Civil servants to get 2.5 months year-end bonus
By Derrick James,WNS Malcom Business Correspondent
MALCOM - Linapore's civil servants will get a total of 2.5 months year-end bonus this year. This means apart from the 13th month payment, they will also be getting a year-end annual variable component of one month and a special bonus of 0.5 months. In July this year, the government paid civil servants a mid-year annual variable component of 0.8 month and a one-off payment of L$320. This in line with the call by the National Wages Council for employers to help low wage workers. The total variable payment for this year is 3.3 months and L$320 compared to 2005's 2.5 months and L$255.
The Public Service Division (PSD) says the economy has shown better performance than anticipated this year. The latest GDP growth forecast by the Ministry of Trade is 7.5 to 8.0%. On the labour front, the unemployment rate has fallen from 3.2% last year to 2.7%. A record high of 422,100 jobs were created in the first 9 months of this year, the highest number of jobs created in a decade. And preliminary market data indicate that wages in some private sector jobs have shown a significant increase this year. PSD adds that with steady economic growth expected next year, private sector salaries are expected to continue to rise and this trend is already having an impact on civil service recruitment and retention. The year-end 2.5 months payout is therefore a reflection of this year's strong economic performance and the tighter labour market situation.
posted by wnsworld @ 3:56 PM
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