Singaporeans 21 and above to get $100-$300 SG bonus ‘hongbao’: Heng Swee Keat

Finance Minister Heng Swee Keat delivering his Budget 2018 speech in Parliament on 19 February 2018. (Photo: Screen shot from Ministry of Finance’s YouTube channel)

Singaporeans aged 21 and above this year will get a one-off SG Bonus ranging from $100 to $300 after the country recorded a Budget 2017 surplus of almost $10 billion.

Around 2.7 million people will get the SG bonus “hongbao” at the end of 2018, with the payout depending on their assessable income, Finance Minister Heng Swee Keat announced during his Budget 2018 speech in Parliament on Monday (19 February).

Singaporeans who have an income of $28,000 or below will get a payout of $300, those whose income is from $28,001 to $100,000 will receive $200, while those who earn more than $100,000 will get $100.

Singaporeans aged 21 and above will get an SG Bonus ‘hongbao’ of up to $300 by the end of 2018 depending on their assessable income. Photo: Ministry of Finance’s Twitter account.

Singapore posted a surplus of $9.61 billion for its revised FY2017 Budget.

The bonus will cost the government $700 million and “reflects the government’s long-standing commitment to share of the fruits of Singapore’s development with Singaporeans”, Heng said.

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