New measures to reward and retain Forces personnel

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New measures to reward and retain Forces personnel

Post by Guest on Wed 19 Mar 2008, 8:59 am


Two new measures aimed at rewarding those who stay in the Armed Forces have been announced by Defence Secretary Des Browne today, Wednesday 19 March 2008.

The new incentives include a significant increase to retention bonuses for personnel below officer level, of up to 15,000, and a new 20m pilot scheme which will offer more affordable home ownership for Service personnel and their families.

Mr Browne said:

"I am determined to recruit and retain the right people for our Armed Forces and I am announcing two measures which I believe will significantly enhance the attractiveness to Service personnel of continuing their Service career.

"I recognise and understand the aspiration of many Service personnel to own their own home and that is why I have announced the creation of a new pilot scheme to boost home ownership within the Armed Forces.

"In addition, the Commitment Bonus will help our people to fulfil their aspirations and to give them and their families additional financial security. Our service men and women deserve recognition and these measures recognise their commitment and their invaluable contribution to the UK."

The Commitment Bonus, which encourages people to extend their service in the Armed Forces, will almost treble for personnel staying in the armed forces for an additional five years.

All those personnel below Officer level passing the four year service point will have access to the new Commitment Bonus scheme from next year. The longer they serve the higher the payment will be. The scheme is designed to reward past service and to encourage further retention in the critical four to eight year period, where we face the greatest retention challenge.

Important steps have already been taken to assist Service personnel and their families with home ownership. Existing schemes, such as the Key Worker Living Programme, have helped to promote affordable housing for Service personnel. The new measures will take MOD assistance to those wanting to buy houses still further.

In the coming months MOD will work with commercial providers and public bodies to identify the most suitable approach, which is likely to be based on shared equity or rent to buy arrangements.

Source: MOD - http://www.mod.uk/DefenceInternet/DefenceNews/DefencePolicyAndBusiness/NewMeasuresToRewardAndRetainForcesPersonnel.htm

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