Monday, May 20, 2013

Abdul Wahid and Paul Low taking huge pay cuts

PETALING JAYA: Corporate figures Datuk Seri Abdul Wahid Omar andDatuk Paul Low Seng Kuan will be giving up their lucrative annual salaries upon taking up posts in the new Cabinet.
Former Malayan Banking Bhd chief executive officer Wahid earned RM6.26mil from the banking giant last year, according to data from Bloomberg.
The Star had also reported that Wahid took home RM2.96mil for the six months ended Dec 31, 2011, which is the new financial year end for the banking group.
His total remuneration was RM4.68mil and RM4.7mil for the financial years (ended June) of 2011 and 2010 respectively, Maybank's annual report showed.
Both Wahid and Low have been appointed ministers in the Prime Minister's Department.
Low draws at least RM560,000 a year from his various corporate positions.
He is paid a monthly salary of RM30,000 as the managing director ofMalaysian Sheet Glass Sdn Bhd and RM200,000 a year as an independent director of both Sunway Holdings and Pos Malaysia Bhd.
However, Low, 66, who is also Transparency International-Malaysia (TI-M) president, said he did not draw any salary from TI-M as it is a donor organisation and his work is voluntary.
As ministers, Wahid and Low will now draw a minimum annual salary of RM179,642.40 (or RM14,970.20 a month) and also RM49,353.48 (or RM4,112.79 a month) each as senators.
Both are also entitled to a number of allowances for official duties and other perks.

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