For the 5th consecutive year, HR Distinction awards will again honour the very best in the HR industry. Winning is both an affirmation of the exceptional quality of your work in the industry and among peers. Book your gala dinner table now
Contact us now for more details.
Singapore’s civil servants will get lower year-end bonuses than they received last year, in line with the GDP growth forecast for 2014, the Public Service Division (PSD) has announced.
They are expected to be paid a year-end Annual Variable Component (AVC) of 0.8 months, down from 1.1 months paid out in 2013.
However, a minimum amount of $1,200 has been specified to benefit lower-wage officers. For example, an officer earning a monthly salary of $1,200 would be due $960 (at 0.8 of his salary), but the minimum amount will ensure he gets an AVC of $1,200 instead, equivalent to a full month’s salary.
“This signals the Government’s continued commitment to help lower-wage workers,” said the PSD’s statement.
It expects around 980 civil servants to benefit from the minimum AVC payment.
The PSD has rolled out the bonus payments in consultation with public sector unions, keeping in mind the full-year GDP growth, estimated at 3%.
“This represents a narrowing of the previous GDP forecast of 2.5% to 3.5% announced in August. The job market remained tight in the third quarter of 2014, as unemployment stayed low and steady, with employment growth matching the previous quarter,” it said.