SINGAPORE: The Baby Bonus Cash Gift will be increased by S$3,000 for babies born from Tuesday (Feb 14), announced Deputy Prime Minister Lawrence Wong in his Budget speech.
The payout schedule will also be adjusted to provide financial support regularly every six months until the child turns six-and-a-half years old, he said.
Currently, parents receive S$8,000 each in Baby Bonus Cash Gift for their first and second child, and S$10,000 for their third child and beyond. The cash is disbursed in five instalments over the first 18 months after the child is born.
With the adjustments, parents of babies born on Feb 14 and after will receive S$11,000 each for their first and second child, and S$13,000 for their third child and beyond.
The parents will be eligible for the Baby Bonus Cash Gift if they are lawfully married and the child is a Singapore citizen. The scheme was last enhanced in 2015.
The move will significantly increase financial support in a child’s early years, said Mr Wong, who is also Finance Minister.
“To all young married couples, whether you already have a newborn, or you’re expecting a baby, or you plan to have a baby, we have something to help you in your parenthood journey,” he added.
Under the adjusted scheme, parents having their first or second child will receive S$7,000 in the first 18 months after their child is born, said the National Population and Talent Division (NPTD) in a separate media release.
Parents having their third child and beyond will receive S$9,000 in the first 18 months.
The remaining amount will be disbursed in tranches of S$400 every six months until the child turns six-and-a-half years old, said NPTD.
This will allow parents to receive continuous support until their child enters primary school, said Mr Wong.
The enhanced Baby Bonus Cash Gift will be paid out from early 2024.
The S$3,000 Baby Support Grant, a one-off grant which was introduced during the COVID-19 pandemic, will also be extended to parents of babies born from Oct 1, 2022, to Feb 13 this year, announced Mr Wong.
The grant was previously given to parents of Singaporean children born from Oct 1, 2020, to Sep 30, 2022, to encourage couples to proceed with their parenthood plans through the pandemic.
The extended grant will be disbursed in the second half of 2023, said NPTD.