Making bureaucrats pay in Singapore
Cat wrote the other day about the responsible people who didn't make dodgy investments. She wondered who was looking out for them as governments raced to rescue the irresponsible. James Bartholomew reports that Singapore, whose guiding principles were established by the inestimable Raffles, has a different idea -
Meanwhile in Singapore, the government - which has announced a stimulus plan based on subsidies for increasing training by the labor force, which will be paid for by tapping into the surpluses run up during the fat years - announced today a reduction in the pay of top civil servants and politicians to reflect the economic downturn. Basically when the economy is hot, they get higher pay and bonuses, when it's not, they get lower pay.