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<p>By Yusuf Danjuma Yunusa</p><div class="FawYoXMd" style="clear:both;float:left;width:100%;margin:0 0 20px 0;"><script async src="https://pagead2.googlesyndication.com/pagead/js/adsbygoogle.js"></script>

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<p>Singapore has announced a new financial support package that will provide each eligible Singaporean child with nearly S$70,000 (about â¦94 million) in government benefits from birth until age 17.</p>
<p>Prime Minister Lawrence Wong announced the S$62,000 SG Child Support Package during his National Day Rally speech on August 23, saying the government wants to make a fundamental change in how families are supported rather than simply making small adjustments to existing schemes.</p>
<p>The package includes a S$10,000 cash Baby Gift, S$32,000 in Child Credits, a S$5,000 Child Development Account (CDA) grant, up to S$5,000 in government CDA co-matching and a S$10,000 top-up to the child’s Post-Secondary Education Account.</p>
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<p>When combined with existing benefits, including a S$5,000 MediSave Grant for Newborns and annual Edusave contributions, total government support will reach about S$70,000 per child. This is higher than the current S$27,500 to S$56,500 parents receive, depending on the child’s birth order.</p>
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<p>Wong said the government would simplify the system because many parents find the existing schemes difficult to understand. He said every child would receive the same level of support, with assistance provided not only at birth but throughout the years as children grow.</p>
<p>The S$10,000 Baby Gift will be paid in two instalments during the first year after birth, while the S$32,000 Child Credits will provide S$2,000 annually from age one until the child turns 16. The government will also give a further S$10,000 top-up to the child’s education account when the child turns 17.</p>
<p>The new package is expected to benefit more than 610,000 children across 380,000 households. The measures are part of Singapore’s wider efforts to encourage more people to have children amid a declining birth rate.</p>
<p>Wong said the government was putting significant resources into the plans because supporting families and Singaporeans through every stage of life remains a national priority.</p>
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