Singaporeans to get 'hongbao' SG Bonus of up to S$300

All Singaporeans aged 21 and above this year will get a one-off SG Bonus of up to S$300 each as the Budget for 2017 came in with a surplus of almost S$10 billion.

Singaporeans to get 'hongbao' SG Bonus of up to S$300 following 2017 Budget surplus Source: Getty Images

Finance Minister Heng Swee Keat shared this during his Budget speech in Parliament on Monday (Feb 19), saying that this “reflects the Government’s long-standing commitment to share the fruits of Singapore’s development with Singaporeans”. He described the Bonus as a “hongbao”. 

It will be paid according to people’s assessable income. About 2.7 million people will get the payouts, which are due at the end of 2018. 

Those with an annual income of S$28,000 or below will be eligible for a payout of S$300, those whose income is S$28,001-S$100,000 will receive S$200, and people whose income is in excess of S$100,000 will receive S$100.