All Singapore citizens aged 21 and above will get 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 city-state’s finance minister announced on Monday.
Finance minister Heng Swee Keat made the announcement during his budget speech in Parliament, describing the bonus as a “hongbao”, the Mandarin word for a monetary gift given on special occasions.
He said this “reflects the government’s long-standing commitment to share of the fruits of Singapore’s development with Singaporeans”, according to Channel News Asia.
The “SG Bonus” will cost the government S$700 million (US $533 million).
The bonus will be paid 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.
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.
Have your say
More News Headlines
- Photo of the week: The contradiction on the wall
- Newspaper headlines: Friday, May 24, 2019
- IGP warns police officers against ‘brute acts of indiscipline’
- Mamfe township to welcome 2019 Robofest winners in grand style
- Catholic Church remains ‘alert to security threats’ – Archbishop assures
- Two fallen Ghanaian peacekeepers to be awarded posthumously
- The most bizarre celebrity airport outfits
- The 10 countries everyone should visit
- Pursue development oriented CSR – GNPC Foundation boss to corporate bodies
- IGP commissions Tema Comm 25 police station
- Security guard jailed 6 months for causing harm
- US, Ghana gov’t collaborate to strengthen reading in basic school
- Global Agribusiness players advocate new model for dev't of African agriculture
- Joy News Special: Garbage in, garbage out
- Chereponi: Another person dead in latest clash