We are a Baby Bonus approved institution!
To support couples in their decision to have more children, the Child Development Co-Savings (Baby Bonus) Scheme helps to lighten the financial costs of raising children. The scheme is part of the Marriage and Parenthood Package and includes a cash gift and contributions to the Child Development Account (CDA).
Child Development Account (CDA)
The CDA is a special savings account for Singaporean children to help build up the savings that can be spent on approved uses at Baby Bonus Approved Institutions. When a CDA is opened, the child will receive CDA benefits comprising (a) the CDA First Step Grant which will be automatically credited after CDA opening and (b) dollar-for-dollar Government co-matching for each dollar that parents deposit in the CDA, up to the co-matching caps shown below. The CDA is opened until the year of the year that the child turns 12 years old.
What are the benefits?
For children born on or after 24 March 2016, they are eligible for the following scheme:
More information on Baby Bonus benefits for children born before 24 March 2016 can be found on Baby Bonus Online
How does it work?
We thank you for participating in the Child Development Co-savings Scheme, and hope you have found it useful. As part of the Government’s efforts to save the environment, we will stop sending hardcopy updates on Government’s matching contribution to your child’s CDA and the remaining cap, from 1 June 2014. Should you wish to check on the status of your CDA remaining cap, you may login to do so. You would also be able to monitor your CDA deposits and the matching contribution by Government, through your bank statements.
The savings in the CDA may be used to pay approved expenses for all your children approved institution registered with the Ministry of Social and Family Development (MSF) under the Baby Bonus Scheme. These include child care centres licensed by MSF, kindergartens and special education schools registered with the Ministry of Education (MOE) or the Council for Private Education (CPE), early intervention programmes registered with the National Council of Social Service (NCSS) or SG Enable, healthcare institutions licensed under the Private Hospitals and Medical Clinics (PHMC) Act, pharmacies registered with the Health Sciences Authority (HSA), optical shops registered with the Accounting and Corporate Regulatory Authority (ACRA) and assistive technology devices providers registered with ACRA or known to either the Ministry of Health (MOH) or SG Enable. The CDA savings can also be used to purchase MediShield or Medisave-approved private integrated plans for all your children. To know if you are eligible for baby bonus, please visit www.babybonus.msf.gov.sg for more information.
