The Baby Bonus scheme comprises a cash gift and an account (the Children Development Account, or CDA) that attracts dollar-for-dollar matching for savings you put into it. 3 new mums share tips on how to do more with your Baby Bonus.
Extracted from : http://www.ocbc.com/personal-banking/mightysavers/blog/articles/landing_article_bonus.html
Extracted from : http://www.ocbc.com/personal-banking/family/cda_about.shtm
Extracted from : http://www.ocbc.com/personal-banking/mightysavers/babybonus/solution/schoolplan.html
Saturday, February 5, 2011
Experts explain S’pore’s declining birth rate
Experts believe the high cost of living is the main deterrent to couples having children. (Photo: AFP Images).
They are only getting married in June, but already the couple have decided against having any children.
Speaking to The Straits Times (ST), civil servant Jean Heng, 30, said she chooses her independence and freedom above having a baby.
She said, “Life in Singapore is very stressful. Work takes up a huge amount of time and I have no energy to take care of kids. If I want to have kids, I would want to devote enough resources in terms of time and money.”
Ms Heng and her teacher-fiance are just one of the many couples in Singapore who have decided to strike babies off their marriage checklist, citing common reasons such as financial and time constraints.
Experts ST spoke to are not surprised by the findings of the Census of Population 2010, which saw more childless married women and more one-child families. They cited the high cost of living as a main reason for couples shying away from raising children.
Associate Professor Tan Khye Chong, a statistics lecturer from Nanyang Technological University, said both husband and wife have to work to pay off the property loan. “It’s more difficult to start a family with both working and some may put off having a family until they are older.”
Professor Gavin Jones, a demographer at the Sociology department at the National University of Singapore, said the “perceived high financial and opportunity cost” deters couples.
“Once they have children, it closes off options seen as desirable; for example, free time, holidays and a career,” he said, adding that parents are also under pressure to produce “quality children” to do well in school and get ahead in life.
“There is pressure to devote a lot of effort to parenting, so it means giving them things like tuition. It’s a highly labour-intensive process to raise kids here,” he said.
Experts expect the low numbers to translate into far-reaching implications for the country, reported ST.
Singapore Management University’s Assistant Professor of Asian Studies Hoon Chang Yau said the increase in immigrants needed to make up the Republic’s workforce will “lead to a more complex society with more people from around the world settling here”.
“While it can be quite exciting, there will also be anxiety over the change in the Singapore identity,” he added. Policies would also need to be tweaked to cope with an already ageing population, which means people would have to work even longer.
The recent Census of Population 2010 found a six percentage point increase in the proportion of childless married women aged 30 to 39 and a near-3 percentage point increase in women in their late 40s.
Higher-educated women are having fewer children, compared to their less-educated counterparts, the Census found.
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Extracted from : http://sg.yfittopostblog.com/2011/01/14/experts-explain-spores-declining-birth-rate/
OCBC Bank partners MCYS for Baby Bonus - August 2008
About Baby Bonus
From 1st August 2008, OCBC Bank partnered the Ministry of Community Development, Youth and Sports (MCYS) to be a Managing Agent of the Baby Bonus Children Development Accounts.
We know that when it comes to providing your children with the best in life, every little bit of help counts. The Baby Bonus Scheme aims to give you a head-start with cash gifts as well as the Children Development Account (CDA) dollar-for-dollar matching Government contribution.
We know that when it comes to providing your children with the best in life, every little bit of help counts. The Baby Bonus Scheme aims to give you a head-start with cash gifts as well as the Children Development Account (CDA) dollar-for-dollar matching Government contribution.
Baby Bonus Scheme
The Baby Bonus Scheme supports parents' decision to have more children by helping to lighten the financial costs of raising children. It was introduced on 1 April 2001 and enhanced on 1 August 2004. The latest enhancements on 17 August 2008 extended increased benefits to the first and second child and benefits to Singapore citizen children beyond the fourth child.
You will get a cash gift of up to S$4,000 each for your 1st and 2nd child and S$6,000 each for your 3rd and 4th child. All your children born on or after 17 August 2008 will also enjoy Government contributions in the form of a dollar-for-dollar matching for the amount of savings you contribute to your child's Children Development Account (CDA). If your child is born before 17 August 2008, he or she will enjoy the Government matching contributions in the CDA if he or she is your second to fourth child.
