It seems that not all Singaporeans know about baby bonus or if they know, they disregard it because it is not yet the proper time. Children are a blessing to the family and they give so much joy to everyone. With this, the Ministry of Social and Family Development showed their support to couples who want to have more children through the Baby Bonus Scheme.
The Baby Bonus Scheme assists couples with the costs that comes with raising their children. This Scheme is a fragment of the Marriage and Parenthood package which was heightened in 2013. So, what is included in the scheme? Here’s an idea:
- Cash Gift: Parents with children who were born on or before August 26, 2012 will collect more. According to the Scheme, if it is a first or a second child, the parent will be able to get a $6,000 worth of cash gift. If it is third or fourth child, the parent can get a cash gift of $8,000. The parents are also entitled for three instalments of cash gift over twelve months.
- Child Development Account: The Child Development Account (CDA) acts as the parents’ savings for their children. Parents can open an account at Standard Chartered bank or OCBC bank. The parents may choose to save using CDA until their child turns twelve years old. The government will then contribute to the savings in the next month. The savings that they will be contributing will depend on the order of birth. The maximum amount of contribution for first and second child is $6,000, while the third and fourth child will get $12,000 and $18,000 for the fifth and succeeding child.
It is not easy bearing children and raising them but with the help of the government, things are lighter.
