Understanding your salary withstanding the tenure of your being a civilian federal employee is significant. As this understanding will lead you to know how the calculation is processed to ensure the financial security you’re going to enjoy. By the end of 2018, a big announcement was made clarifying that the financial situation of the federal employees will change by the 2019 gs pay scale with locality. If you’re still left in the dark without receiving much information, you have reached the right destination where we’re going to share the details thoroughly.
There are three major factors that directly influence the salary of the federal employees provided by the US government via the Office of Personnel Management and they are—
General Schedule Pay Scale
The General Schedule or the GS Pay Scale has fifteen grades. The federal employees improve the positions by achieving better grades which is similar to getting promoted in job. According to the expertise, responsibilities and the proven good work- the grade is increased.
The base pay of the federal employees varies considering the region where they work. Considering the cost of living expenditures the amount they receive fluctuates. Therefore, soon after the placement or transfer to a new locality, the salary scale is adjusted accordingly.
General Schedule Pay Step
In each grade there are ten steps. By achieving each step grade, the federal employees receive better positions and promotions along with increased salary or higher pay package.
Now, now 2018 onwards the GS Pat scale of civilian federal employees has been changed with the locality that will create an overall impact on their financial condition. The employees thus advised to focus on lucrative investments and secure their future days with life insurances, heath insurances and general insurances.
The advises and things to do—
Plan from the very beginning
You need to plan from the very beginning as being a federal employee you will not be able to find any medium to share your personal choice of any location. You have to agree with the authority and will have to accept the job where you’ll be posted. That’s why instead of panicking, start planning from the very beginning so that when you retire, you can stay confident about the financial backup that you have created for a secure future of the family.
For that, you can either take the professional help of any financial advisor or any government authorized website offering financial consultancies along with offering diverse insurance provisions.