1.4 million S'poreans to receive bicentennial bonus benefits in November
The S$1.1b bicentennial bonus was originally announced in February during Budget 2019 and is meant to commemorate Singapore's bicentennial and to support individuals who need more help, said the Ministry of Finance.
SINGAPORE — A total of 1.4 million Singaporeans will be receiving bicentennial benefits next month, the Ministry of Finance (MOF) said on Thursday (Oct 24).
The three benefits that will be distributed are:
GST voucher — cash (bicentennial payment)
CPF top-up
Workfare bicentennial bonus
The S$1.1b bicentennial bonus was originally announced in February during Budget 2019 and is meant to commemorate Singapore's bicentennial and to support individuals who need more help, said MOF.
GST VOUCHER — CASH (BICENTENNIAL PAYMENT)
Singaporeans aged 21 and above with assessable incomes in 2018 of up to S$28,000 will receive the GST voucher in November. They will receive either S$300 or S$150, depending on the value of their homes.
Those eligible can expect to receive an SMS notification by the end of October.
CPF TOP-UPs
Some 300,000 eligible Singaporeans will receive a CPF top-up in November. Those aged 50 to 54 this year will receive either S$500 or S$300 depending on their combined CPF Ordinary and Special Account balance or Retirement Account balance, while those aged 55 to 64 will receive either S$1,000 or S$600.
In order to be eligible for this bicentennial CPF top-up benefit, the recipient's assessable income for 2018 should not exceed S$28,000. The annual value of his home should also not exceed S$21,000 and he should not own more than one property.
Those who are eligible will be informed via a letter in November.
WORKFARE INCOME SUPPLEMENT (WIS)
Some 400,000 workers qualify for this benefit and they will also receive the Workfare bicentennial bonus by the end of October.
Eligible workers will receive an additional 10 per cent of the total annual payment for work done in 2018, or a minimum payment of S$100.
Meanwhile, those with disabilities and aged below 35 in 2018 who are eligible for the WIS will receive between S$100 and S$150.
An SMS notification will be sent to eligible Singaporeans by the end of October.
OTHER BICENTENNIAL BONUS PAYOUTS
Taxpayers will also receive a bicentennial bonus benefit in the form of a personal income tax rebate for the year of assessment 2019. They will receive a rebate of 50 per cent of tax payable, up to S$200 per taxpayer, for income earned in 2018.
In June this year, the top-ups to Edusave accounts and Post-Secondary Education Accounts were distributed. Some 570,000 Singaporean students aged 7 to 20 received either S$150, S$250 or S$500 depending on their age and the value of their home.
