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Sunday, 19 August 2007

Learnings from National Day Rally: how to justify pay increase

I caught the first part of PM Lee Hsien Loong's speech at this year's National Day Rally. This year, his speech was about the widening income gap. He put the blame squarely on globalisation (doesn't everybody nowadays?), but also laid out his plans to reduce the pain as much as possible.

But the part that I found amusing was at the start. He was explaining the reason for the widening income gap, even within the upper class. He gave the example of Tiger Woods, the professional golf player, who earns $100 million a year through games, endorsements and other means. The next highest pro golf earner, whose name I forget (haha, no one remembers No. 2!), earns less than half of that.

Bottomline: you must pay for the best. Therefore, the best must earn stratospheric incomes that are much more than what the next tier earns.

Not happy? Blame globalisation.

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