Singapore Prime Minister Lawrence Wong, who already ranks as the world's highest-paid political leader, is set for a substantial increase in his annual compensation as the government raises salaries for ministers and other senior office holders.
Wong currently receives an annual salary of S$2.2m and will now see his pay go up by more than 60% to S$3.6m ($2.8m).
ALSO READ : UAE President Warned Netanyahu Of Hamas Attack Days Before Oct 7, Report Claims
Hong Kong Chief Executive John Lee ranks second with an annual salary of around $719,000, followed by Swiss President Guy Parmelin, who earns approximately $606,000 a year.
US President Donald Trump receives an annual salary of $400,000, while British Prime Minister Andy Burnham earns about $230,000 a year.
Wong has said he will donate the additional amount to charity over the next five years.
The Singapore government has defended the pay revision, saying competitive compensation is necessary to attract capable individuals from the private sector and senior civil service into politics.
Authorities have also long argued that high salaries help reduce incentives for corruption.
ALSO READ : 'Was Easy Business': Canada To Look Beyond US As Trump's Trade War Sours Ties
Under the revised structure, the base annual salary package for ministers will increase from about S$1.1 million to S$1.2 million.
Their overall compensation could rise to around S$1.35 million by the end of the current government term, depending on performance.
A portion of ministers' remuneration is linked to national economic indicators, including unemployment, income growth and GDP growth.
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.