Minister pay cut justified?

Yes, it's trending on twitter and carried in newspapers all over the world, from Guardian to Bloomberg.
Everybody's talking about the seemingly massive 36% pay cut that Singapore's Prime Minister Lee Hsien Loong has "agreed" to take.
While it's a long overdue step in the right direction, he remains, and by some orbital mile, the highest paid elected official on this planet. Still 4 times more than Barack Obama and 45 times that of Manmohan Singh.
But the root of the problem remains that many within the regime's ranks still think that high salaries are needed to attract the "best" talents to political office.
Such as one Grace Fu, who probably summed up what many of her colleagues feel:
"If the balance is tilted further in the future, it will make it harder for any one considering political office."

Unfortunately, money cannot be the main motivation for joining politics. You are simply attracting candidates that will put the moolah before servitude. Such as this MP with 64 other jobs.

Personally, I think the pay cut is totally justified and there should be more to come.

GDP growth, the indicator that PAP swears by, is looking extremely weak going into 2012. Singapore could again be the first Asian country to go into a technical recession defined by two consecutive quarters of negative growth.
The party state has failed to diversify from the volatile and highly competitive electronics sector which makes up a massive 35% of non-oil  domestic exports.
Worryingly, the Purchasing Managers' Index or PMI, which measures future business activity, has been declining for 6 straight months.

Granted that if US and Eurozone growth tank in 2012, and if there were a hard landing in China, most economies of the world will be adversely affected.
Difference is that other leaders don't have million dollar salaries nor tell the US to put its fiscal house in order.
I can't help but notice the inverted commas around the word Mentor in this WSJ article.

Additionally, the SMRT debacles, Orchard floods, taxi fare hikes and persistent rise in cost of living speak volumes of the extremely disappointing performance by our Ministers.
This move may have swayed some citizens over to their side.
But please ask yourselves this: Imagine that you were all shareholders of this company called Singapore Inc. Would you continue to agree to pay directors (Ministers) the highest salary among their global counterparts millions of dollars for repeated sub par performance?

I agree with some Opposition parties' suggestion that in addition to top earners, the average salaries of bottom and average earners should also be incorporated into the salary calculation.
After all, the greatest leaders (arguably) didn't have seven figure pay packages: Gandhi, Aung San Suu Kyi, Dr. Martin Luther King, Jr, Tony Blair, Franklin D Roosevelt.....

Finally, an honourable mention to our dear President who apparently volunteered a 51% pay cut. Bravo!