Publication:Sea Talk Spring 2004/Compare your package
By Annie Casey
A new salary package comparison model called Compare Your Package (CYP) has been developed for use by ADF personnel on the Defence Intranet. This is an updated web-based model which replaces the CEVAM (Comparative Employment Value Adjustable Model). In general terms, it allows ADF personnel to calculate the overall remuneration package they would need to receive in civilian life to equal that provided to them as members of the ADF.
CYP enlightens ADF personnel either wishing to evaluate what their total remuneration package is actually worth or if they are considering discharge on the basis of salary, it provides a fuller financial picture. One of the aims of this tool is to help members estimate the full value of their conditions of service so that informed decisions can be made.
As a recruitment or retention device it is a valuable addition in counselling on the full value of the ADF remuneration package. CYP includes ADF salaries and allowances available to ADF personnel as well as health care and housing assistance components provided as part of ADF remuneration.
Compare Your Package cannot include such things as salary sacrifice options because the tax implications of salary sacrifice will vary greatly depending on your personal circumstances. However, a word of caution it should not be used to make financial decisions as it does not constitute financial advice.
Here are a couple of examples from Compare Your Package :
Example 1: LS (paygroup 5) on 1 year increment, MSBS, living with dependents in Perth and receiving rental assistance, seagoing allowance (3 - 6 years), served for 7 years, has a base salary of $41,407 and a total estimated value of $86,136.
Example 2: LEUT on 4 year increment, MSBS, receiving rental assistance to share a house with two others in Sydney, served for 15 years has a base salary of $55,208 and a total estimated value of $84,915.
Compare Your Package is at http://aurora.cbr.defence.gov.au/cypmain.htm and can also be accessed through 'resources and links' on the DRN home page.
