In yesterday’s (Feb 19) Budget 2018 speech, Finance Minister Heng Swee Keat announced that Singaporeans are getting an angpao from the Government.
It just happens that the speech was made on the fourth day of CNY, perfectly in time with all the angpao-opening.
But this ‘angpao’ is R21, in the sense that only those who are 21 and above this year will receive it.
Sorry if you’re born late! But you might get it in the next angpao-giveaway!
That being said, around 2.7 million people will be receiving the generous bonus from the Government.
The amount you get will depend on your assessable income.
Singaporeans who have an income of S$28,000 or below will get a payout of S$300, those whose income is from S$28,001 to S$100,000 will receive S$200, while those who earn more than S$100,000 will get S$100.
Here’s the chart if that was confusing:
According to TODAYonline, anyone who owns more than one property is eligible for S$100 regardless of income.
In other words, every Singaporean is receiving it. That is, unless you’re below 21 lah.
This whole bonus thingy is called the ‘SG Bonus’.
The money will be disbursed to everyone at the end of 2018.
The Government is prepared to give away S$700 million.
Sharing is caring
“It reflects the Government’s long-standing commitment to share the fruits of Singapore’s development with Singaporeans,” said the Minister.
For FY2017, Singapore expects its biggest overall budget surplus at S$9.61 billion.
The surplus mainly stems from “exceptional statutory board contributions” and “higher-than-expected” collections from stamp duties due to a recent pick-up in the property market.
The Minister also emphasised that this is not a “structural surplus” and should not be expected every year.
The new surplus projection, which represents about 2.1% of GDP, is more than five times the initial estimate of S$1.91 billion.
Besides the whopping S$700 million set aside for SG Bonus, the Government will be injecting S$5 billion from the surplus into the Rail Infrastructure Fund.
This will help to lower the costs for new rail lines.
Another S$2 billion will be set aside for subsiding ElderShield premiums and other forms of support needed when the review of the severe disability insurance scheme is finished.
Not the first time
In 2008, growth dividends varying from S$100 to S$700 were also given out to Singaporeans aged 21 and above.
In 2011, adult Singaporeans with an annual income of up to S$30,000 were given S$800, and those earning more than S$100,000 received S$100.
That’s a lot, seh.
So if you didn’t make the cut, don’t worry, you still have a chance next time!
It’s not revealed when we’ll be receive the cash, but usually it’s pretty fast and will be deposited into our bank accounts.
And just so you’re confused, this isn’t part of the offset package for the impending GST increase. It’s a different thing altogether.
You can read more about the GST increase here.
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This article was first published on goodyfeed.com
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