In a move to safeguard the life of Singapore children financially, the government has announced that Singaporean children up to the age of six years will receive a top-up of $200 to their Child Development Account (CDA).
The CDA top-up will begin from mid-September onwards this year and it will benefit up to 250,000 children, the government added further.
The announcement is certainly a good one for Singapore parents as it brings a certain level of protection for children during these trying times in the wake of the pandemic.
CDA Top-up For Education, Health Expenses
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The money in the Child Development Account Singapore can be used to pay the child or their siblings’ education and health expenses at registered schools, childcare centres, clinics and hospitals.
Children are presently the most vulnerable individuals. With a vaccination for kids yet to come into place, it does leave them out in the open. Moreover, the faster transmissible delta variant can affect children faster.
Financial support then will be beneficial for families in Singapore. It also ensures that kids continue with studies and aren’t at the risk of dropping out due to the family’s financial constraints.
You can check out the complete list of places where funds from the CDA can be used on this link.
Part Of The Household Support Package
The top-up is a part of the Household Support Package, announced by the government in Budget 2021. They will credit the money directly into the child’s account.
Parents will receive a notification once the money goes into the child’s account.
Those parents who haven’t opened a Child Development Account Singapore yet, you can do so by June 30, 2022.
The government had previously distributed top-ups to Singapore children between the age of seven and 20 years in May this year. The children got the $200 top-up to their EduSave account or Post-Secondary Education Account.
Earlier this year, the government announced its plan to introduce a $900 million Household Support package for Singaporean households.
Given uncertainty and frequent lockdowns, the economic situation has been vulnerable for many in Singapore.
More Schemes For Singapore Citizens Given The Economic Uncertainty
As part of the Household Support package, the citizens will receive Goods and Service Tax (GST) vouchers, the extension of rebates on Service and Conservancy Charges (S&CC), Community Development Council (CDC) vouchers.
The $200 top-up to government-backed accounts is for families with Singaporean children below the age of 21 years.
During the announcement, Deputy Prime Minister Heng Swee Keat said that the package “offers some support to all families, with lower- to middle-income families receiving more.”
Additionally, all eligible Housing and Development Board (HDB) households will receive an added 50 per cent of their regular GST Voucher–U-Save this year. This will be done through a one-off GST Voucher-U-Save Special Payment.
A government credited a payment between $120 and $200 in April and July this year. It will be together with the regular U-Save rebates.
The CDA top-up scheme will benefit a total of 780,000 Singaporean children across different ages.
News Source: The Straits Times
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