It is that time of the year when employees look forward to collecting their year-end bonuses. Last week, the government declared the 13th month and 1.1 month annual variable bonuses for all civil servants.
The Ministry of Trade and Industry has forecast Singapore’s economic growth to be about 3.5% – 4% for 2013. Growth is expected to be supported by externally-oriented sectors such as manufacturing and wholesale trade, in line with the slight pickup in the global economy, as well as domestically-oriented sectors like construction and business services which are expected to remain resilient.
With the world economy still in unstable mode, I believe most Singapore workers’ year end bonuses would be modest, in view of the moderated growth for Singapore economy.
This will be the 8th time I am collecting year-end bonuses. In my previous blog entry last year, I made a resolution last year to purchase an endowment plan for my baby daughter. This is to plan for her future tertiary education expenses. Hence, we bought an endowment plan in July.
For this year, I am setting aside some of the bonuses for next January’s Chinese New Year. I budgeted about $2500 to 3000 for the overall Chinese New Year expenses, which include red packets monies, new year clothing for my family and other miscellaneous expenses. Read more