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Cheng Hu Kang Lang Wu Bonus Ah domho7 May 31st, 06, 06:27 PM #1 (permalink)


Civil servants will get an Annual Variable Component (AVC) bonus payment of 0.5 months and an additional payout of $220 in July.

A statement by the Prime Minister's Office said that the government had decided on the mid-year bonus in view of the good economy.

Singapore's economy grew by 10.6% in the first quarter of 2006, compared to 8.7% in the last quarter of 2005.

In view of the positive developments in both the external and domestic economic environment, and barring unforeseen circumstances, the Ministry of Trade and Industry had also revised the 2006 GDP growth forecast to between 5% and 7%, from the previous forecast of between 4% and 6%.

The $220 payout is in line with the call by the National Wages Council for employers to help low wage workers, the PMO statement said.

"The Government will decide on the year-end AVC payment for civil servants when Singapore's economic performance in the second half of 2006 is clearer," said the statement. - CNA/ir

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