Sunday, August 10, 2008

Baby Bonus for Singapore

Just some information about the Baby Bonus scheme.

Children Development Co-Savings (Baby Bonus) Scheme

Children bring joy to the family. 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. You will get a cash gift of $3,000 each for your 1st and 2nd child and $6,000 each for your 3rd and 4th child.

Your 2nd to 4th children will also enjoy Government contributions in the form of a dollar-for-dollar matching for the amount of savings you contribute to your child’s Children Development Account (CDA). This is a special savings account that you open at any OCBC Bank or Standard Chartered Bank branch for your child who is eligible for CDA. You can save in the CDA any time until 31 December in the year the child turns 6 years of age. The savings will be matched up to the cap of $6,000 for the 2nd child and $12,000 each for the 3rd and 4th child. The Government will match your savings in the following month.

The savings in the CDA may be used to pay fees for all your children who are attending Approved Institutions registered with MCYS under the Baby Bonus Scheme. These include child care centres, kindergartens & special education schools registered with the Ministry of Education and early intervention programmes registered with the National Council of Social Service. The CDA savings can also be used to purchase MediShield or Medisave-approved private integrated plans for all your children and pay for all your children’s medical-related expenses. These would include consultation fees, treatment fees and prescription costs incurred at healthcare institutions.

Baby Bonus One-Stop Service
To make it more convenient for you to join the Baby Bonus Scheme, a one-stop service is available at the birth registration counters at the hospitals and the Immigration & Checkpoints Authority (ICA). The hospitals are East Shore Hospital, Gleneagles Hospital, KK Women’s and Children’s Hospital, Mount Alvernia Hospital, Mount Elizabeth Hospital, National University Hospital, Raffles Hospital, Singapore General Hospital and Thomson Medical Centre.

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