SINGAPORE: Families with children eligible for the enhanced Baby Bonus announced during Budget 2023 will receive these benefits from Aug 1, several months earlier than the initial implementation timeline in early 2024.
The enhanced benefits are for eligible Singaporean children born on or after Feb 14, 2023.
They will receive more money as part of the Baby Bonus Cash Gift, with a longer pay-out period, as well as increased government contributions in their Child Development Accounts (CDA).
“Agencies have successfully expedited the legislation and system updates necessary to bring forward the implementation timeline to Aug 1, 2023,” said the Ministry of Social and Family Development (MSF) and the National Population and Talent Division (NPTD) in a media release on Friday (Jul 28).
In his Budget speech on Feb 14, Deputy Prime Minister and Finance Minister Lawrence Wong announced that the Baby Bonus Cash Gift would be increased by S$3,000 for eligible Singaporean children born from that date.
The payout schedule would also be adjusted to provide financial support regularly every six months until the child turns six-and-a-half years old, he said.
The CDA First Step Grant, meanwhile, would be increased from S$3,000 to S$5,000, he said.
The government would also raise its co-matching cap by S$1,000 for the first and second child. As part of the Baby Bonus Scheme, the government matches parents’ savings in their child’s CDA dollar-for-dollar, up to a certain amount.
With the adjustments, parents of babies born from Feb 14 this year will receive Baby Bonus Cash Gifts of S$11,000 each for their first and second children, and S$13,000 each for their third and subsequent children.
Children are eligible for the Baby Bonus Cash Gift if they are Singapore citizens and their parents are lawfully married.
Providing further details of the payout timeline on Friday, MSF and NPTD said a child enrolled in the Baby Bonus Scheme from Aug 1 will receive their First Step Grant in their CDA within two weeks of opening their accounts.
They will receive government co-matching contributions within two weeks of depositing money into CDAs, excluding public holidays.
There will be a phased approach for disbursement to children enrolled in the scheme from Feb 14 to Jul 31.
For a child enrolled between Feb 14 and Jun 30, the additional S$2,000 First Step Grant will be paid into their CDA by the middle of August.
Parents can start saving in the CDA from Aug 1 and receive government co-matching contributions within two weeks of deposits, excluding public holidays.
A child enrolled between Jul 1 and Jul 31, on the other hand, will have the additional S$2,000 First Step Grant paid into their CDA by Oct 1.
Parents of these children can also start saving in the CDA from Aug 1. However, they may have to wait until Oct 1 to receive their government co-matching contributions.
Savings made after Oct 1 will be co-matched within two weeks of deposits, excluding public holidays, said MSF and NPTD.
More information on the enhanced Baby Bonus Scheme is available on the MSF website.
Note: This article have been indexed to our site. We do not claim legitimacy, ownership or copyright of any of the content above. To see the article at original source Click Here
Nespresso Capsules Vertuo, Intense Variety Pack, Dark Roast Coffee, 40-Count Coffee & Espresso Pods, Brews 7.8oz. and 1.35oz.
$44.60 (as of December 22, 2024 19:13 GMT +00:00 - More infoProduct prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on [relevant Amazon Site(s), as applicable] at the time of purchase will apply to the purchase of this product.)
Sol de Janeiro Hair & Body Fragrance Mist 240mL/8.1 fl oz.
$38.00 (as of December 22, 2024 19:13 GMT +00:00 - More infoProduct prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on [relevant Amazon Site(s), as applicable] at the time of purchase will apply to the purchase of this product.)
THEMEROL Stocking Stuffers for Teens Boys Gifts Ideas Teenage Boy Christmas Gift Him Hematite Bracelets Men 10 12 16 18 Years Old Valentines Day 18th Birthday Gifts Son Grandson Graduation Easter
$12.99 (as of December 22, 2024 19:33 GMT +00:00 - More infoProduct prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on [relevant Amazon Site(s), as applicable] at the time of purchase will apply to the purchase of this product.)
Craftmix Spiked Spiced Apple Cider Mix, Makes 12 Drinks, Vodka Cocktail Mixer, Instant Skinny Cocktail and Mocktail Mix - With Real Fruit - Vegan Low Carb, Low Sugar, Non-GMO, Gluten Free, Easy to Mix
$14.99 (as of December 22, 2024 19:13 GMT +00:00 - More infoProduct prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on [relevant Amazon Site(s), as applicable] at the time of purchase will apply to the purchase of this product.)
