The best way to gauge whether our economy is recovering is to look at the largest employer in Singapore.
And in Singapore, it’s of course the Public Service Division (PSD)—or simply put, the Government.
Last year, there was no year-end bonus at all, while lower-wage civil servants received a one-time payment of $1,200.
That understandable since people in the private sector might not even draw a salary.
Finally, in the middle of 2021, there was a 0.3-month mid-year bonus for the Civil Service, and civil servants in more junior grades to receive one-time payment of $350 or $700.
So what’s in store for the end of this year?
Civil Servants to Get 1-Month Year-End Bonus; 13th Month Bonus is Still Given
Yes, we’re back on track.
Here’s why: back in 2019, the year-end bonus is 0.1 month bonus, and in 2018, the year-end bonus is 1 month bonus.
As mentioned earlier, there isn’t any year-end bonus for 2020.
This year, it’s back to 1-month bonus.
According to PSD, Singapore’s economy remains on track for a recovery in 2021. The economy expanded by 7.1% on a year-on-year basis in the third quarter of 2021 and the Ministry of Trade and Industry has updated its GDP growth forecast to “around 7.0%” for 2021.
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On the labour market front, resident employment grew more quickly in the third quarter, particularly in outward-oriented industries, and unemployment rates declined for the second consecutive month in September 2021.
So, in “recognition of their sustained hard work and diverse contributions, and against the backdrop of the economic recovery, the Government, in close consultation with the public sector unions, has decided to pay all civil servants a year-end Annual Variable Component (AVC) of 1.0 month.”
In line with the National Wages Council’s recommendations to uplift the wages of lower-wage workers, these workers will receive an additional payment of $500.
To add on, the usual 13th month bonus will still be given. Watch this video to the end to know why it’s necessary:
In other words, your friends who work for the Government are most probably looking at VTL flights now.
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Featured Image: joyfull / Shutterstock.com
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