophy. She was trying to follow the market and gave $1 million. The chairman, [former minister] Yeo Ning Hong, thought: God, $1 million. Better clear with me. But she thought: That was the market price.

“But he’s been in government for so long, the idea of paying $1 million when he was earning $300,000 or $400,000 as a minister shocked him.”

So, how much is the CEO of Temasek herself paid? We don’t know and won’t know until the books are opened, or someone who knows disclose the numbers, as Mr Lee did so openly 22 years ago.

But that doesn’t seem to be happening anytime soon.

This little episode with Singapore Technologies perhaps gives us an idea behind the thinking of the Temasek CEO with regards to remuneration for top executives in GLCs, and in Temasek itself.

And oh, incidentally, back in 2004, everyone in Temasek sat on Herman Miller chairs and “shares the sunshine” in the office.

https://secure.mas.gov.sg/calculator/wages.aspx
02-01-2015 06:22 PM
Unregistered
Quote:
Originally Posted by Unregistered View Post
Lol, typical gold digger. Less than 30 and marry a man older than you by 10 years old, hoping to bag a scholar so that you can quit and relax?

geez. from the way you view your work, one can assume that you have a fked up attitude towards life and yes you can laze your life away.

too bad you didnt choose a rich guy, now that you know a fake scholar + 10 yrs your senior isnt enough to sustain your material needs.
and btw i made 200k per annum straight out from sch back then. maybe you should have considered hooking me up when u were fresh
Obvious liar. HKD 200,000 per year yes.

to make such an unbelieveable amount of money requires a lot of stupidity.
- everyone involved in hiring you needs to be stupid
- everyone else reading this forum needs to be even stupider to believe.

Hope you make $200million this year!
02-01-2015 12:33 PM
Unregistered
Quote:
Originally Posted by Unregistered View Post
Yes I am spoilt I admit, there is no harm in wanting more.

Useless unambitious man, you mean to say, your dream is to finally own your own 3-room flat and have 1 SEAsian holiday every year? Shoot for the moon then you will hit the mountain. Shoot for the mountain and you'll hit a tree. You, my unambitious sad man, you are only shooting yourself in the foot.

I earn SGD 95,000/year including 13th month and I am not yet 30 but close to it. I work in a crappy local bank, where I also overpaid for the work I am doing. Big deal.

If you want to be fairly paid for the work you are doing, then you are an absolute idiot.

Rest of the unwashed masses and idiots can work 12hr days for $6/hr, I am not one of them. I want to work 7hrs a day and be paid for 70hrs worth of work - there is nothing wrong in wanting more. If you want less then please give your money away.
I think you kind of lost the point with us once you started using vulgarities and degrading minorities here. Hope you are able to achieve your wish, and have a nice day (btw, this is my first post in this thread)
31-12-2014 09:42 PM
Unregistered
abc

Quote:
Originally Posted by Unregistered View Post
Yes I am spoilt I admit, there is no harm in wanting more.

Useless unambitious man, you mean to say, your dream is to finally own your own 3-room flat and have 1 SEAsian holiday every year? Shoot for the moon then you will hit the mountain. Shoot for the mountain and you'll hit a tree. You, my unambitious sad man, you are only shooting yourself in the foot.

I earn SGD 95,000/year including 13th month and I am not yet 30 but close to it. I work in a crappy local bank, where I also overpaid for the work I am doing. Big deal.

If you want to be fairly paid for the work you are doing, then you are an absolute idiot.

Rest of the unwashed masses and idiots can work 12hr days for $6/hr, I am not one of them. I want to work 7hrs a day and be paid for 70hrs worth of work - there is nothing wrong in wanting more. If you want less then please give your money away.
Lol, typical gold digger. Less than 30 and marry a man older than you by 10 years old, hoping to bag a scholar so that you can quit and relax?

geez. from the way you view your work, one can assume that you have a fked up attitude towards life and yes you can laze your life away.

too bad you didnt choose a rich guy, now that you know a fake scholar + 10 yrs your senior isnt enough to sustain your material needs.
and btw i made 200k per annum straight out from sch back then. maybe you should have considered hooking me up when u were fresh
29-12-2014 05:29 PM
Unregistered
Quote:
Originally Posted by Unregistered View Post
Your friends are just above average farmers lor. Please lar a AO by late 30s is usually a Senior Director in a ministry or a Colonel equivalent in SAF with a pay package close to 300k.
I don't disagree that my friends are the above-average non scholars, who make up the bulk of the civil service. AOs are a different class altogether. They are paid much more, compared to the non-scholars, and compared to the scholars who are not AO.
29-12-2014 04:59 PM
Unregistered
Quote:
Originally Posted by Unregistered View Post
Yes I am spoilt I admit, there is no harm in wanting more.

Useless unambitious man, you mean to say, your dream is to finally own your own 3-room flat and have 1 SEAsian holiday every year? Shoot for the moon then you will hit the mountain. Shoot for the mountain and you'll hit a tree. You, my unambitious sad man, you are only shooting yourself in the foot.

I earn SGD 95,000/year including 13th month and I am not yet 30 but close to it. I work in a crappy local bank, where I also overpaid for the work I am doing. Big deal.

If you want to be fairly paid for the work you are doing, then you are an absolute idiot.

