[Update 5 Jan 2012: See our latest post Pay Cut for Prime Minister and Ministers, But Note the Make-Up Pay.]
The Straits Times released some interesting income figures today.
As you may know, the income benchmark for ministers and top civil servants is pegged at 2/3 the median income of all the top 8 earners in these 6 professions: lawyer, accountant, banker, MNC executive, local manufacturer and engineer. These means that we take the 48 top earners (top 8 from 6 groups), sort them according to their income, take the middle guy’s income, and multiply it by 2/3.
Now, the interesting bit is in how much the top earns make. We have these figures from today’s Straits Times:
- Lawyer – $4.29 million
- Accountant – $3.72 million
- Banker – $3.33 million
- MNC executive – $2.70 million
- Local Manufacturer – $2.30 million
- Engineer – $0.62 million
The figure given for each profession is the median income of the top 8 earners in that profession. It is equivalent to the average of the top 4th and top 5th earnings.
And yes, the engineer profession has the lowest income. The top engineers make only about a quarter of the next better profession (local manufacturer).
Delving deeper, Straits Times also mentioned the income ranges of the top earners:
- Lawyer – $1 million to $6 million
- Accountant – $1 million to $6 million
- Banker – $800k to $6 million
- MNC – $300k to $4 million
- Local Manufacturer – $250k to $3 million
- Engineer -$200k to $800k
Now, is this better or worse? The no. 1 engineer can’t even match the 8th accountant and 8th lawyer! He is making only what the poorest benchmarked banker is making.
This is a sad day for all engineers.