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No more pensions for PSD officers

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Certain appointment holders in the Public Service Division (PSD) will have changes made to their current compensation structure.

PSD has completed the salary review for its the administrative service, judiciary and statutory appointment holders, and found the current levels to be suitable, Teo Chee Hean, Deputy Prime Minister and Minister-in-Charge of the Civil Service, said.

However, changes will be made – including the removal of pensions and a change in bonus framework, Channel News Asia reported.

Pensions for appointment holders within the administrative service will be replaced with a long-term retention package, while a gratuity plan will be introduced for judiciary and statutory appointment holders.

The bonuses of office and appointment holders, which were previously pegged to Singapore’s GDP, will now be replaced with the National Bonus. This means the bonuses will be linked to the socio-economic growth of average and lower-income Singaporeans, and the growth of the country. The National Bonus scheme is similar to the framework for political appointment holders.

The PSD does not follow any specific formula when crafting its compensation packages and instead refers to several information sources including market surveys and salary data from the Inland Revenue Authority of Singapore.

Teo said the government will continue to monitor and review the salary structure for those in the public service to ensure their compensation remains fair and competitive.

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