Good News for the parents who were raising children!! The Singapore Government is announcing the Baby Bonus Scheme. In this Scheme, the Singapore government has taken a major step to ease the cost of raising children. This scheme has come in two parts: a Cash Gift for living costs, and a Child Development Account (CDA) that parents save into, with government matching. In this article, we are going to discuss the Baby Bonus Scheme, how to apply and be eligible to get help, and also what’s new in the scheme.
About: Baby Bonus Scheme
Singapore’s government established the Baby Bonus Scheme. That helps parents cover the costs of raising children. It debuted in 2001 as part of Singapore’s initiatives. To stimulate parenthood by easing financial burdens on families. The Baby Bonus Scheme provides financial assistance to parents of newborn Singaporean children. It contains Cash Gift, Direct money provided to parents in stages, beginning with the child’s birth. A Child Development Account (CDA) is a unique savings account in which the government provides an initial grant.
How to Apply
Here is the step-by-step process hoow to apply:
- Child must be a Singaporean citizen.
- Apply through LifeSG, immediately after registering your child’s birth, or later if necessary.CDA and CSA open automatically.
- Receive financial gift installments every six months, starting with a few thousand at birth.
- Save in CDA, and the government will match the cap.
- After your kid reaches the age of 12, any unused CDA monies are transferred to their Post-Secondary Education Account.
What You’ll Receive, by Birth Order
| Birth Order | Cash Gift Total | CDA First Step Grant | Max Government Match |
|---|---|---|---|
| 1st & 2nd child | S$11,000 | S$5,000 | S$4,000 |
| 3rd & 4th child | S$13,000 | S$10,000 | S$9,000 |
| 5th & beyond | S$13,000 | S$10,000 | S$15,000 |
Why These Changes Matter
- The divided monetary present is scheduled to support important stages, such as diapers. In addition, vaccines are required in the early months, followed by preschool or enrichment needs later.
- Parents with three or more children now receive a lot more support. Especially with the doubled CDA First Step Grant.
- Parents are more willing to donate early when the matching incentives are higher. Increasing the cash available to meet each child’s future needs.
Hi, I’m Owen. I’m passionate about sharing the latest government aid news, benefits, and policy updates so you can stay informed and make the most of available resources. My goal is to break down complex information into clear, easy-to-understand updates that help you navigate programs and opportunities that matter to you.