Government to pay bonus to all citizens after surplus budget

The Finance Minister of Singapore has announced that all its citizens aged 21 and above will receive a one-off “SG Bonus” of up to S$300 each as the 2017 budget came in with a surplus of almost S$10 billion (US $7.6 billion).

The Finance Minister, Heng Swee Keat made the announcement during his budget speech in Parliament.

He described the bonus as a “hongbao”, the Mandarin word for a monetary gift given on special occasions.

According to Channel News Asia, Heng Swee Keat said this “reflects the government’s long-standing commitment to sharing of the fruits of Singapore’s development with Singaporeans.”

The “SG Bonus” will cost the government S$700 million (US $533 million).

People will receive the bonus according to people’s assessable income. About 2.7 million people will get the payouts, which are due by the end of 2018.

Those 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.

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.

Aside from distributing the bonus to citizens, 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.

Government to pay bonus to all citizens after surplus budget

The Finance Minister of Singapore has announced that all its citizens aged 21 and above will receive a one-off “SG Bonus” of up to S$300 each as the 2017 budget came in with a surplus of almost S$10 billion (US $7.6 billion).

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