To retain talent in the Ministry of Defence and the Singapore Armed Forces, MINDEF has announced the following monetary incentives:
- “Recruitment bounty” from $16,000 to $25,000. This is an increase of $10,000. If you are a polytechnic graduate and join as a Combat Specialist, you will receive $25,000 as sign-on bonus.
- A new pay component called the “Variable Market Bonus”, to be paid on top of existing bonuses to all SAF officers and Defence Executive Officers (DXOs). Paid out in 2 portions – once in April and once in October – the bonus quantum depends on 2 factors: economic performance with GDP growth exceeding 4% and the officer’s individual performance. The “Variable Market Bonus” can be as much as two months’ salary.
- “Full Savings Vesting Bonus” will be introduced in October 2007 to enhance the existing SAVER package. Defence Minister Teo Chee Hean said, “This bonus, which is earned at the end of the first 10 years of service, is pegged at five times of the last-drawn monthly salary for new officers who join us.” Officers can also withdraw an advance of up to $20,000 from this bonus once they are eligible.
- Partial sponsorships for non-graduate officers to get a local part-time degree.
Just 3 months ago, MINDEF announced higher starting pay for new entrants.