ASEANEWS HEADLINES: SINGAPORE- COVID RELIEF AID- Budget debate: Parents who have second babies from January to get up to $9,000 in Child Development Account

SINGAPORE – Parents who have second babies from January will get more financial support from the Government through the Child Development Account (CDA).

They will get $6,000 in co-funding, up from the current $3,000 for a first or second child, Minister in the Prime Minister’s Office Indranee Rajah announced in Parliament on Friday (Feb 26).

This is in addition to the initial $3,000 that every child receives in his or her CDA.

.

.

Ads by: Memento Maxima Digital Marketing
@[email protected]
SPACE RESERVE FOR  ADVERTISEMENT

About 12,000 children will benefit annually from the higher funding. This applies to Singaporean babies who are the second child, and whose date of birth or estimated date of delivery is on or after Jan 1.

Under the Baby Bonus scheme, savings which parents deposit into the account are matched dollar for dollar by the Government up to a cap.

With the increase, the total government contribution towards a second child’s CDA will go up to $9,000. This is up from the existing ceiling of $6,000 for a first or second child, $12,000 for a third or fourth child, and $18,000 for any subsequent children.