Home News SG Politics Teo Ser Luck says bye bye after making at least $12M as...

Teo Ser Luck says bye bye after making at least $12M as PAP politician last 11 years

Author

Date

Category

- Advertisement -

It was announced in the news yesterday (27 Apr) that Minister of State Teo Ser Luck had decided to retire from politics and go back to the private sector.

Teo will relinquish his appointments as Mayor of North East CDC and Minister of State for Manpower on May 26 and June 30 respectively. However, he will continue to be MP for Pasir Ris-Punggol GRC and earn his $16K a month salary.

“I plan to build, create, invest or help start-ups and businesses. Some are tech-related, while others will be in products or services which I’m passionate about. Business aside, I’m glad to continue to serve you as an MP,” he said.

Teo was recruited by PAP to run for MP during the 2006 GE. He entered Parliament via Pasir Ris-Punggol GRC.

- Advertisement -

Following his “successful” election, he was appointed as Parliamentary Secretary at MCYS. In 2008, he was promoted to Senior Parliamentary Secretary of MCYS and MOT. In 2009, he took on the addition role of Mayor of the North East CDC.

He was re-elected in 2011 GE. Following the election, he was promoted to Minister of State at MTI and continued to serve as Mayor. In 2015, he became the Minister of State for MOM.

Teo earns millions over last 11 years

During his time as politician since 2006, we can estimate the amount of money he made, using the revised ministerial salaries set in 2012 (salaries before were much higher):

* Parliamentary Secretary (about 2 years) – $418K x 2 = $836K
* Senior Parliamentary Secretary (about 3 years) – $572K x 3 = $1.7M
* Mayor of North East CDC (about 8 years) – $660K x 8 = $5.3M
* Minister of State (about 6 years) – $770K x 6 = $4.6M
TOTAL = $12.4M

Not bad for an eleven year stint as PAP politician.

https://theindependent.sg.sg/from-george-yeo-to-lui-tuck-yew-there-is-enough-evidence-that-ousted-ministers-will-continue-to-earn-millions/

 

source: We want Minister Grace Fu to resign

Follow us on Social Media

Send in your scoops to news@theindependent.sg 

- Advertisement -

Bling Empire’s Kevin Kreider’s rags-to-riches story

Los Angeles -- Bling Empire star Kevin Kreider is a jack of all trades. He is currently filming the second season of the Netflix hit reality show. The show is about a group of ultra-wealthy Asian Americans living in LA. Kreider wore many hats...

Calvin Cheng asks why two retirees in their late 60s were called in to run SPH Media Trust

Singapore -- Former Nominated Member of Parliament (NMP) Calvin Cheng took to social media to question the Singapore Press Holdings (SPH) Media Trust’s decision to rehire two senior men who had already retired. On Wednesday (May 12), it was announced that veteran...

Jewel Changi Airport and passenger terminals closed to the public for two weeks

Singapore -- Jewel Changi Airport and all the Changi Airport passenger terminal buildings will be closed to the public for 14 days from May 13 to May 27 due to a Covid-19 cluster linked to a cleaner who worked at Terminal...
Follow us on Social Media

Send in your scoops to news@theindependent.sg 

Theindependent