How much is a combat LTC pay? I'm just asking out of curiousity because I googled and figures show $10/$12k? If that is accurate, why is everybody generally against signing on? Isn't $10k at late at 45 quite decent (I'm not sure)? Or is it about the routine that a regular goes through that doesn't really expose him to the outside world. Just asking for fun! And, does the SAF force you to retire at age 45? And is the $700k bounty true?
Yes, combat LTC can earn $10K/$12K. Not everybody is against signing on. Forums tend to carry only one side of the story, because the people who enjoy their job in the SAF don't post. If you want to sign on, it should be for the right reasons; pay is only one factor and will not sustain you when the going gets tough. The job is very demanding.
Under the enhanced career scheme for officers, officers can stay with the SAF until age 50. The $700K 'bounty' (mentioned once, a long time ago) was an estimate, based on an optimistic projection of how quickly retirement funds would grow. On hindsight, the projected growth rate was too optimistic, and actual retirement amounts have been significantly lower. A good rule-of-thumb I use for these benefits is that they accrue at the rate of about one month's pay every year. So if you work thirty years, you would draw about thirty months of your average pay (averaged over your career).
Originally posted by Virtuaoski:Yes, combat LTC can earn $10K/$12K. Not everybody is against signing on. Forums tend to carry only one side of the story, because the people who enjoy their job in the SAF don't post. If you want to sign on, it should be for the right reasons; pay is only one factor and will not sustain you when the going gets tough. The job is very demanding.
Under the enhanced career scheme for officers, officers can stay with the SAF until age 50. The $700K 'bounty' (mentioned once, a long time ago) was an estimate, based on an optimistic projection of how quickly retirement funds would grow. On hindsight, the projected growth rate was too optimistic, and actual retirement amounts have been significantly lower. A good rule-of-thumb I use for these benefits is that they accrue at the rate of about one month's pay every year. So if you work thirty years, you would draw about thirty months of your average pay (averaged over your career).
So the bounty is not a gratuity or "sign on bonus", it is accumulated from contributions from your own income. And even allowing a $7K monthly average, you would accumulate a total of $210K.
Btw Mindef only publicizes pay for ranks up to CPT. At LTC and beyond, how widely will the pay dirverge between individuals?
Accumulating $210k over thirty years with inflation factored in for 30 years is not much really. How much would a plate of chicken rice be 30 years later? $10? Many can accumulate that amount within a few years.
Originally posted by alize:So the bounty is not a gratuity or "sign on bonus", it is accumulated from contributions from your own income. And even allowing a $7K monthly average, you would accumulate a total of $210K.
Btw Mindef only publicizes pay for ranks up to CPT. At LTC and beyond, how widely will the pay dirverge between individuals?
I must have underestimated the retirement amount. To be accurate, the SAVER contribution is based on (but not drawn from) a percentage of pay: about 12% for the first six years, 14% beyond that. Combat officers receive an additional 2% for timescale and 8% for superscale. The percentages include the CPF Top-up amount, Savings account (which can be withdrawn at 8-12 years' service), and Retirement account. Considering that annual pay is significantly more than 13 months, you can calculate the eventual retirement amount.
Pay (and rank) will diverge significantly between individuals. Better performers are rewarded with faster promotion, and higher bonuses and salary increments. There is a very rigorous and demanding series of assessments (both formal and informal) that starts from day one of BMT.
It is important to focus on the profession, and not pay. Before one joins, he (or she) should ask himself, does the military ethos (camaraderie, discipline, sacrifice for a greater cause) appeal to him. Being an officer is about leadership, and there are many opportunities to grow and gain experience by making a difference in positions of responsibility. The job is challenging and diverse, and there is a lot of scope for one to contribute. There is also the opportunity to take up continuing education (Bachelor or Master degree studies, or management courses) and professional training. The pay is competitive and market-pegged. The SAF will not make you rich, but it will give you a comfortable life such that you don't have to worry about your finances, but can focus on what you are passionate about in life.
Originally posted by Virtuaoski:I must have underestimated the retirement amount. To be accurate, the SAVER contribution is based on (but not drawn from) a percentage of pay: about 12% for the first six years, 14% beyond that. Combat officers receive an additional 2% for timescale and 8% for superscale. The percentages include the CPF Top-up amount, Savings account (which can be withdrawn at 8-12 years' service), and Retirement account. Considering that annual pay is significantly more than 13 months, you can calculate the eventual retirement amount.
Pay (and rank) will diverge significantly between individuals. Better performers are rewarded with faster promotion, and higher bonuses and salary increments. There is a very rigorous and demanding series of assessments (both formal and informal) that starts from day one of BMT.
It is important to focus on the profession, and not pay. Before one joins, he (or she) should ask himself, does the military ethos (camaraderie, discipline, sacrifice for a greater cause) appeal to him. Being an officer is about leadership, and there are many opportunities to grow and gain experience by making a difference in positions of responsibility. The job is challenging and diverse, and there is a lot of scope for one to contribute. There is also the opportunity to take up continuing education (Bachelor or Master degree studies, or management courses) and professional training. The pay is competitive and market-pegged. The SAF will not make you rich, but it will give you a comfortable life such that you don't have to worry about your finances, but can focus on what you are passionate about in life.
May I ask if you are a regular, and if so what branch and scheme you're in?