PARENTS of Singaporean children born from Tuesday (Feb 14) will receive an additional S$3,000 from the Baby Bonus Cash Gift, regardless of their birth orders.

The government will also increase its contributions to the Child Development Account (CDA), which parents can use to directly offset preschool and healthcare expenses.

The Baby Support Grant of S$3,000, which was meant as a one-off payment for eligible Singaporean children born from Oct 1, 2020 to Sep 30, 2022 during the pandemic, will be extended to include children born between Oct 1, 2022 and Feb 13, 2023. This will be disbursed in the second half of the year.

These were among a host of financial support measures for young parents unveiled by Finance Minister Lawrence Wong in his Budget speech on Tuesday.

Under the Baby Bonus Scheme, first- and second-time parents receive cash of between S$1,000 and S$3,000 throughout the first 18 months of their child’s life.

A sum of S$400 would be given every six months starting from when the child is two until he or she turns six-and-a-half.

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The same disbursement schedule will also apply to parents for their third and subsequent child, except that the lump-sum payments over the first 18 months from birth is a larger quantum.

The National Population and Talent Division (NPTD), which is under the Strategy Group in the Prime Minister’s Office, said that spreading out the cash over a longer period would help parents receive continuous support till their child enters primary school. 

As for the CDA, the government will increase its initial grant from S$3,000 to S$5,000 from Feb 14. Parents contributions’ to the account will also be matched by the government at a higher cap of S$4,000 for the first child, and S$7,000 for the second child — an increase of S$1,000.

The maximum amount the government will co-match parents’ contribution to the development account for their third and fourth child will remain at S$9,000.

NPTD said that time is needed to effect changes to legislation, as well as IT and payment systems. As such, the increased financial support will be paid from early 2024, even though it applies to Singaporean children born from Feb 14.

Depending on the birth order, each child will get an additional $5,000 or $6,000, with a total of up to S$24,000 in financial support for the first child, and up to S$27,000 for the second.

Said Wong: “To all young married couples: Whether you already have a newborn, or are expecting a baby, or plan to have a baby, we have something to help you in your parenthood journey.”