Incentive and Special Pay Featured Article

INCENTIVE/SPECIAL PAY SUPPORTS ENLISTMENT

When the economy is slow and joblessness is on the rise, both enlistment and re-enlistment in the US military tends to rise as well. In the military, many people find job security along with job pride: the opportunity to contribute their talents in service of their country.

For example, in 2010, a slumping economy and rising unemployment helped the military exceed recruiting targets and retain more troops. With more enlisted men staying on, competition for some jobs increased, along with the special pays and bonuses attached to these jobs.

POWERFUL MILITARY INCENTIVES

Military incentive programs are introduced or changed annually. Other incentives like Special Pay, which are attached to certain military jobs, are reflective of the need for special talents.

But some military incentive programs, such as VA Home Loan Program and the GI Bill, are there for the military service members year after year, and, as they improve, these programs serve as powerful incentives to be part of the U.S. military.

At a time when mortgages became more difficult to obtain, the VA Home Loan program continued awarding low-interest, high benefit mortgage loans to qualified veterans, even those with less than excellent credit ratings.

The Post 9/11 GI Bill, by far the most comprehensive educational support program in an already excellent GI Bill history, offers the widest variety of educational support for veterans including payment of tuition and fees for everything from a four-year degree to apprentice programs to online education - with options to transfer those benefits to qualified dependents.

A focus on growing and shaping the military means that monetary incentives will be allocated based on the manpower needs of the force. Bonuses may be suspended when military needs are met, but incentives can also be reinstated should needs change.

WHEN THE COMPETITION GETS TOUGH...

If you re-enlist, you may face tougher competition for some fast-filling specialties, particularly those that come with re-enlistment bonuses. A survey of 4,700 Marines noted that 46% of eligible first-term Marines planned to re-up. Bonuses and "the pride of being military" were among the most powerful incentives, but a lagging civilian job market was cited as playing a big role as well.

Whether you are planning on enlisting or re-enlisting in the military, you should not delay in submitting your enlistment/re-enlistment package.