So you are basing on US. May I ask - why? What had Singapore's situation be like US?
In US, many people in the government don't just work for the money, they have lots of power (global). And after they retired and come down, they have the network and they could easily still be influential... worldwide. Does Singapore had that type of capability?
And does Singapore really had that massive a pool of talents (not including foreign talents) that we can pull our resources from... plus does Singapore had something that could allow the ministers and MP to have a piece of mind after they retire? I really don't think so. Without at least a bit attractive salary, it is really hard to keep talents here. I mean, ministers and MP are also human, and do you really really think that they wanted to work for us people... I don't think so.
Everyone had his/her own agenda... it is just that their agenda might benefit us in some way.