AutismSTEP Is a Baby Bonus Singapore Approved Institution
Raising children in Singapore is becoming costly, but with couples delaying having kids, it has contributed to the country’s decreasing fertility rates. To encourage and support couples in their decision to have more children, the government has approved the Child Development Co-Savings (Baby Bonus) Scheme to help lighten the financial costs of building a family. The scheme provides couples and their children with financial support as part of Singapore’s Marriage and Parenthood Package.
What is incorporated in the Baby Bonus Singapore Scheme?
Child Development Account
The Child Development Account (CDA) is a trust account that belongs to the child. The account will help build the savings that can be allotted on services by Baby Bonus Singapore approved institutions to assist in educational and healthcare expenses. Your child’s CDA will be opened within 3 to 5 days of their birth registration, and you’ll have up to 12 years to save in the CDA.
The components include the CDA First Step Grant and the Dollar-for-Dollar Matching Cap. The First Step Grant is a government grant of SGD3,000 that will be deposited in your child’s CDA account. Meanwhile, Dollar-for-Dollar Matching is an initiative wherein the amount you have deposited if the child turns 12 years, the government will match the exact amount.
Who is eligible for the Baby Bonus Singapore Scheme?
The Baby Bonus Singapore Scheme will be given if your child is eligible to receive it. They should be a Singaporean citizen, and the parents should be lawfully married. However, single mothers and fathers are not eligible for the Cash gift. Nevertheless, they will still receive the CDA benefits as long as their child was born on or after 1 Sept 2016.
What will happen to the CDA account after the child turns 12?
In the CDA account, any remaining balance left will be transferred to their Post-Secondary Educational Account (PSEA). The parents who could not save up to the co-matching cap can still contribute to their child’s PSEAS account. They can still receive the matching amount until their child turns 18 or they have reached the recommended cap.
How to apply for Baby Bonus Singapore?
If you want to apply for the Baby Bonus Singapore, you can visit the portal and follow the instructions for registration. You will need your Singpass to enroll your children. You can submit the requirements and form as early as eight weeks before your child is born or after their birth registration.
AutismSTEP is an approved institution for you to use your Baby Bonus package, particularly the CDA benefit. Call us now at +65 6456 9950 to know more about it!