Rest of the unwashed masses and idiots can work 12hr days for $6/hr, I am not one of them. I want to work 7hrs a day and be paid for 70hrs worth of work - there is nothing wrong in wanting more. If you want less then please give your money away.

Hi guys, I think we should not diff too much from TS topic. A few of them have very good guidelines to what MDsalary should be. It is very interesting and I guess a few of us are camping here to hear more from different MD cheers
29-12-2014 03:45 PM
Unregistered
Quote:
Originally Posted by Unregistered View Post
Its kinda obvious what everyone is getting at. You have a spoilt mentality and expect too much of your normal average husband who works in an iron rice bowl job and has never seen the real world.

You expect him to provide for you and get home by 6pm, not working OT and still earn over 200k so you can retire and live a taitai lifestyle.

In case you do not already know, your husband is overpaid for the work he's doing. so stop whining.

So how much do you make? 40k per annum?
Yes I am spoilt I admit, there is no harm in wanting more.

Useless unambitious man, you mean to say, your dream is to finally own your own 3-room flat and have 1 SEAsian holiday every year? Shoot for the moon then you will hit the mountain. Shoot for the mountain and you'll hit a tree. You, my unambitious sad man, you are only shooting yourself in the foot.

I earn SGD 95,000/year including 13th month and I am not yet 30 but close to it. I work in a crappy local bank, where I also overpaid for the work I am doing. Big deal.

If you want to be fairly paid for the work you are doing, then you are an absolute idiot.

Rest of the unwashed masses and idiots can work 12hr days for $6/hr, I am not one of them. I want to work 7hrs a day and be paid for 70hrs worth of work - there is nothing wrong in wanting more. If you want less then please give your money away.
29-12-2014 11:45 AM
Unregistered i suspect the main issue with the tai tai wannabe poster is that she somehow really believe her husband is a scholar (part of the elite) and is being underpaid by the gov. reality is like other posters point out, her husband aint no scholar, just another employee who got monetary support from the gov to study for more certs.
27-12-2014 10:36 PM
Unregistered
210

Quote:
Originally Posted by Unregistered View Post
What is your problem douche?
People have different levels of lifestyle, I am used to a certain lifestyle provided by my husband and my own hardwork.

We want to provide a quality lifestyle for our retirement and for our children and that is the min. income level to achieve.

Yes, the Malay neighbours I grew up with make $40k /year but he is able to take care of 5 mouths to feed and still have savings. That is commendable - I respect that. But I cannot do the same. Been brought up in this way, and grown up this way. Yes maybe I had a spoilt childhood, and I want to spoil my kids the same way - that is my choice, not yours so please fo fcuk yourself.

If you are lazy and can't afford to spoil yourself and your family but you are envious, that's your problem, don't take it out on others.

---------
Its kinda obvious what everyone is getting at. You have a spoilt mentality and expect too much of your normal average husband who works in an iron rice bowl job and has never seen the real world.

You expect him to provide for you and get home by 6pm, not working OT and still earn over 200k so you can retire and live a taitai lifestyle.

In case you do not already know, your husband is overpaid for the work he's doing. so stop whining.

So how much do you make? 40k per annum?
27-12-2014 05:07 PM
Unregistered
Quote:
Originally Posted by Unregistered View Post
What is your problem douche?
People have different levels of lifestyle, I am used to a certain lifestyle provided by my husband and my own hardwork.

We want to provide a quality lifestyle for our retirement and for our children and that is the min. income level to achieve.

Yes, the Malay neighbours I grew up with make $40k /year but he is able to take care of 5 mouths to feed and still have savings. That is commendable - I respect that. But I cannot do the same. Been brought up in this way, and grown up this way. Yes maybe I had a spoilt childhood, and I want to spoil my kids the same way - that is my choice, not yours so please fo fcuk yourself.

If you are lazy and can't afford to spoil yourself and your family but you are envious, that's your problem, don't take it out on others.

---------

To answer the other question, he is not a PSC Scholar or President's Scholar. Just a simple scholar sponsored by DSTA. Studied 4 years NUS, 2 years work, 3 years to do MPP in Georgetown Public Policy Institute in Washington DC sponsored by MOF, (where we met each other).
After he came back from his Masters in USA, DSTA seconded him to MFA where he still is but draws salary from DSTA - not sure how that works but suppose that means he is still Statboard and not ministry.

The good part is that he still is able to leave office at 6pm everyday to come back to see the kids - I prefer this to having extra $50k/year but longer working hours.
Im sorry to dissapoint you, but I dont think he's that kind of 'scholar' that you might imagine him to be. DSTA scholarships are actually not that hard to attain. Its like the ones that PUB, MOHH and Mindef(not SAFOS) throws around. So you shouldnt expect much. IMO, if someone isnt a PSC or President, you cant expect the high life.

There's nothing wrong in wanting more things and being richer. But you cant stop people from calling you out for what you are : greedy. And in any case, if you believe that you should be rewarded even more for yours and your husband's 'hardwork', maybe you should strike it out in the private sector if the public sector is not rewarding enough. You cant be dissapointed if that is the amount the public sector pays you and your husband. If you dont like it, simply leave. If you really believe that thats how much your husband is worth, then he should have no problem going at it in the private sector.
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