The Singaporean government has announced it will give between S$100 to S$300 (hongbao) to Singaporean aged 21 and above. The money is dubbed as a SG bonus for the current financial year, and will distribute to the people at the end of the year.
Adults with an income of S$28,000 will receive S$300, while adults receiving between S$28,001 and S$100,000 will get S$200 only. The new plan will cost the Republic S$700 million.
According to Finance Minister Heng Swee Keat when delivering the 2018 budget yesterday(Feb 19th) said;
It reflects the Government’s long-standing commitment to share the fruits of Singapore’s development with Singaporeans. Then he stressed, We do not expect either to occur every year. It is not a structural surplus. We cannot base our long-term fiscal planning on the basis of exceptional factors being positive, year after year.
For the 2017 financial year, Singapore expects its biggest overall budget surplus at S$9.61 billion.
This is not the first time the SG government is giving cash payout to its citizens, in previous years, the government gave up to S$800 in the form of growth dividends. In 2011, adult Singaporeans with annual income of up to S$30,000 were given S$800, while those earning more than S$100,000 received S$100.