SINGAPORE: The Baby Bonus Cash Gift will be increased by S$3,000 for babies born from Tuesday (Feb 14), announced Deputy Prime Minister Lawrence Wong in his Budget speech.
The payout schedule will also be adjusted to provide financial support regularly every six months until the child turns six-and-a-half years old, he said.
Currently, parents receive S$8,000 each in Baby Bonus for their first and second child, and S$10,000 for their third child and beyond. The cash is disbursed in five instalments over the first 18 months after the child is born.
With the adjustments, parents of babies born on Feb 14 and after will receive S$11,000 each for their first and second child, and S$13,000 for their third child and beyond.
The parents will be eligible for the Baby Bonus Cash Gift if they are lawfully married and the child is a Singapore citizen.
The move will significantly increase financial support in a child’s early years, said Mr Wong, who is also Finance Minister.
“To all young married couples, whether you already have a newborn, or you're expecting a baby, or you plan to have a baby, we have something to help you in your parenthood journey,” he added.
Under the adjusted scheme, parents having their first or second child will receive S$7,000 in the first 18 months after their child is born, said the National Population and Talent Division (NPTD) in a separate media release.
Parents having their third child and beyond will receive S$9,000 in the first 18 months.
The remaining amount will be disbursed in tranches of S$400 every six months until the child turns six-and-a-half years old, said NPTD.
This will allow parents to receive continuous support until their child enters primary school, said Mr Wong.
The enhanced Baby Bonus Cash Gift will be paid out from early 2024.
The S$3,000 Baby Support Grant, a one-off grant which was introduced during the COVID-19 pandemic, will also be extended to parents of babies born from Oct 1, 2022, to Feb 13 this year, announced Mr Wong.
The grant was previously given to parents of Singaporean children born from Oct 1, 2020, to Sep 30, 2022, to encourage couples to proceed with their parenthood plans through the pandemic.
The extended grant will be disbursed in the second half of 2023, said NPTD.
The Child Development Account (CDA) First Step Grant will be increased from S$3,000 to S$5,000, announced Mr Wong on Tuesday.
The funds in the Child Development Account can be used to pay for a child's education and healthcare needs.
The co-matching cap for children who are the first or second child will also be increased by S$1,000, to S$4,000 and S$7,000 respectively, said Mr Wong.
Third and fourth children continue to get up to S$9,000 in matching funds from the Government, while the fifth and subsequent child will continue to get up to S$15,000.
Parents will have to deposit funds in their child's CDA to get the matching amount. These changes will apply to children born from Feb 14, said NPTD in its press release.
Parents can still save up to the current co-matching caps this year, and anything beyond that will not be matched until the changes are in place, it added.
“We will notify parents when they can make the additional deposits into their child’s CDA to enjoy the enhanced government co-matching,” said Mr Wong.
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The payout schedule will also be adjusted to provide financial support regularly every six months until the child turns six-and-a-half years old, he said.
Currently, parents receive S$8,000 each in Baby Bonus for their first and second child, and S$10,000 for their third child and beyond. The cash is disbursed in five instalments over the first 18 months after the child is born.
With the adjustments, parents of babies born on Feb 14 and after will receive S$11,000 each for their first and second child, and S$13,000 for their third child and beyond.
The parents will be eligible for the Baby Bonus Cash Gift if they are lawfully married and the child is a Singapore citizen.
The move will significantly increase financial support in a child’s early years, said Mr Wong, who is also Finance Minister.
“To all young married couples, whether you already have a newborn, or you're expecting a baby, or you plan to have a baby, we have something to help you in your parenthood journey,” he added.
Under the adjusted scheme, parents having their first or second child will receive S$7,000 in the first 18 months after their child is born, said the National Population and Talent Division (NPTD) in a separate media release.
Parents having their third child and beyond will receive S$9,000 in the first 18 months.
The remaining amount will be disbursed in tranches of S$400 every six months until the child turns six-and-a-half years old, said NPTD.
This will allow parents to receive continuous support until their child enters primary school, said Mr Wong.
The enhanced Baby Bonus Cash Gift will be paid out from early 2024.
The S$3,000 Baby Support Grant, a one-off grant which was introduced during the COVID-19 pandemic, will also be extended to parents of babies born from Oct 1, 2022, to Feb 13 this year, announced Mr Wong.
The grant was previously given to parents of Singaporean children born from Oct 1, 2020, to Sep 30, 2022, to encourage couples to proceed with their parenthood plans through the pandemic.
The extended grant will be disbursed in the second half of 2023, said NPTD.
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CHILD DEVELOPMENT ACCOUNT
The Child Development Account (CDA) First Step Grant will be increased from S$3,000 to S$5,000, announced Mr Wong on Tuesday.
The funds in the Child Development Account can be used to pay for a child's education and healthcare needs.
The co-matching cap for children who are the first or second child will also be increased by S$1,000, to S$4,000 and S$7,000 respectively, said Mr Wong.
Third and fourth children continue to get up to S$9,000 in matching funds from the Government, while the fifth and subsequent child will continue to get up to S$15,000.
Parents will have to deposit funds in their child's CDA to get the matching amount. These changes will apply to children born from Feb 14, said NPTD in its press release.
Parents can still save up to the current co-matching caps this year, and anything beyond that will not be matched until the changes are in place, it added.
“We will notify parents when they can make the additional deposits into their child’s CDA to enjoy the enhanced government co-matching,” said Mr Wong.
Related:
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