Up to 1.4 million Singaporeans will be receiving their Bicentennial Bonus benefits this November. Are you among the 1.4 million Singaporeans and how much will you receive? Find out below.
What is the Bicentennial Bonus?
The Bicentennial Bonus is part of celebrations to commemorate 200 years since Sir Stamford Raffles first landed in Singapore in 1819. During the Singapore Budget unveiled earlier this year, S$1.1 billion was set aside for the Bicentennial Bonus.
The Bicentennial Bonus will come in three forms:
- Goods and Services Tax Voucher (GSTV)
- Central Provident Fund (CPF) Top-Up
- Workfare Bicentennial Bonus
Eligible recipients will be notified by SMS or letter, and receive payments by November.
|Bicentennial Bonus Type
|Goods and Services Tax Voucher (GSTV)
||SMS, End-Oct 19
|Central Provident Fund (CPF) Top-Up
||Letter, Nov 19
|Workfare Bicentennial Bonus
||SMS, End-Oct 19Letter, Nov 19
How much GSTV will you receive?
Only Singaporeans over the age of 21 who earned less than $28,000 in 2017 are eligible for this. Depending on the value of your home in 2018, you will receive either $300 or $150 in cash.
|Value of Home in 2018
||Amount of GSTV
|Less than $13,000
|Up to $21,000
How much CPF Top-Up will you receive?
Singaporeans above the age of 50, who earned an income of less than $28,000 in 2018 and own no more than 1 property are eligible for this. The amount received will be credited directly into your Ordinary, Special and Retirement Accounts.
|Age in 2019
||Amount of CPF Top-Up
|50 – 64
||$300 – $500
|55 – 64
||$600 – $1,000
How much Workfare Bicentennial Bonus will you receive?
Singaporeans under the Workfare Income Supplement scheme are eligible for this bonus. They will receive an additional 10% of their total Workfare payment (minimum $100) for work in 2018.
Persons with disabilities who are under the age of 35 and under the Workfare Income Supplement scheme are eligible for this bonus. They will receive between $100 to $150 based on work done in 2018.
|Age in 2018
|35 to 44
||$100 to $150
|45 to 54
||$100 to $220
||$100 to $147
|55 to 59
||$100 to $290
||$100 to $194
|60 and above
||$100 to $360
||$100 to $240
Are there any other rebates, bonuses or top-ups?
Yes, all taxpayers will receive a Personal Income Tax rebate of 50%, capped at $200 per person.
There will be also more financial support for families with school-going children:
- $150 top-up to Edusave accounts of students at Primary and Secondary levels
- Singaporeans aged 17 to 20 will receive up to $500 top-up in their Post-Secondary Education Accounts (PSEA)
Older Singaporeans between the ages of 50 to 64 with lower CPF balances will also receive between $300 to $1,000 in a CPF top-up.
More information in the infographic below:
Image source: Ministry of Finance
This article was republished with permission from SingSaver. SingSaver is a personal finance comparison platform which provides free, quick and easily accessible resources to help consumers understand personal finance products in Singapore; including credit cards, personal loans and travel insurance.