In this year’s Budget 2019 speech, Finance Minister Heng Swee Keat announced that 1.4 million Singaporeans will receive S$1.1 billion worth of Bicentennial Bonus.
This is in commemoration of Singapore’s Bicentennial and to help lower income households with some of their expenses.
Here’s what the Bonus includes:
- Up to S$300 in GST Voucher – Cash (Bicentennial Payment)
This benefit will be awarded to those with an assessable income of not more than S$28,000 for year of assessment 2018, and does not own more than one property.
- Workfare Bicentennial Bonus (Cash)
Those who receive Workfare Income Supplement (WIS) payments will get an extra 10 per cent of their payment for work done in 2018, with a minimum payment of S$100.
- CPF Top-Ups Of Up To S$1,000
Eligible Singaporeans aged between 50 and 64 this year will receive a one-off CPF top-up of up to S$1,000.
Those eligible must have less than S$60,000 of retirement savings in their CPF accounts.
About 300,000 Singaporeans are expected to benefit from this top-up. Most of these will be women who left the workforce for caregiving roles, so they had fewer years to build up their savings.
S’poreans To Be Notified Starting End October
SMS notifications for GST Vouchers (Bicentennial Payment in cash) and Workfare Bicentennial Bonus will go out by the end of this month.
The letters for the Workfare Bicentennial Bonus and CPF Top-Up will be issued in November, with payments across all three benefits to be made in the same month.
“With this bonus, I hope all Singaporeans, young and old, will join us to commemorate this significant moment in Singapore’s history,” said Mr Heng in his Budget 2019 speech.
Featured Image Credit: Sam Kang via Bloomberg