Civil servants to get 0.45-month mid-year bonus for 2024
Civil servants in Singapore can look forward to receiving a 0.45-month mid-year bonus this year.
Junior grade officers will also get an additional payment of up to S$250.
The Public Service Division (PSD) said the payment takes into account improved economic prospects and lingering risks in the global economy.
Civil servants to get 0.45-month mid-year Annual Variable Component for 2024
PSD announced on Thursday (20 June) that all civil servants will receive a mid-year Annual Variable Component (AVC) of 0.45 month.
This is 50% more than the 0.3-month variable last year.
Junior-grade officers will also receive a one-time payment on top of the AVC:
- MX13(I) and MX14: S$150
- MX15, MX16, Operation Support Scheme Grade III and IV: S$250
Singapore economy grows by 2.7% in Q1 2024
PSD said the mid-year payout is a reflection of the positive economic prospects and the lingering downside risks in the global economy.
In the first quarter of 2024, the Singaporean economy experienced a year-on-year growth of 2.7%, following the 2.2% expansion in the previous quarter.
PSD also noted that the Ministry of Trade and Industry has maintained its GDP growth forecast of between 1.0% and 3.0% this year.
Meanwhile, the manpower ministry’s Labour Market Report for Q1 2024 showed that employment is expanding albeit at a “moderate pace”.
As for the year-end AVC payments, PSD says the government will continue to keep a close eye on the economic situation and will factor in guidelines by the National Wages Council released later in the year.
Also read: S’pore Civil Servants To Receive 0.3-Month Mid-Year Bonus, Junior Staff Will Get More
S’pore Civil Servants To Receive 0.3-Month Mid-Year Bonus, Junior Staff Will Get More
Have news you must share? Get in touch with us via email at news@mustsharenews.com.
Featured image by MS News.
Drop us your email so you won't miss the latest news.
