Every Singaporean aged 21 and above will receive up to S$300 bonus, announces govt in 2018 budget

Singapore budget 2018: People with an annual income of S$28,000 or below will be eligible to receive S$300, while those with an income between S$28,001-S$100,000 will receive S$200. And people whose income exceeds S$1000,000 annually will receive S$100.

By: Express Web Desk | New Delhi | Published: February 19, 2018 9:36:13 pm
Singapore economic growth slows in the fourth quarter FILE – In this Wednesday, April 20, 2016, file photo, two kayaks are dwarfed against the skyline of the Marina Bay area, which is home to popular hotels, and tourist attractions such as the Singapore Flyer, the city-state’s observation wheel seen at right, in Singapore. (AP Photo/Wong Maye-E, File)

The Singapore government Monday announced that all Singaporeans aged 21 and above will receive a one-time bonus of up to S$300 each. Described as “hongbao”, the bonus will be paid according to a person’s annual income. About 2.7 Singaporeans stand to benefit from the payout which will cost the government S$700 million.

Finance Minister Heng Swee Keat, while making the announcement in his Budget speech, said this “reflects the Government’s long-standing commitment to share the fruits of Singapore’s development with Singaporeans”.

The government is expecting an overall surplus of around S$10 billion for the 2017 financial year.

People with an annual income of S$28,000 or below will be eligible to receive S$300, while those with an income between S$28,001-S$100,000 will receive S$200. And people whose income exceeds S$1000,000 annually will receive S$100.

The remaining funds from the surplus will be spent on developing rail infrastructure and for other government-funded subsidies.

This was not the first time the Singaporean government gave out bonuses. In 2011, around 2.5 million people aged 21 and above received between S$100 and S$800, according to Channelnewsasia. Previously, the government paid similar dividends of between S$100 and S$400 in 2008.

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