Singapore tightens national bonus criteria for political salaries, including unemployment, income growth

The Singapore government has announced plans to tighten the targets for the National Bonus, a variable component of political salaries, based on three socioeconomic indicators. These indicators include the unemployment rate, real income growth for median and lower-income Singaporeans, and real GDP growth. The government accepted the recommendations from the political salaries review committee to revise all four targets.

The unemployment rate target will be tightened from a range of 4 to below 4.5 percent to 3 to below 3.5 percent. The real income growth target for median Singaporeans will be tightened from 2 to below 3 percent to 2.5 to below 3.5 percent, while the target for lower-income Singaporeans will move from 2 to below 3 percent to 3 to below 4 percent.

For real GDP growth, the target band will be updated from 3 to 5 percent to 2 to 4 percent. The revised National Bonus criteria will take effect from January 1, 2027.

Brief written by urgent.news from The Business Times - Singapore's own syndicated text. Machine-written — may contain errors; check the original before relying on it.