Singapore, April 9 (Reuters): Singapore’s Prime Minister, Lee Hsien Loong, will earn five times more than President George Bush this year after a pay hike today boosted his annual salary to S$3.1 million ($2.05 million).

A minister told parliament today that other Singapore government ministers — who are already among the best paid in the world — will also see their salaries jump by about 60 per cent to an average of S$1.9 million ($1.26 million).

“For the public service to remain an attractive employer, our terms must keep pace with the private sector,” defence minister Teo Chee Hean, who is also minister in charge of the civil service, said in parliament.

The ministerial salary increase — which will take effect in two steps by the end of next year — is slightly smaller than the government had originally proposed.

Lee said last month the salaries of Singapore ministers and top civil servants might have to rise by as much as S$1 million ($660,000) to S$2.2 million ($1.45 million) because they had fallen way below benchmark top salaries in the private sector.

Lee’s announcement sparked an outcry, with hundreds of Singaporeans signing an online petition and writing to newspapers to protest against the move.