Civil servants to get 2-mth year-end payment
Posted: 24 November 2010 1721 hrs
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SINGAPORE: Civil servants will receive a total year-end variable payment amounting to two months. This comprises the Annual Variable Component (AVC) of one month and a Non-Pensionable Annual Allowance (NPAA), also known as the 13th month payment, of one month.
This is in view of the strong economic recovery. The Singapore economy has recovered strongly and expanded by 17.9% in the first half of 2010. The Ministry of Trade and Industry (MTI) has forecast the 2010 GDP growth at around 15%.
Civil servants received a mid-year AVC of 0.5 month and a one-off dollar quantum of $300 in July. Together with the year-end payment, the total variable payment for 2010 will be 2.5 months and $300.
In March 2011, eligible civil servants will be paid a Special Variable Payment (SVP).
The SVP, formerly known as Growth Bonus, is payable when there is exceptionally good economic growth, and the quantum varies depending on individual performance.
In March 2011, good performers will receive one month of SVP and better performers will receive more, up to 1.6 months, while poor performers will not receive any SVP.
Posted: 24 November 2010 1721 hrs
Photos 1 of 1
Twitter Messenger
SINGAPORE: Civil servants will receive a total year-end variable payment amounting to two months. This comprises the Annual Variable Component (AVC) of one month and a Non-Pensionable Annual Allowance (NPAA), also known as the 13th month payment, of one month.
This is in view of the strong economic recovery. The Singapore economy has recovered strongly and expanded by 17.9% in the first half of 2010. The Ministry of Trade and Industry (MTI) has forecast the 2010 GDP growth at around 15%.
Civil servants received a mid-year AVC of 0.5 month and a one-off dollar quantum of $300 in July. Together with the year-end payment, the total variable payment for 2010 will be 2.5 months and $300.
In March 2011, eligible civil servants will be paid a Special Variable Payment (SVP).
The SVP, formerly known as Growth Bonus, is payable when there is exceptionally good economic growth, and the quantum varies depending on individual performance.
In March 2011, good performers will receive one month of SVP and better performers will receive more, up to 1.6 months, while poor performers will not receive any SVP.