Singapore is introducing a new child support package that will provide each eligible Singaporean child with nearly S$70,000, equivalent to about N94 million, in government benefits from birth until age 17.

Prime Minister Lawrence Wong announced the S$62,000 SG Child Support Package during his National Day Rally speech on August 23.

The new package brings together several forms of assistance, including a S$10,000 cash Baby Gift, S$32,000 in Child Credits, a S$5,000 Child Development Account 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 wants to move beyond making incremental adjustments to individual support schemes and instead introduce a fundamental change in the way families receive assistance.

When existing benefits are added to the new package, total government support will reach about S$70,000 per child. These existing benefits include a S$5,000 MediSave Grant for Newborns and annual Edusave contributions.

The total represents a significant increase from the current S$27,500 to S$56,500 that parents receive, depending on their child’s birth order.

Wong said the revised system is intended to make government assistance easier for families to understand while creating greater equality in the level of support provided.

He noted that existing schemes had become complex and difficult for many parents to navigate. Under the new arrangement, every child will receive the same level of support, with assistance extending beyond the early stages of life and continuing as children grow.

The package is expected to benefit more than 610,000 children across 380,000 households.

Under the new arrangement, 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 every year from age one until the child turns 16.

A further S$10,000 will be added to the child’s education account when the child reaches 17 years old.

The measures form part of Singapore’s broader efforts to encourage people to have more children as the country deals with a declining birth rate.

Wong said the government was committing substantial resources to the initiative because supporting families and Singaporeans throughout every stage of life remains a national priority.

Source: Leadership