U.K. Offers Retention Bonuses Up to $30,000 to Keep Armed Forces Personnel

Increased retention bonuses worth up to £15,000 will be announced today, to reward those who stay in the armed forces, alongside a new £20 million pound pilot scheme to offer more affordable home ownership for service personnel and their families.

The Commitment Bonus, which encourages people to extend their service in the Armed Forces, will almost treble for service personnel staying in service for eight years. The bonus can also help more junior personnel achieve their home ownership aspirations.

Secretary of State for Defense, Des Browne said:

“I am determined that the government shows its commitment to our Armed Forces, and to help reinforce this I am announcing a big increase in the maximum commitment bonus of up to £15,000.

“In recognition of the aspiration that many Service personnel have to buy a home we are also announcing the creation of a new pilot scheme to boost home ownership within the Armed Forces.”

All those personnel below Officer level passing the four year service point will have access to the new Commitment Bonus scheme from next year, although the exact start point will be determined by single service manning requirements. The longer they serve the higher the payment will be. The new 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 with home ownership. Existing schemes, such as the Key Worker Living Program, have made an important start in promoting affordable housing for Service personnel. The new measures take MoD financial assistance to those wanting to buy houses still further.

In the coming months we 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

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