I think ministers’ salaries should be revised downward to reflect the poorly performing economy, and the recent spate of losses suffered by our wealth funds. The are the gatekeepers, so they have to be in the firing line during such times. Although the economic crisis is not their doing, but the very least they can do to show their sincerity in helping Singapore get over this crisis is to show that they are willing to take salary cuts in times of trouble.

It’s unfair that ministers’ salaries can be revised upwards when the economy is doing well and not downwards when it goes downhill.

EDIT (25/11/08): Top civil servants’ salaries are expected to be revised downwards by about 20%, in accordance with their pay structure which is based on the economy’s performance. But, hey, the STI is down by about 50%, our sovereign wealth funds’ mark-to-market value are probably down by similar levels but their salaries are just down by 20%. Call me someone who is never satisfied, but I do think that 20% is peanuts compared to the money they have lost for Singaporeans.

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