| The Baby Bonus Scheme, first introduced in April 2001 and enhanced in August 2004, supports parents’ decision to have more children by helping to lighten the financial costs of raising children. The Scheme now benefits the 1st and 4th child born on or after 1 August 2004. Parents will get a cash gift of $3,000 for the 1st child, and a cash gift and co-savings of up to $9,000 for the 2nd child and up to $18,000 each for the 3rd and 4th child.
The Government will match dollar-for-dollar the amount of savings parents contribute to the child’s Children Development Account (CDA). This is a special savings account that is opened at any POSB branch after your child joins the scheme. Parents can save in the CDA any time until the day before the child’s sixth birthday. The savings will be matched up to the cap of $6,000 for the second child and $12,000 each for the third and the fourth child. The website also provides links to approved institutions, publications, and forms as well as other usefullinks (Government-paid Maternity Leave Scheme, List of Child Care Services, List of Polyclinics, etc.) |
