Residents of Singapore will receive $ 511 million for their contribution to the country's development, Singapore Ministry of Finance press service reported.

A total of 2.8 million Singaporeans will receive letters from 2 October 2018 onwards, informing them of their SG Bonus benefit.

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

Accordingly, if the citizen earned no more than 28 thousand Singapore dollars ($ 20,4 thousand) in 2017, then he will receive 300 Singapore dollars ($ 219.2)

In February, the Ministry of Finance of Singapore reported on the growth of the country's economy in 2017 by 3.6% higher than expected. Productivity increased by 4.5%, while the average income of residents of the country - by 5.3%. The Finance Ministry noted that this is the highest rate since 2010.