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.
Individuals who met the following criteria were eligible for the Growth Dividends:
- A living Singapore citizen; and
- Aged 21 or above in 2008; and
- Had signed up to receive your GST Credits.
The amount of Growth Dividends that you received depended on the following:
The Annual Value of your home in 2007 as assessed by IRAS (based on your NRIC address as of 31 December 2007); and
Your Assessable Income for the Year of Assessment 2007 (i.e. income earned in calendar year 2006 as assessed by IRAS); and
Your age as of 31 December 2008; and
Your NS status in 2008.
Figures in brackets show the first installment of the Growth
Dividends and enhanced second installment of the Growth Dividends
announced at National Day Rally respectively.
The final deadline to sign up to receive your Growth Dividends and your 2008 GST Credits was 31 December 2008.
For further queries on the Growth Dividends, you can call CPF Board
at 1800-2222-888 or email firstname.lastname@example.org.