Expecting Surplus Budget, Singapore To Give Income-Based Bonus To Citizens

The Logical Indian Crew

February 21st, 2018 / 10:44 AM

Singapore budget surplus

Courtesy: Straight News I Image Credit: Wikimedia

The Singaporean government has announced to pay a one-off bonus to all its citizens, expecting a surplus budget this fiscal year. All the adult citizens in the country will get a one-off bonus of up to 300 Singapore dollars (about Rs 14,700) based on their income.

Adult citizens with an income of S$ 28,000 or below will be eligible to receive S$ 300; those whose incomes ranging from S$ 28,001 to S$ 100,000 will receive S$ 200; and citizens with incomes in excess of S$ 100,000 will receive S$ 100, according to a report by Straight Times

The highest surplus occurred because of exceptional revenue from statutory board contributions and stamp duty collections. Earlier in 2011, the country had given growth dividends of between S$ 100 to S$ 800 to 2.5 million citizens.

The announcement was made by finance minister Heng Swee Keat during the budget speech in Singaporean parliament. He described the bonus as a monetary gift given on special occasions. He also added that it reflected government’s commitment to sharing the results of the nation’s development with the citizens. As per the report, about 2.7 million people will get benefited from the bonus.

The country expects a record surplus for the current financial year. The bonus will be distributed at the end of this year and will cost the government S$700 million. “For the financial year 2017, the Republic expects its biggest overall budget surplus at S$9.61 billion, owing mainly to “exceptional statutory board contributions” and “higher-than-expected” collections from stamp duties due to a recent pick-up in the property market,” Heng Swee said.

“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,” he added. He also said that the government would spend S$ 5 million for railway infrastructure development.


Contributors

Written by :

Edited by : Pooja Chaudhuri

Share your thoughts..

Related Stories

Budget

Stalled Budget Sessions In Parliament Cost India Rs 190 Crore

Provident Fund Interest Rate At Five-Year Low, Reduced To 8.55%

Today Was The Last Budget & Finance Minister Forgot To Raise IT Slab To Rs 5 Lakh As Promised

Fiscal Deficit

Govt Breaches Fiscal Deficit In 8 Months; Expenditure More Than Revenue By 112% Of Target

RBI Dividend

Nine Months After Demonetisation, RBI’s Dividend To The Govt Is Halved From The Previous Year

LIVE: Highlights Of Budget 2017 Speech Of Finance Minister Arun Jaitley

Latest on The Logical Indian

News

Govt Receives Over 6000 Applications For 10 Joint Secretary Posts Through ‘Lateral Entry’

Opinion

The Poet In Politics: A Tribute To Atal Bihari Vajpayee

News

Tamil Nadu: Govt Order Plans To Prohibit Students From Using Cellphones In College Premises

Health

Now Your Health Insurance Plan Will Cover Mental Illness Too: Read To Know

Get Inspired

Meghalaya: Meet This IAS Officer Who Cycles To Work & Is Known As “People’s District Commissioner”

Awareness

Wings Of Fire: Meet The People Popularising Science & Rationality Among Tribal Students In Pune

x

Stories that deserve attention, delivered to your inbox!

Handpicked, newsworthy stories which deserve the attention of a rational generation.