Singapore To Pay Civil Servants Mid Year Bonus
The Government has decided to pay a mid-year Annual Variable Component of 0.5 month plus $300 to civil servants in July 2010.
This recommendation is made in view of the economic outlook and the NWC’s recommendations for 2010/2011.
Civil Service Mid-Year Payment
The Government will pay civil servants a mid-year Annual Variable Component (AVC) of 0.5 month and a dollar quantum of $300 in July 2010.
The recovery of the Singapore economy has been stronger than expected, growing by 15.5% in the first quarter of 2010 on a year-on-year basis.
There are also signs that the economic recovery has strengthened and is broad based.
The Ministry of Trade and Industry has forecasted 2010 GDP growth at 7% – 9%, while noting that downside risks such as the sovereign debt crisis in Europe still remain.
Against this backdrop, the Government has decided to pay a mid-year AVC of 0.5 month in July 2010. In addition, the Government will be giving a oneoff dollar quantum of $300 to all officers this July.
This is in line with the call by the National Wages Council for employers to help low wage workers.
The Government will decide on the year-end AVC payment for civil servants after taking into consideration Singapore’s economic performance in the second half of 2010.
Topics: 2010, Annual Variable Component, Asia, AVC payment, bonus, business, Civil Servants, economic development, economic growth, Economic Outlook, economic performance, economic recovery, Economy, employees, employers, Governance, government, july, low-wage workers, mid year payment, moniter, monitor, National Wages Council, news, NWC, Pacific, payment, Singapore, society
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