Singapore is set to pay bonuses to its citizens after the country recorded a surplus budget in the year 2017.
According to a report by Hindustan Times, all Singapore citizens aged 21 and above will get a one-off “SG Bonus”.
Each is expected to get up to S$300 after the budget came in with a surplus of almost S$10 billion (US $7.6 billion).
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This was revealed by the country’s Finance Minister, Heng Swee Keat, during his budget speech in Parliament on Monday.
“[This] reflects the government’s long-standing commitment to share of the fruits of Singapore’s development with Singaporeans,” he is quoted as saying by Channel News Asia.
Meanwhile, the bonuses will cost the Singapore government S$700 million (US $533 million).
About 2.7 million people will get the payouts, which are due by the end of 2018, and the payment will be done based on each person’s assessable income.
The report suggests those with an income of S$28,000 or below will be eligible to receive S$300, and those whose incomes ranging from S$28,001 to S$100,000 will receive S$200,
Meanwhile, those with incomes in excess of S$100,000 are also expected to receive S$100.
Due to the contributions from statutory boards and higher-than-expected stamp duty, Singapore’s revised budget for fiscal 2017 showed a surplus of S$9.61 billion.
For senior citizens with severe disabilities, though, the government has set aside another S$2 billion for premium subsidies to aid in their treatment.
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