Posted in News on November 28th, 2007 by Justin Ng
SINGAPORE : Next month, the Government will pay civil servants a year-end Annual Variable Component (AVC) of one month on top of the 13th month bonus.
In addition, eligible civil servants will be paid a new performance-based Growth Bonus next March. Payable in times of exceptional economic performance, this bonus varies in amount depending on individual performance and aims to strengthen the link between performance and pay.
Good performers will receive 0.5 month of Growth Bonus, and better performers will receive more - up to 0.8 month.
In a statement, the Public Service Division said the economy has performed better than anticipated this year.
The Trade and Industry Ministry has forecast that the Singapore economy is expected to grow by 7.5 to 8 percent this year.
The unemployment rate has fallen from 2.7 percent last year to 1.7 percent, with a record high of 171,500 jobs created in the first 9 months of 2007.
In July this year, the government paid civil servants a mid-year AVC of 0.5 month and a one-off payment of S$220, in line with the call by the National Wages Council for employers to help low wage workers.
The total variable payment for 2007 is 2.5 months + S$220, not including the Growth Bonus.
With the Growth Bonus, the total payments for a good performer will be 3 months + S$220 for 2007, compared to 2.7 months + S$220 in 2006. - CNA/ch
Source: Channelnewsasia.com
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