Singapore’s 200‑Year Celebration: Big Bonuses for Big Hearts
Finance Minister Heng Swee Keat announced that the nation’s bicentennial will be marked by a $1.1 billion Bonus plus a fresh community fund. The aim? To give a joyous lift to everyday Singaporeans while also sparking a generosity wave across the city‑state.
1. Sweet Stuff for the Lower‑Income Crowd
- GST Voucher Boost – 1.4 million low‑income Singaporeans will snag up to $300 in cash to help with groceries, transport or just a Saturday out.
- Workfare Extras – Workers receiving the Workfare Income Supplement (WIS) get an extra 10 % on 2018 work, with a bottom line of $100 in cash.
- In 2017, 407,000 workers were on WIS, totaling $650 million. This bonus will keep them smiling.
- Tax Rebates for Tax Residents – Every tax‑resident individual gets a 50 % rebate capped at $200, costing the Treasury about $280 million.
2. A Bonus for Students (and Their Parents)
- Edusave Top‑ups – One‑time $150 added to the Edusave accounts of students aged 7‑16.
- Students aged 17‑20 receive $500 in their Post‑Secondary Education accounts (PSEA).
- These extra funds will hit accounts by mid‑2019 and are expected to cost about $140 million.
3. A Cushion for Those Near Retirement
- Singaporeans aged 50‑64 with less than $60,000 in CPF savings get a top‑up of up to $1,000.
- The money will flow into the Special Savings Account (50‑54) or Retirement Account (55‑64).
- Only 3,000 people will get this boost – most of them women who left work early to raise families, as Heng aptly notes.
4. The $200 Million Community Fund
A Bicentennial Community Fund is set to match donations to Institutions of Public Charter (IPCs) 1‑to‑1. Matching will be capped so as to help more IPCs receive the boost.
- Donations to IPCs qualify for a 250 % tax deduction.
- Businesses that encourage employee volunteering or IPC service provision also get a 250 % deduction.
Heng hopes the initiative will spur “more Singaporeans, especially the younger generation,” to get involved. The fund will ensure a fair spread of support and supercharge the good work that IPCs are already doing.
What’s Next?
More details will be dropped next week during the debate over each ministry’s budget. Stay tuned – the bicentennial money is set to ignite a wave of goodwill and support across the island.
This piece first appeared in The Straits Times. Permission required for reproduction.
