Government shells out $2bln for Singaporeans

About 2.4 million adult Singaporeans would have received about $1.5 billion in Growth Dividends and 1.3 million Singaporeans would have received abou $500 million in CPF Medisave Top-ups.

According to the Ministry of Finance, the payments are part of the 'Grow & Share' Package announced by the Government in the 2011 Budget.

80% of the 2.4 million Singaporeans would have received the higher Growth Dividend of $600 and $800.

About 800,000 servicement who have served or who are serving National Service would have also received an additional $100.

For the CPF Medisave Top-up, a 55 year old earning $60,000 annually living in a 4-room HDB flat will receive $300. On the other hand, a 70 year old retiree and living in a 3-room HDB flat will receive $600.

The ‘Grow & Share’ Package, together with other benefits in Budget 2011, will help Singaporeans cope with higher costs of living this year. The benefits that most lower- and middle-income Singaporean households get will be much larger than the increase in the cost of their household consumption baskets this year.

A typical two generation household living in a 3-room HDB flat receives benefits of about $3,500, which is significantly more than the cost increases they are expected to face. This is true also for a typical three-generation household living in a 5-room HDB, who receives benefits of about $4,000.

The Government will also work closely with grassroots organisations to reach out to elderly and low-income Singaporeans who have not yet signed up.