Singapore has unveiled a new financial support package that could provide eligible Singaporean families with nearly S$70,000, equivalent to about N94 million, in government benefits for each child from birth until the age of 17.
Prime Minister Lawrence Wong announced the S$62,000 SG Child Support Package during his National Day Rally speech on August 23.
The package comprises a S$10,000 cash Baby Gift, S$32,000 in Child Credits, a S$5,000 Child Development Account (CDA) grant, up to S$5,000 in government CDA co-matching and a S$10,000 top-up to the child’s Post-Secondary Education Account.
Wong said the government was seeking to significantly strengthen the way families are supported rather than simply making minor adjustments to existing schemes.
He said: “The work is still ongoing. We are aiming for more than incremental improvements or changes to individual schemes. We want to make a fundamental shift in how we support families.”
When combined with existing support, including the S$5,000 MediSave Grant for Newborns and annual Edusave contributions, the total government assistance will rise to approximately S$70,000 per child.
The new figure is significantly higher than the current support of between S$27,500 and S$56,500, which varies according to a child’s birth order.
Wong said the revised system would make government assistance easier to understand and more equitable for families.
“The schemes have become quite complex, and many parents find it hard to understand.”
He added: “We will make things simpler. Every child will receive the same level of support. We will provide more support not just at birth but throughout the years, as children grow up.”
The new measures are expected to benefit more than 610,000 children across approximately 380,000 households.
Under the package, the S$10,000 Baby Gift will be distributed in two instalments during the first year following a child’s birth.
The S$32,000 Child Credits will provide S$2,000 annually from the age of one until the child reaches 16.
The government will also provide an additional S$10,000 to the child’s education account when the child turns 17.
The measures form part of Singapore’s broader efforts to encourage childbirth amid a declining birth rate and growing concerns over the country’s ageing population.
Wong said the government was prepared to commit substantial resources to support families and Singaporeans throughout their lives.
“We are putting real resources behind all of these plans because supporting families and Singaporeans through every stage of life is a national priority.”