Dear readers, the Civil Service 2022 Year End Bonus is likely to be announced next month, given that such announcements are usually made around November every year.
Around this time every year, near the announcement of 2022 Civil Service Year End Bonus, I am particularly interested to know the bonus quantum since the quantum of Civil Service Year End Bonus 2022 is likely to be referenced by the private sector as well.
Before I proceed to give my estimation on the 2022 Year End Singapore Civil Service Bonus, let us recall what was paid for the preceding years’ Civil-Service Bonuses as follows:
Year 2021:
2021 Year-end Singapore Civil Service Bonus: a 1.0-month year-end bonus (over and above the “13th-month bonus”) with junior grade officers receiving additional payment of $500
Year 2020:
2020 Year-End Civil Service Bonus: no year-end bonus for all civil servants though there was the usual “13th month” payment. Lower-wage civil servants received a one-time payment of $1,200.
As a note: Year 2020 was the year where Covid-19 struck Singapore afterall.
Given that Singapore continues to re-open on the Covid-19 front and there was a 1 month year-end bonus paid out in 2021 as compared to nil bonus in 2020, I believe there should be a 2022 Year End Singapore Civil Service Bonus paid out to Singapore civil servants. Also, as such bonuses are usually tied to GDP figures and based on recent announcements and the announcement was that Singapore economy grew at 4.4 per cent on a year-on-year basis in the third quarter, just below the revised figure of 4.5 per cent in the previous three months; there should be reasons to justify a 2022 Yea-End Civil Service bonus.
As for the quantum of the 2022 Singapore Mid Year bonus? I believe it should be just slightly more than 1.0 month year-end bonus, say 1.1 month year-end bonus (over the 13th month bonus) as economy outlook for Year 2023 still borders on the cautious.
And most importantly in the eventuality of an actual Year-end Civil Service bonus, may the private sectors reference to the bonus as well! So that overall, the entire Singapore employees are rewarded for yet another year of hard work!
That’s it for my insights today. I Thank you once again for your support of SG STOCKS INVESTING, your Money and Lifestyle magazine! Connect with me here to follow the daily exciting and useful posts on these two blogs, Thank You for your support!
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