MilitarySpot.com

Serving the U.S. Army, Navy, Air Force, Marines, Coast Guard and National Guard

Online Schools
| Find Jobs
Follow MilitarySpot:
 

Read below to find out about pay rates, different types of pay, allowances and more that financial benefits offered for the United States Military.

Finance

2012 Basic Pay Rates
The pay charts reflect a pay raise of 1.6% and show MONTHLY pay for Enlisted servicemembers in the Military.
New 2012 Active Duty Pay Day/Statement Schedule
We’ve added the dates, your Net Pay Advice (NPA), and Leave and Earnings Statements – all will be available in myPay.
Reserve Pay
With basic pay and 70 types of special pays and allowances, military pay is customized to your situation.
Reserve Education Assistance Program (REAP)
REAP is an education program that provides up to 36 months of education benefits to members of the Military. Find out if you qualify…
Tuition Top-Up Program
The Top-up program allows funds from the GI Bill to be used for tuition and fees for high-cost courses that are not fully covered by TA funds.

 

Special Pay
In addition to the basic pay benefits and allowances, you may receive special and incentive pay depending on your career field or location. We’ve included the major special pay benefits in this section.

Incentive Pay
In addition to basic pay elements, a special, incentive, or critical skills pay is given to qualified personnel who possess specific or unique skills, or ones at a critical shortage.

 

Military Pay Exclusion – Combat Zone Service
If you are a member of the U.S. Military and are serving in a combat zone, you can exclude certain pay.
 

Hardship Duty Pay (Enlisted)
HDP shall be paid to members for performing a designated hardship mission, when assigned to a designated location and/or, when serving on a designated involuntary extension of duty.

 

Hazardous Duty Incentive Pay
Servicemembers that meet the requirements for more than one type of hazardous duty pay during the same period are entitled to receive a maximum of two types of hazardous duty pay.
 


Special Duty Assignment Pay
If you are an enlisted member who is entitled to basic pay and are performing duties which have been designated as extremely difficult or involving an unusual degree of responsibility in a military skill, you may be paid special duty assignment pay.

 

 
 

 

Allowances are the second most important element of military pay. Allowances are moneys provided for specific needs, such as food or housing.

Read Below to find out more about YOUR allowances.

 

 

Insurance & Retirement

Military Reserve Component Retirement Pay
If you are a U.S. Reserve or National Guard member, you must meet the following minimum requirements to be eligible for retired pay at age 60
Servicemembers Group Life Insurance (SGLI)
Servicemembers Group Life Insurance is the life insurance provided to those who serve in the military.
Family Servicemembers Group Life Insurance (FSGLI)
Family Servicemembers’ Group Life Insurance is a program extended to the spouses and dependent children of members insured under the SGLI program.
Veterans Group Life Insurance (VGLI)
Veterans Group Life Insurance (VGLI) is a program of post-separation insurance which allows Servicemembers to convert their SGLI coverage to renewable term insurance.
TRICARE The Department of Defense provides excellent and affordable health care for members of all U.S. Military branches.

 

6 Money Rules and When It’s OK To Break Them
With federal budget cuts and an uncertain economy, it’s always wise for military families to keep a close eye on their personal finance decisions.
Military Spouse Top Ten Ways to Make Money From Home
As a military spouse you are faced with unique situations that may make it difficult to have a job with a set location or set daily hours.
4 Tips on How to Improve Your Credit Worthiness
We know it’s tough to navigate the complexities of money management, especially when it comes to developing, maintaining, and repairing your credit.

 

Recent Finance Articles

The Three Biggest Mistakes Service Members are Making With Their Money - APRIL 4, 2018, Hanscom Air Force Base, MA – Since April is Financial Literacy Month, Joe Chesloski, a personal financial counselor with more than 20 years of business and finance experience, offered his perspective on the biggest mistakes service members make with their money — and how those mistakes can be avoided. BE CAUTIOUS WITH […]