Singapore tightens national bonus criteria for political salaries, including unemployment, income growth
The government also agrees to explore including a ‘robust’ quality-of-life measure in the framework
Singapore's political salaries will now be tied to tighter socioeconomic indicators, according to Coordinating Minister for Public Services Chan Chun Sing. The National Bonus, a variable component of these salaries, will focus on three key metrics: unemployment rate, real income growth for median and lower-income citizens, and real GDP growth.
The government has adopted the review committee's recommendation to adjust all four targets. The unemployment rate threshold will be reduced from a range of 4 to below 4.5 percent to 3 to below 3.5 percent. Median Singaporeans' real income growth target will tighten from 2 to below 3 percent to 2.5 to below 3.5 percent, while lower-income Singaporeans' target will broaden from 2 to below 3 percent to 3 to below 4 percent.
Real GDP growth's band will be updated from 3 to 5 percent to 2 to 4 percent. These changes will commence on January 1, 2027, as annual data is reported. The revised criteria aim to better reflect Singapore's long-term growth potential, which is estimated at an average of 2 to 3 percent annually over the next decade.
Written by urgent.news from The Business Times - Singapore's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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