Civil Service Year‑end Payment 2014
Civil Service Year-End Payment
Civil servants to get year-end AVC of 0.8 month with lower-wage officers getting at least $1,200
The Ministry of Trade and Industry has forecast that GDP growth will come in at around 3.0% for the full year. This represents a narrowing of the previous GDP forecast of 2.5% to 3.5% announced in August. Growth for the year is expected to be supported primarily by externally-oriented sectors such as manufacturing, wholesale trade and finance & insurance services, while domestically-oriented sectors such as business services are expected to remain resilient. The job market remained tight in the third quarter of 2014, as unemployment stayed low and steady, with employment growth matching the previous quarter.
Against this backdrop, civil servants will be paid a year-end Annual Variable Component (AVC) of 0.8 month, with lower-wage officers getting an AVC of at least $1,200. This signals the Government’s continued commitment to help lower-wage workers.
Some 980 civil servants will benefit from the minimum AVC payment of $1,200. For example, an officer earning a monthly salary of $1,200 will get a year-end AVC of $1,200. This is $240 more than what he would get at 0.8 month of his monthly salary (which would have been $960).
The year-end AVC payment was decided in consultation with the public sector unions.
All civil servants will also get the Non-Pensionable Annual Allowance (NPAA) of 1 month, to be paid in December together with the AVC.