Singapore Government to Pay Bonus to All Adults After Surplus Budget

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 Singapore Government to Pay Bonus to All Adults After Surplus Budget

By Risper Buyeke

The Singapore government has decided to give between SGD 100- 300 to all adults. All the Singaporeans who are above 21 years old, based on their income that is assessible. About 2.7 million people will receive the SG Bonus in 2018.

Those who earn up to SGD 28,000 will receive SGD 300, those who earn SGD 28,001-100,000 will receive SGD 200 and those who earn more than SGD 100,000 will receive SGD 100. The finance minister, Heng Swee Keat announced this on February 19, 2018. This will cost the Singapore government about SGD 700 million.

The government is expecting an overall surplus budget of SGD 9.6 billion, for FY2017. The surplus is higher than SGD 1.9 billion of the GDP they forecasted the previous year. The increase was due to the Statutory Board contributions of about SGD 4.6 billion, and the stamp duty collections were increased by SGD 2 billion due to property market pick-up. The surpluses are not expected to occur every year.

The government has set aside SGD 5 billion for funding the rail infrastructure, which will be used to develop rail lines that the country has been building. The government also set aside 2 billion for the premium subsidies and other forms of support for its citizens. A part of the fund will go to ElderShield insurance scheme to help the older people with disabilities, to help them cope with their daily financial needs.

The government has been paying the low-income and older people in form rebates and vouchers. It is committed to sharing the fruits of development with its people.

This is not the first time for Singapore to pay its citizens. In 2008, the government gave out the growth dividends ranging from SGD 100 to 700. In 2011, the citizens received a bonus ranging from SGD 100 to 800 based on their incomes.

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Geoffrey Kerosi is a prolific economics writer and an avid reader in economics, finance, business, politics and technology.

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