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.
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.