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photo: businesstimes.com.sg

$700 million of SG Bonus to be paid out to 2.8 million Singaporeans

A total of 2.8 million Singaporeans will receive letters from 2 October 2018 onwards, informing them of their SG Bonus benefit, which will be paid out to citizens by December 2018.

The Ministry of Finance (MOF) announced on Friday, that citizens may use their SingPass to view their SG Bonus benefit online at the SG Bonus website, which will be accessible from 2 October 2018 onwards.

The ministry added that those who have registered their mobile numbers with SingPass will also receive SMS notifications.

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

According to the ministry, eligible citizens will receive up to $300, depending on their Assessable Income (AI) for the Year of Assessment (YA) 2017.

The ministry noted that most citizens will automatically receive their SG Bonus if they had signed up for any other government payout scheme in the past (e.g. Growth Dividends, GST Voucher). For the small number of citizens who have not signed up, their letter will inform them to do so.

Members of the public will have until 31 March 2019 to sign up online, or through a hardcopy form (available at Community Clubs and CPFB Service Centres). 

According to the ministry, 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," the ministry said.

The ministry also encouraged citizens to register their NRIC on PayNow by 7 November 2018 to receive their SG Bonus earlier, adding that citizens may do so via their bank’s existing mobile banking application or Internet banking platform.

More information about PayNow can be found here. For further assistance, citizens may contact their banks.

MOF said that citizens who choose not to register their NRIC on PayNow will continue to receive their SG Bonus via existing payment modes of direct bank crediting or cheques.

Citizens may log in to the SG Bonus website with their SingPass to check or update existing bank details. The bank account provided will also be used for other government payouts, such as GST Voucher – Cash, Workfare Income Supplement and Silver Support payouts. 

Based on feedback gathered, MOF said that it understands that some may wish to donate their SG Bonus to those who might need it more. Citizens may do so via the SG Bonus website or the “SG Cares” mobile application. 

Details on the SG Bonus can be found at SG Bonus website and information on other benefits announced at Budget 2018 can be found at Singapore Budget website. Members of the public are advised to contact the authority at 1800-2222-888 or email: [email protected] for more information.