Dear readers, I believe we are about to hear announcement of Civil Service 2023 Mid Year Bonus soon, as this bonus is typically given every June. Since the private sector here is likely to reference the quantum of Civil Service Mid Year Bonus 2023, I am eager to know the quantum of Civil Service Mid Year Bonus 2023 as well.
Let us take a look at what was paid out for the previous years’ Civil Service bonuses, before I give my take on 2023 Civil Service Mid Year Bonus.
Before I proceed to give my take on the 2023 Mid Year Singapore Civil Service Bonus, let us recall what was paid for the preceding years’ Civil-Service Bonuses as below:
Year 2022:
2022 Mid Year Singapore Civil Service Bonus: a 0.35-month mid-year bonus for the Civil Service with civil servants in more junior grades receiving an additional one-time payment of either $200 or $400
2022 Year-end Singapore Civil Service Bonus: a 1.1-month year-end bonus (over and above the “13th-month bonus”) with civil servants in grades equivalent to MX15 and below receiving an additional one-time payment of $700.
Year 2021:
2021 Mid Year Singapore Civil Service Bonus: a 0.3-month mid-year bonus for the Civil Service with civil servants in more junior grades receiving one-time payment of $350 or $700
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 Mid Year Singapore Civil Service Bonus: no Bonus and public officers in superscale grades taking a one-time salary cut of either 0.5 or one month, with those in the higher grades taking a bigger cut.
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.
Year 2020 was the year where Covid-19 struck Singapore afterall.
I believe with Singapore already transited into a post Covid-19 time, the Civil Service 2023 Mid Year Bonus should be back to the typical range of 0.5 months paid out pre-Covid-19 times. While there are likely headwinds in Singapore’s economy in the near-term, by and large, businesses here seem to be doing better than Covid-19 times. And who can forget in recent days, SIA staff is getting 8 months’ bonus after record profits of SIA!
A 0.5 month Civil Service Mid Year Bonus will also help to offset a little the inflation that Singaporeans including Civil Servants are facing, I mean at least 0.5 month bonus is still better than the 0.35 month mid-year bonus paid in 2022.
Hence, my prediction is for a 0.5 month 2023 Civil Service mid-year bonus, with likely additional one-time bonus payments for more junior staff. Let us see whether my prediction of the mid-year 2023 civil service bonus is correct!
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!
BINGE READ ALL POSTS!
Visit Home Page for more reads or Connect here!