The country that is paying bonus to all its citizens after a surplus budget

desmond frimpong

February 20, 2018 10:28 AM

Citizens with an income of S$28,000 or below will be eligible to receive S$300, those whose incomes ranging from S$28,001 to S$100,000 will receive S$200, and those with incomes in excess of S$100,000 will receive S$100.

Singaporean citizens aged above 20 are set to earn to S$300 each as the countrys 2017 budget had a surplus of almost S$10 billion (US $7.6 billion).

This was announced by the city-state’s finance minister Heng Swee Keat during his budget speech in Parliament on Monday.

According to Channel News Asia development ''reflects the government’s long-standing commitment to sharing of the fruits of Singapore’s development with Singaporeans”

The bonus when giving out will cost the government S$700 million (US $533 million).

The monies are expected to be paid according to people’s assessable income and about 2.7 million people will get the payouts, which are due by the end of 2018.

Singapore’s revised budget for fiscal 2017 showed a surplus of S$9.61 billion, thanks to contributions from statutory boards and higher-than-expected stamp duty.

The surplus will also be used in other ways. Heng said S$5 billion will be set aside for the Rail Infrastructure Fund to save up for new railway lines that Singapore is building.

Another S$2 billion will be set aside for premium subsidies and other forms of support for Eldershield, an insurance scheme that helps senior citizens with severe disabilities to cope with the financial demands of their daily care.

desmond frimpong