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Yearbook 2012

Singapore. After a prolonged period of popular dissatisfaction with the soaring salaries of top politicians, the government at the beginning of the year decided to sharply reduce ministerial salaries, and in the president's case, the salary was reduced by 51%. After the radical reduction, however, the average ministerial salary was over US $ 800,000 per year, making Singaporean politicians some of the highest paid in the world. According to countryaah, Prime Minister Lee Hsien Loong received an annual salary of more than US $ 1.7 million after the cuts, which was the highest salary in the government.

2012 Singapore

A decision was also made to abolish the high pensions of ministers and the president. Instead, a bonus system would be introduced, where the size of the bonus would depend on the country's economic development, the general wage situation among Singaporeans and the proportion of unemployed in the country. Members of parliament would also receive reduced compensation.

The opposition Labor Party won a parliamentary election in May, where the ruling People's Action Party (PAP) has all but two mandates. The election election was about a mandate that the opposition already held earlier. Nevertheless, the election was symbolically important in the light of PAP's relatively poor results in the 2011 parliamentary elections.

The first wild strike in Singapore in over a quarter of a century occurred in December when over 170 Chinese guest-working drivers embarked on an illegal campaign demanding higher wages and better working conditions. One of the strikers was sentenced to a shorter prison sentence while 30 were expelled. Another five Chinese were prosecuted and awaiting trial.

The Singaporean economy continued to perform well and be stable with large foreign exchange reserves and relatively low inflation. While the downturn in the global economy has had a negative impact on export revenues periodically, with temporary weaknesses in growth, the big picture was a strong and balanced service economy.

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