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Budget 2018: Government to Give Singaporeans Free Money due to Budget Surplus

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The government will dole out free money to adult Singaporeans due to an expected budget surplus for the 2017 financial year, with each adult Singaporean set to receive up to S$300.

Dubbed the “SG Bonus”, the amount received will depend on income – those with an assessable income of S$28,000 and below last year will get S$300; $$200 will be given to people earning between $$28,001 and $$100,000; and $$100 will be given to those earning more than $$100,000 or who own more than one property.

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The bonus comes as the Government expects an overall budget surplus of S$9.6 billion, or 2.1 per cent of GDP, for the 2017 financial year.

This surplus is higher than the S$$1.9 billion forecast a year ago, and has been attributed to “exceptional” Statutory Board contributions of S$4.6 billion.

These contributions are mainly from the Monetary Authority of Singapore on the back a rally in global stock and bond markets in the second half of FY 2016, and increased stamp duty collections of S$2 billion due to the property market pick-up.

The final allocation by the government for SG Bonus is S$700 million to fund the free money distribution initiative for all Singaporeans over 21 years old in 2018.

However, Finance Minister Heng Swee Keat told Singaporeans not to expect free money in the form of “SG Bonus” ever year because it’s not every year that Singapore achieves a higher-than-expected budget surplus.

We, as a public service, remind Singaporeans of the old saying commonly associated with the Singapore government:  “Give a chicken wing…”

(READ: Budget 2018: GST, “E-Tax” and Other New Taxes to Burn a Hole in Your Pocket)

 

 

 

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