To add to the woes of the politicians, the cut would be backdated to May 21, 2011, when the new government took office.
The cuts were promised by new Prime Minister Lee Hsien Loong to appease public anger after a landmark election in 2011, though the city state has been little impacted by the global downturn.
But the public anger has been on the boil as the income gap between the rich and poor Singaporeans has been widening in recent years.
The sharp slashes recommended by government-appointed panel will see the Prime Minister himself taking a 36 per cent cut in salary to still peg his perks at USD 1.69 million (SGD 2.2 million).
But it is still believed to be the highest salary of any elected head of government in the world -- more than four times as much as Barack Obama who gets USD 400,000 a year as President of United States.
The President's annual salary is to be reduced by 51 per cent, to SGD 1.54 million, said the Review Committee chairman Gerard Ee while disclosing details of the recommendation at a press conference today.
The Singapore President holds a ceremonial post but with specific powers to veto government decisions on spending of monetary reserves, while the Prime Minister holds the powerful executive position leading the government.