Singapore To Pay Bonus Of Rs 14k to All Citizens After Surplus Budget

The news has amused many as around 2.7 million citizens will avail this bonus.

Singapore government recently announced that they will pay a one-off SG Bonus of up to 300 Singapore dollars each to its citizens. Yes, you read it. The news has amused many as around 2.7 million citizens will avail these unique bonus payouts by end of this year. Reportedly, Finance Minister Heng Swee Keat revealed that Singaporeans who are 21 and older will receive a one-time bonus as there is an overall Budget surplus of whopping SD 9.6 billion for its financial year. Keat said that citizens will receive SD100 to SD300, depending on their income status.

People who have an income of 28,000 Singapore dollars or below the same will get SD 300 and those who income around 28,000 to 1 lac Singapore dollars will receive SD 200 and people with incomes of SD1 lac and above will receive SD100. Thanks to statutory boards’ contributions and higher than expected stamp duty, Singapore government achieved a huge surplus this year. The same is way higher than the initial forecast of SD 1.9 billion.

“This hongbao reflects the government’s longstanding commitment to share the fruits of Singapore’s development with Singaporeans,” Heng told Channel News Asia. This bonus will cost the government around 700 million dollars. Apart from this one-time bonus, Heng also said that SD 5 billion will be allotted to rail infrastructure fund and another 2 billion dollars in premium subsidies.  And some portion of sums will be utilized for Eldershield- an insurance scheme that aids senior citizens. Are you feeling jealous already? What are your thoughts on the same? Let us know in the comments below.