Singapore: Beginning in mid-September, all Singaporean children up to six years old will receive a one-off top-up of S$ 400( US$ 296 ) to their Child Development Accounts ( CDAs ), according to the Ministry of Finance ( MOF ) and Minister of Social and Family Development( MSF ), which was announced on Monday( Sep 4 ).
According to a combined press release from the departments, the top-up, which is twice what was distributed in 2022, will help on 240,000 kids.
According to MOF and MSF,” The CDA top-up is part of the additions to the Assurance Package announced at Budget 2023 to supply people with more financial assistance in the child’s first years.”
In May, they added, young Singaporeans between the ages of seven and twenty would have already received a one-off S$ 300 top-up to their Edusave accounts or Post-Secondary Education Accounts.
From the middle of September or, whichever comes later, after a CDA is opened, the top-up will be instantly credited into transactions.
For their kids to get the top-up, parents who have not yet opened a CDA must do so by June 30, 2024.
After the CDA top-ups have been credited,” CDA directors may be notified via SMS, message, or hard copy text ,” according to MOF and MSF.
” Parents can see their child’s Cd balance by looking at their bank.” CDA speech on a monthly basis. “”
Messages sent via SMS will be sent from the SMS ID” MSF” to prevent scams.
According to the departments,” The alert will only include information on the status of the top-up after it has been credited into the boy’s CDA.”
” CDA directors won’t be asked to respond to the SMS, push any links, or give the recipient any info.”
WhatsApp and other mobile app communications platforms won’t be used to send messages on the CDA top-up. “”