Singaporeans Above 21 Will Be Getting A One-Off Bonus From The Government
The payoff comes after the city-state's government announced that the 2017 Budget will see a surplus of SGD9.6 billion.
By John Lim — 22 Feb 2018, 11:36 AM
All Singaporeans aged 21 and above will receive a one-off bonus of up to SGD300 (RM886), the city-state's finance minister said recently
The bonus comes after the Government expects an overall budget surplus of SGD9.6 billion (RM28.36 billion), or 2.1% of GDP, for the 2017 financial year, Finance Minister Heng Swee Keat said at the Parliament on Monday, 19 February.
He described the payment, which will cost the Government SGD700 million (RM2.07 billion) in total, as a "hongbao".
The payment will be given out according to the annual income range
It was reported that those with an annual income of SGD28,000 (RM82,734) or below will be eligible for a payout of SGD300 (RM886), while those whose income is SGD28,001 (RM82,740)-S$100,000 (RM295,490) will receive SGD200 (RM590).
Lastly, people whose income is in excess of SGD100,000 (RM295,490) will receive SGD100 (RM295).
Apart from sharing the bonus with the people, Heng said SGD5 billion (RM15 billion) will be allocated for railway upgrades and SGD2 billion (RM6 billion) for subsidies and other forms of support
While the payoff may come off as good news for citizens, Heng added that the Government doesn't expect this to happen every year.
"We do not expect either to occur every year," said Heng as quoted by Straits Times. "It is not a structural surplus."