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For this one, I don’t think you need to worry too much. If I’m not wrong, MVC is up to your employer’ performance. Only if your employer performs not well, then you may not be able to receive it.
https://www.mom.gov.sg/-/media/mom/documents/press-releases/2021/1029-fws-online-guidebook.pdf
It's legitimate. The Tripartite Alliance (MOM - Govt, SNEF - Employers and NTUC - Workers) has come up with a Flexible Wage framework and indicates this 10% of MVC. This is to cater for companies to be able to flexible adjust their salary lower when they are not in a good shape / doing well.
I'm a headhunter so some of my clients have this MVC in the offer letter but very seldom do I hear any company implementing it.