Photo source: sg.theasianparent.com
What if feels like being a parent in Singapore?
There are lots of reasons why living in Singapore is fun. From the interesting Asian culture, shimmering skyscrapers, Hindu temples, famous mosques and undoubtedly the cleanest and safest city around the globe, being a parent is not just about having great places to stay, but having the best government that supports each of them.
Baby Bonus Scheme is one great way of the government to help Singaporean couples in financial costs of raising their children. The scheme includes a cash gift, CDA and many more.
Here are the grants that parents can avail from the government:
1. Baby Bonus Cash Gift
For every child born on or after January 1, 2015, the government provides a cash gift and a baby bonus plus.
Birth Order Cash Gifts Enhancements Total Baby Bonus Cash Gift
1st & 2nd $6,000 $2,000 Baby Bonus Plus $8,000
3rd & 4th $8,000 $2,000 Baby Bonus Plus $10,000
5th onwards $8,000 $2,000 Baby Bonus Plus $10,000
How it works? Check this out.
2. Child Development Account
Do you have plans on saving up for preschool? Then this is for you.
The CDA First Step Grant is available to eligible Singaporean children born from 24 Mar 2016 onwards. The children will receive $3,000 upfront.
In Child Development Account (CDA), the government will match the amount you saved up to a capped amount. This money can be used for medical expenses, approved healthcare items, childcare fees, etc.
You can use the savings in the CDA at the following Baby Bonus Approved Institutions:
1. Child Care Centres
3. Special education schools
4. Providers of early intervention programmes
5. Providers of assistive technology devices
6. Hospitals and clinics
8. Optical shops
For more info, check here.
3. Tax Rebates
Parenthood Tax Rebate(PTR) grant parents a tax rebate of $5,000 for the 1st child, $10,000 for the 2nd and $20,000 for the 3rd child.Working parents that are in the high income tax bracket is granted more with 15% for the 1st child, 20% for the 2nd, and so on.
4. Child Care Leave
Mothers have maternity leave of 16 weeks. Working fathers have 1 week of paternity leave (mandatory for employers to provide), and 1 additional week of paternity leave offered by employers on a voluntary basis.
Aside from these, both parents who have a child aged below 7 years can have 6 days of paid child care leave per year each.
5. Infant Care Leave
Each parent with child aged below 2 years can take 6 days of unpaid infant care leave per year.
More detailed benefits of Singaporean parents can be found here.