S'poreans to get letters on growth dividends & other payouts
SINGAPORE: From 5 April, 2.5 million Singaporeans will receive letters from the government informing them of the amount of Growth Dividends, CPF Medisave top-ups, Workfare and personal income tax rebates they will individually receive this year.
The letter will also contain information on other household benefits they will receive from Budget 2011. The majority of Singaporeans will receive their letters by the end of this week.
The "Grow & Share" Package, together with other benefits in Budget 2011, will help Singaporeans cope with higher costs of living this year. Most lower- and middle-income Singaporean households will receive benefits that are much larger than the increase in the cost of their household baskets this year.
A typical lower-income two generation household living in a 3-room HDB flat will receive benefits of about S$3,500, which is significantly more than the cost increases they are expected to face. This is true also for a typical middle-income three-generation household living in a 5-room HDB, who will receive benefits of about S$4,000.
Singaporeans will receive S$2 billion in Growth Dividends and CPF Medisave top-ups on 1 May.
Further information on the "Grow & Share" package, including a calculator that will enable Singaporeans to know how much household benefits they should receive, is available on growandshare.gov.sg or by calling 1800 2222 8
All adult Singaporeans aged 21 and above received Growth Dividends as part of the Government's move to share the nation's surpluses with Singaporeans. Lower- and middle- income groups received more. Older Singaporeans received additional Growth Dividends. NSmen, ex-NSmen and NSFs (including those below the age of 21) also received an additional $100 of Growth Dividends to recognise their contributions to national security.
Prime Minister Lee Hsien Loong, in his National Day Rally Speech 2008, announced that Singaporeans would receive a 50% increase to the second installment of Growth Dividends in October 2008 to help them cope with the increased cost of living.
The increase in Growth Dividends benefited about 2.4 million Singaporeans and cost the Government an additional $190 million. This brought the total Growth Dividends that Singaporeans received in 2008 to $1.06 billion.