3 Baby Bonus Payouts Parents in Singapore Need to Know (2024)
A comprehensive guide to financial assistance for new parents in Singapore
As expecting or new parents in Singapore, welcoming a little one into the world is a joyous occasion. However, it also comes with a flurry of responsibilities and expenses. Fortunately, the government offers many baby bonus payouts to help lighten the load and ensure that mum and pop can provide the best possible start for their mini-me. From financial assistance to healthcare support, here’s a comprehensive 2024 guide to the baby bonuses available for daddies and mummies in Singapore.
1. Baby Bonus Cash Gift
Let’s face it, babies are a bundle of joy, but they don’t come cheap! The good news is there’s the Baby Bonus Cash Gift to help ease the financial burden of those mountains of diapers and childcare costs.
Parents get cash from the government disbursed in installments. For those having their first and second child, they’ll get S$11,000, while those expecting their third and subsequent children will receive S$13,000 spread out over the next 6.5 years.
| Timeline for Baby Bonus Payout | 1st & 2nd Child | 3rd & Subsequent Children |
|---|---|---|
| Birth | S$3,000 | S$4,000 |
| 6 months old | S$1,500 | S$2,000 |
| 12 months old | S$1,500 | S$2,000 |
| 18 months old | S$1,000 | S$1,000 |
| 2-6.5 years old | +S$400 every 6 months | +S$400 every 6 months |
| Total | S$11,000 | S$13,000 |
What Can the Baby Bonus Cash Gift Be Used for?
This money can be used for anything baby-related, from diapers and formula to childcare, giving your family a much-needed financial boost during those early years.
And the best part? You don’t have to wait too long - the cash usually arrives within seven to ten working days of your child’s birth registration, or after enrolling them in the Baby Bonus Scheme.
2. Child Development Account (CDA)
Aside from the Cash Gift, parents can also open a co-savings account, the Child Development Account (CDA), for their bub.
| Birth Order | First Step Grant | Maximum Government Co-Matching |
|---|---|---|
| 1st child | S$5,000 (for those born after 14 February 2023) | Up to S$4,000 |
| 2nd child | Up to S$7,000 | |
| 3rd child & 4th child | Up to S$9,000 | |
| 5th child | Up to S$15,000 |
First Step Grant
Your child’s CDA can be opened with DBS/POSB, OCBC or UOB. Once the CDA is opened, the First Step Grant is immediately disbursed to the account, without any initial deposit needed.
Dollar-for-Dollar Matching
You can double the savings deposited into your child’s CDA by leveraging the government’s dollar-for-dollar matching, up to a cap depending on the number of children you have.
What Can the Child Development Account (CDA) Be Used for?
The CDA funds can be used at Baby Bonus Approved Institutions that offer childcare, medical services, insurance premiums, optical products, and Assistive Technology Devices (ATD). You can read more about the Child Development Account (CDA) here.
3. MediSave Grant for Newborns (MGN)
Between sniffles, coughs, and the occasional tummy bug, your child’s healthcare costs can add up quickly. Fortunately, the MediSave Grant for Newborns (MGN) provides parents with much needed relief. This S$4,000 grant is automatically credited into your child’s Medisave account. All Singapore Citizen newborns born on or after 26 August 2012 are eligible for the MGN. These include children who are adopted as well as children who are born to divorced or unwed mothers. Those born on or after 26 August 2012, but before 1 January 2015 are eligible for a grant of $3,000, while those born on or after 1 January 2015 are eligible for the enhanced MGN of $4,000.
What Can the MediSave Grant for Newborns (MGN) Be Used For?
This one-time grant helps to cover your child’s healthcare expenses, such as MediShield Life premiums, recommended childhood vaccinations, hospitalisation, and approved outpatient treatments.
Bundle of Joy & Cash This 2024
Navigating the journey of parenthood is undoubtedly challenging, but with Singapore’s array of baby bonus payouts and support schemes in 2024, parents can breathe a little easier knowing that help is on-hand.