We bring you 3 ways to make childcare in Singapore more affordable. Not many people know about these options, so do make sure you read carefully!
As parents, we always try and do what’s best for our child. And that includes sending them to the best possible childcare that we can afford.
But let’s face it: some childcare costs in Singapore are exorbitant, and however much we may like the childcare centre’s curriculum, policies or environment, sending our kids there is out of the question because of the high fees.
There is a solution to this problem but not many Singaporeans know about this. If you think that childcare costs have been escalating beyond your reach, it’s time to stop worrying.
We bring you 3 clever ways of tapping on existing Government schemes to make childcare more affordable to you.
3 ways of making childcare costs affordable
1. Tap on your child’s CDA to defray childcare costs
If your child is eligible for the Baby Bonus, the savings in their Child Development Account (CDA) will be matched dollar-for-dollar up to the cap of $6,000 each for the first and second child, $12,000 each for the third and fourth child and $18,000 each for the fifth and subsequent child.
The Government will match your savings in the following month. This means if you deposit $400 in your child’s CDA, the Government will match another $400 in the following month. You can tap on the savings in the CDA to pay for your child’s school fees at childcare centres which are approved Institutions registered with the Ministry of Social and Family Development (MSF) under the Baby Bonus Scheme.
You can arrange with your childcare centre to deduct the school fees from the CDA, through GIRO on a monthly basis. A simple way to cut down on out-of-pocket expenses for childcare fees.
2. Subsidy scheme for low & middle income families
The Government is raising subsidies to make child and infant care services more affordable for lower and middle-income families.
On 1 April 2013, the ComCare child care subsidies (also known as the Centre Based Financial Assistance for Child Care or CFAC) was combined with the universal working mother subsidy, into one subsidy framework.
Find out more on the next page how this scheme and others will help you reduce childcare costs.