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Savings account (which can be withdrawn at 8-12 years' service),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.