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.
PSD announced on Thursday (20 June) that all civil servants will receive a mid-year Annual Variable Component (AVC) of 0.45 month.
Source: Galen Crout on Unsplash。
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:
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
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