CHILD DEVELOPMENT CO-SAVINGS (BABY BONUS) SCHEM

 

To support couples in their decision to have more children, the government has introduced the Baby Bonus Scheme to lighten the financial costs of raising children in Singapore.

The Scheme is part of the Marriage and Parenthood Package and was recently enhanced in February 2021 to provide couples with greater support and assurance.

The Scheme includes a Cash Gift and Child Development Account (CDA) benefits. The CDA benefits comprise the CDA First Step Grant which will automatically credited after CDA opening and dollar-for-dollar Government co-matching for each dollar that parents deposit in the CDA, up to the co-matching cap.

 

1st

CDA account

  • Is a special savings account that you can open with DBS Bank, OCBC or UOB
  • Have up to 12 years to save in the CDA account

  • Babies born from 24 Mar 2016 will receive up to $3,000 of CDA First Step grant
    • Child Care Centers
    • Kindergartens

    • Special education schools

    • Providers of early intervention programmes

    • Providers of assistive technology devices

    • Hospitals and clinics

    • Pharmacies

    • Optical shops

 

 

 

 

2nd

Cash gift

 

Parents will receive the Cash Gift in 5 installments, over 18 months.

 

 

3nd

MediSave Grant For Newborns

 

All Singapore Citizen newborns qualify for the MediSave Grant for Newborns of $4,000. A CPF MediSave account will be opened for each newborn, and the grant will be credited automatically.

 

The grant helps parents defray their child's healthcare expenses, such as MediShield Life premiums (All Singapore Citizen babies are automatically covered by MediShield Life from birth, including those with congenital and neonatal conditions, for life), recommended childhood vaccinations, hospitalization, and approved outpatient treatments.

 

These are the Integrated Shield plans (IPs) available by our providers.

 


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