The Singapore government is undertaking another review of the Baby Bonus scheme which aims to encourage married couples to have more children and help them defray part of the financial costs.
A survey with some 3,000 beneficiaries is in the works. The move comes at a time when Singapore’s fertility rate is at a record low. Observers have said that more comprehensive provisions should be made, to reverse the declining trend.
Under the Baby Bonus scheme, parents are given a cash gift of up to S$4,000 each for the first and second child and S$6,000 each for the third and fourth child.
The government also gives a dollar-for-dollar match when parents contribute to their child’s Children Development Account (CDA). The savings will be matched up to the cap of S$6,000 each for the first and second child, S$12,000 each for the third and fourth child and S$18,000 each for the fifth and subsequent child. Parents can tap on the scheme when they register for their child’s birth at hospitals and the Immigration & Checkpoints Authority (ICA.
I am beginning to love Singapore more and more!