People walk through Chinatown in Singapore
People walk through Chinatown in Singapore Reuters

Singapore's Ministry of Finance (MOF) announced on Friday that eligible Singapore will receive an SG Bonus of up to S$300 by December 2018, depending on their Assessable Income for the Year of Assessment 2017. This year's pay outcomes after the national budget for 2017 had an excess of almost S$10 billion.

As per the ministry, a total of 2.8 million Singaporeans will receive letters from October 2 that include the SG Bonus benefits. They stated that the citizens may use their SingPass to view their SG Bonus benefit online at www.singaporebudget.gov.sg/sgbonus and people, who have registered their mobile numbers with SingPass will also receive SMS notification. The site will be accessible from October 2 and by December, almost S$700 million in bonuses will be paid out to the citizens.

SG Bonus
Ministry of Finance, Singapore

"As announced at Budget 2018, the Government will be giving a one-off SG Bonus to all adult Singaporeans this year. This reflects the Government's long-standing commitment to share the fruits of the country's development with Singaporeans this year. This reflects the Government's long-standing commitment to share the fruits of the country's development with Singaporeans," MOF stated.

They said that people will automatically get the SG Bonus if they had signed up for any other government-sanctioned payout scheme earlier such as Growth Dividends and GST Voucher. But, citizens, who have not signed up yet, have time till March 31, 2019, to finish the process of signing up online or via a hard copy, which will be available at the Community Clubs and CPFB Service Centres.

Eligible Singaporeans will receive the bonus between S$100 and $300 depending on their last year's Assessable Income. It also added that citizens can get the bonus through PayNow and those, who already registered for this payment mode will receive their layouts by the end of November 2018.

"PayNow provides added convenience and privacy for citizens to receive money into their bank account via NRIC/FIN and/or mobile number, without having to disclose their bank account details to the sender. We will be using PayNow as the payment mode for citizens who have registered their NRIC on PayNow as at 7 November 2018," MOF said.

In addition, the ministry also said that the citizens are encouraged to register their "NRIC on PayNow by 7 November 2018 to receive their SG Bonus earlier."

SG Bonus
SG Bonus Ministry of Finance, Singapore

In 2011, Singaporeans received the last cash bonus from the government that included 2.5 million adults, who got 'growth dividends' of between S$100 and S$800.

If anyone wants to donate the bonus to those who might need it more, people can visit the SG Bonus website (www.singaporebudget.gov.sg/sgbonus) or the "SG Cares" mobile application to make the donation done.

Information on other benefits, which has already announced at Budget 2018 can be found at www.singaporebudget.gov.sg.

However, in case of any confusion related to the bonus structure, citizens are asked to visit ww.singaporebudget.gov.sg/sgbonus. Those who require more information can also contact the ministry at 1800-2222-888 or can send an email at contactus@govtopup.gov.sg.