Last year, civil servants received a total of 1.3 months in full-year AVC, with those in more junior grades receiving an additional one-time sum of up to S$1,200.
PSD noted that the Singapore economy expanded by 4.1 per cent on a year-on-year basis in the third quarter of 2022, easing slightly from the 4.5 per cent growth recorded in the previous quarter.
“While Gross Domestic Product (GDP) growth was sustained for 2022, the outlook for outward-oriented sectors has weakened due to the deteriorating global economic environment and downside risks in the global economy remain significant,” it said.
“Therefore, the Ministry of Trade and Industry has updated Singapore’s GDP growth forecast to around 3.5 per cent for 2022, from 3.0 per cent to 5.0 per cent in May and 3.0 per cent to 4.0 per cent in August.”
On the labour market front, total employment continues to expand, but there was a slight uptick in unemployment rates in September, and retrenchments rose over the quarter, PSD added.
“The Public Service has come a long way and persevered in the fight to protect Singapore and Singaporeans against COVID-19,” said PSD.
“The Government deeply appreciates the hard work and sacrifice of all public officers who have responded to challenges with commitment and tenacity.”