Singapore has unveiled a new financial support package that will provide eligible Singaporean children with nearly S$70,000, equivalent to about ₦94 million, in government benefits 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, saying the government intends to fundamentally change how families are supported rather than make minor adjustments to existing schemes.
The package includes 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.
When combined with existing benefits, including the S$5,000 MediSave Grant for Newborns and annual Edusave contributions, total government support will rise to about S$70,000 per child.
The figure is significantly higher than the current support of between S$27,500 and S$56,500 that parents receive, depending on the child’s birth order.
Wong said the government would simplify the system because many parents find the existing schemes difficult to understand.
Under the new arrangement, every eligible child will receive the same level of support, with assistance provided not only at birth but throughout their childhood.
The S$10,000 Baby Gift will be paid in two instalments during the child’s first year, while the S$32,000 Child Credits will provide S$2,000 annually from age one until the child turns 16.
The government will also provide an additional S$10,000 top-up to the child’s Post-Secondary Education Account when the child turns 17.
The new package is expected to benefit more than 610,000 children across approximately 380,000 households.
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