SINGAPORE - A total of 1.4 million Singaporeans will receive up to three of the Bicentennial Bonus benefits this November. These are the Goods and Services Tax Voucher (GSTV) - Cash (Bicentennial Payment), Central Provident Fund (CPF) Top-up, and Workfare Bicentennial Bonus, said the Finance Ministry in a statement on Thursday (Oct 24).
During Budget 2019, the Government had announced a $1.1 billion Bicentennial Bonus to commemorate Singapore's Bicentennial and to support individuals who need more help.
SMS notifications for GSTV - Cash (Bicentennial Payment) and Workfare Bicentennial Bonus will go out by the end of this month.
The letters for the Workfare Bicentennial Bonus and CPF Top-Up will be issued in November.
Eligible Singaporeans will receive their Workfare Bicentennial Bonus this month, and the CPF Top-Up and GSTV in November.
AMOUNT OF BONUSES
Those aged 21 and above, who earned an income of up to $28,000 in 2017, are eligible for the GSTV.
If their home’s annual value at the end of 2018 was $13,000 or below, they will receive $300. If their home’s annual value was more than $13,000 but no more than $21,000, they will receive $150.
Employees under the Workfare Income Supplement scheme will receive an additional 10 per cent of their total Workfare payment for work done in 2018, with a minimum payment of $100 to help with daily expenses.
About 300,000 Singaporeans aged 50 to 64 will get top-ups to their CPF Ordinary and Special Accounts or Retirement Accounts. Those who are aged 50 to 54 this year will receive $300 or $500. Those aged 55 to 64 this year will receive $600 or $1,000, depending on how much they have in their CPF Ordinary and Special Accounts, or their Retirement Accounts.
Recipients of the CPF top-ups will also have to meet other criteria such as not owning more than one property, and not exceeding $28,000 in assessable income for Year of Assessment 2018.
Earlier this year, Bicentennial Bonus benefits were distributed to primary and secondary school students. They received a $150 top-up to their Edusave accounts, while Singaporeans aged 17 to 20 got up to $500 in their Post-Secondary Education Accounts.
Taxpayers will receive a rebate too. For Year of Assessment 2019, a personal income tax rebate of 50 per cent of tax payable, capped at $200 per taxpayer, will be granted to all tax resident individuals by December.
Source: The Straits Times © Singapore Press Holdings Limited. Reproduced with permission.
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