SUBSCRIBE: Newsletter

Human Resources

Toggle

Article

bonus

Civil servants in Singapore to get a year-end bonus of at least $1,100



Human Resources Online is heading to Bangkok with the Accelerate HR conference on November 26-27.
HR leaders from Agoda, DKSH, Fonterra, FWD, Kasikornbank, Minor Food, Nissan Motor and more have already confirmed to speak.
Bring your team for additional group discounts.

Good news for civil servants in Singapore: Staff will be receiving a year-end Annual Variable Component (AVC) from the government this year – though it will be slightly less than what they got in 2014.

The Public Service Division (PSD) announced yesterday that civil servants will get a year-end AVC of 0.65 month, with all officers to get at least $1,100.

This was decided in consultation with the public sector unions.

Against the backdrop of a slow economy – the Singapore economy grew by 1.9% on a year-on-year basis in the third quarter of 2015, moderating slightly from the 2.0% growth in the second quarter – and a lower GDP (2.2% on a year-on-year basis), civil servants will be paid a year-end AVC of 0.65 month.

This was slightly lower than the 0.8 month given out at the end of 2014.

ALSO READ:
Singapore staff anticipate low hikes in salaries and bonuses in 2015
Indian firm TCS hands out bonuses worth $423 million

In line with the government’s commitment to help low-wage workers, the government will still give lower-wage workers a minimum year-end AVC of $1,100 – again slightly less than the $1,200 received in 2014,

About 1,300 civil servants are expected to benefit from the minimum AVC payment of $1,100.

“For example, an officer earning a monthly salary of $1,500 will get a year-end AVC of $1,100. This is $125 more than what he would get at 0.65 month of his monthly salary (which would have been $975),” stated the press release.

Additionally, all civil servants will also get the Non-Pensionable Annual Allowance (NPAA) of 1 month, which will be paid in December together with the AVC.

Image: Shutterstock



Human Resources Online is heading to Bangkok with the Accelerate HR conference on November 26-27.
HR leaders from Agoda, DKSH, Fonterra, FWD, Kasikornbank, Minor Food, Nissan Motor and more have already confirmed to speak.
Bring your team for additional group discounts.

Read More News

Trending

Leave a Reply

You must be logged in to post a comment.