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Benchmark salary data out
Pay rose for top earners in all but one profession in benchmark, but civil service wage won't rise



"Ministers and top civil servants will see their annual pay packages shrink by up to 19 per cent compared to this year's.

Their annual pay is pegged to a private sector benchmark set at two-thirds of the median pay of the top eight earners in the six professions.

The benchmark is reviewed yearly. The 2008 benchmark, based on income tax returns for income earned last year, rose, in fact, by 13 per cent over the year before, to $3.05 million, according to figures from the Public Service Division (PSD).

But 'in view of the clouded economic outlook and the likelihood that salaries will be lower next year', the upward adjustment that would have been due in January next year will now be deferred..."

Public sector pay to fall

"All civil servants will also be getting about one month less in various bonuses at the end of this year, as compared with last year.

A statement from the Public Service Division (PSD), which oversees civil service matters, cited the economic slowdown as the reason for the moves.

Civil servants will still receive their 13th month supplement next month. But unlike last year, there will not be a Growth Bonus, which was half a month's pay last year.

The Annual Variable Component, or AVC, to be paid next month, will be half a month's pay, down from one month a year ago.

Civil servants had earlier received half a month's bonus in July, plus a dollar quantum of between $100 and $300 to help them cope with inflation..."

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... even if there is a decline in pay.. it still supercedes that of US president
it has been argued, debated before, shant go into details with the government's reasonings..
source: http://usgovinfo.about.com/library/weekly/aa011600a.htm
"Effective January 1, 2001, the annual salary of the president of the United States was increased to $400,000 per year, including a $50,000 expense allowance."

at least I think these "pay cutting" measures will allow people to feel good.. cause they will think "they are not the only ones affected", even bigshots get it etc..

Reason why lawyers will have pay rise cause of the increase in work.. especially for the financial world.. with collapse of banks, retrenchment, solvency cases comes all the legal paperwork.
Banker wise.. the bankers who are taking over other banks/stocks are having a fieldday.

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For anyone's interest



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