All Singaporeans above age of 21 will receive “hongbao” of at least $100: Budget 2018

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Finance Minister Heng Swee Keat declared this afternoon that all Singaporeans above the age of 21 will receive an “hongbao” of $300, $200, and $100 depending on their income, this year. The Minister said that this one-off bonus “reflects the Government’s longstanding commitment to share fruits of Singapore’s development with Singaporeans.”

Delivering the budget speech for the year, the Minister said that the government will spend a total of 700 million on this “SG bonus”. This 700 million comes from the budget surplus of $9.6 billion or 2.1 per cent of the Gross Domestic Product (GDP) from FY 2017.

The remaining budget surplus will be saved for future spending.

Of the exceptional surplus, $5 billion has been set aside for the Rail Infrastructure Fund that will help pay for the new rail lines the government is building. Another $2 billion has been set aside for premium subsidies to help Singaporeans when the ElderShield review committee unveil their final recommendations.

The Government only forecasted a $1.9 budget surplus or 0.4 per cent of GDP for FY2017 a year ago and the Minister attributed the “exceptional” surplus of $7.7 billion to the recent property market pick-up.

The Minister noted that while this is good, “we cannot base our long-term fiscal planning” on exceptional factors such as these being positive each year.

GST will rise by 2%: Finance Minister confirms at Budget 2018

117 COMMENTS

  1. Wow 100- 300$ based on exceptional 7,7 billion$ surplus yet be cancelled out by the GST increase. By all means let’s fawn in gratitude!
    The sublime genius makes me faint…..

    Seriously what a bunch of skinflinks; he makes Scrooge a spendtrift.
    Far too much money on infrastructure we don’t need and dubious social spending that’s an affront.
    Just give us the money and be done with it,

  2. When we talk about tax increase, everyone chastise the government. But then it is GST and carbon tax, and there is the bonus. And we talk about crumbs. If there is anyone in the opposition, or people who tc like me or those on non mainstream websites, or those dropouts who became tuition teacher, hey raise up your hand and forward the proposal for everyone to see.

  3. “Reflects the Government’s longstanding commitment to share fruits of Singapore’s development with Singaporeans”……….
    Hmmm what a great statement!!
    CPF continues to pay a miserable 2.5% for sooooo loooong. Land sold for buildings and what not has not come to Singaporeans. Foreigners who are here continue to get a better deal – be it Welfare or some other things.
    Share fruits with us. Try plucking a mango or jambu Ayer from the roadside trees and be prepared to be charged for Vandalism. Caning is mandatory.
    How looooooong will Singaporeans take such remarks.
    1965 has been left behind for half a century. We are still in the same predicament- suffering.
    Minister Heng please be reasonable with what you say as many Singaporeans today interpret whatever is said by leaders with negativity.

  4. Hong Bao? Please lah…same old trick again. Whatever these PAP dispense, they collect it from us another way, increase GST, increase water & conservation tax, increase ERP and road toll at checkpoints, increase season parking, increase ….whatever the fuck they can think of. Better keep our hong bao.

  5. Sly guy HSK announces impending GST hike but leaves it to his successor to implement it while he plays the white knight who throws out $100 to $300 worth of peanuts which are lapped up by 70% of the monkeys. By the next GE he will either retire to enjoy his fat pension or be rotated to another Ministry.

  6. What is a budget surplus? It mean you have been over taxed in the last financial year. So what you are getting back they call it “hongbao” is just peanuts what they are returning to you very much less than what have paid in taxes. You think you are not paying taxes. When you shop, you pay GST. It may seem small on your receipt but if you were to add up your receipt, your parents paid for groceries and the GST on it for the year. The taxes you paid can be no less than $2,000 a year if your monthly income is about $2,000 a month. So what the fuck is $300.00 they are returning you? PEANUTS renamed “Hongbao”.

  7. If given a choice. I rather don’t take any goodies gov give. Just maintain what it is now. The more u give the more worried I am. U may say I’m selfish but Sg is going too fast there’s still alot couldn’t catch up the pace. Solve the current issues b4 thinking about future. U will end up with more problems.