Dear readers, Civil Service Mid Year 2023 bonus was announced today. Civil servants will get 0.3 month mid-year bonus with officer in MX 13(I) to MX16 grades of services receiving additional one-time payments of $200 to $400.
Just exactly a month ago, I shared my own estimate of just how much the 2023 Civil Service mid year bonus could be. I have thought that the mid-year bonus will be a likely typical bonus of 0.5 month paid out in pre-Covid-19 times and hence I was surprised at the 0.3 month quantum of Mid Year 2023 Civil Service bonus.
But reading the news, I understand that the 0.3 month quantum took into account the weakened economic outlook and significant downside risks that remain in the global economy.
Hence perhaps, the update in Singapore’s economic outlook that accompanied the Civil Service 2023 mid-year bonus announcement is an more important insight to investors and savers.