You will get a cash gift of up to S$4,000 each for your 1st and 2nd child and S$6,000 each for your 3rd and 4th child. All your children born on or after 17 August 2008 will also enjoy Government contributions in the form of a dollar-for-dollar matching for the amount of savings you contribute to your child's Children Development Account (CDA). If your child is born before 17 August 2008, he or she will enjoy the Government matching contributions in the CDA if he or she is your second to fourth child.
Extracted from : http://www.ocbc.com/personal-banking/family/cda_about.shtm
Baby Bonus scheme will not be extended to 5th child and beyond
SINGAPORE: The Baby Bonus scheme will not be extended to the fifth child and beyond, said Minister of State for Community Development, Youth and Sports, Mrs Yu-Foo Yee Shoon.
She was replying to a question from MP Lee Bee Wah of Ang Mo Kio GRC in Parliament on Monday.
She said: "For those low-income (families), I do agree that they face a financial difficulty, but it is a policy that we don't encourage them or incentivise them to have more children, especially because of this big cash bonus.
"So we hope that they should raise their existing children properly and educate them well and hope that they can get out of poverty."
Under the Baby Bonus scheme, the first and second child in a family will get a cash gift of S$3,000 each from the government, while the amount goes up to S$6,000 each for the third and fourth child.
Although the Baby Bonus scheme has not been extended to the fifth child and beyond, Mrs Yu-Foo pointed out that this year's Marriage and Parenthood Package has extended the Baby Bonus co-savings component to the fifth child and beyond.
This means that for these children, the government will match up to S$18,000 of savings put in by parents.
As this is no less than the support provided for the first four children, Mrs Yu-Foo said parents who have five children or more and who are able to co-save are in no way disadvantaged. - CNA/vm
Extracted from : http://www.channelnewsasia.com/stories/singaporelocalnews/view/376043/1/.html
She was replying to a question from MP Lee Bee Wah of Ang Mo Kio GRC in Parliament on Monday.
She said: "For those low-income (families), I do agree that they face a financial difficulty, but it is a policy that we don't encourage them or incentivise them to have more children, especially because of this big cash bonus.
"So we hope that they should raise their existing children properly and educate them well and hope that they can get out of poverty."
Under the Baby Bonus scheme, the first and second child in a family will get a cash gift of S$3,000 each from the government, while the amount goes up to S$6,000 each for the third and fourth child.
Although the Baby Bonus scheme has not been extended to the fifth child and beyond, Mrs Yu-Foo pointed out that this year's Marriage and Parenthood Package has extended the Baby Bonus co-savings component to the fifth child and beyond.
This means that for these children, the government will match up to S$18,000 of savings put in by parents.
As this is no less than the support provided for the first four children, Mrs Yu-Foo said parents who have five children or more and who are able to co-save are in no way disadvantaged. - CNA/vm
Extracted from : http://www.channelnewsasia.com/stories/singaporelocalnews/view/376043/1/.html
Singapore Baby Bonus Explained
t’s good to have babies – enjoying the cute little ones, having family life, experiencing unconditional love, passing down your genes… now it even got better. You get paid for having kids. Yup you read right, in Singapore you actually get cash incentives for doing the boogy woogy with your partner and creating an embodiment of yourselves!
The Singapore Baby Bonus Scheme, first introduced in April 2001 and enhanced in August 2004, supports parents’ decision to have more children by helping to ease the financial costs of raising children. The scheme was reviewed again and made more attractive for parents starting from 17th August 2008, with increased benefits. What better way to motivate parents, or rather Singaporean parents than fresh smelling, cold hard cash! Read on to understand the latest enhancements of the baby bonus.
So, What is it?
1. Monetary Gift
You will receive a monetary gift of $4,000 each for your first and second child. For your third and fourth child, you will receive $6,000 each. The money will be given out in four equal installments over 18 months. There are no monetary incentives for the fifth child onwards.
2. Children Development Account (CDA)
The CDA is a special savings account that you open at any OCBC Bank or Standard Chartered Bank branch for your child who is eligible for CDA. You can save in the CDA any time until 31st December in the year the child turns 6 years of age. The savings you contribute to the CDA have a cap of $6,000 each for the first and second child, $12,000 each for the third and fourth child and $18,000 for the fifth child and beyond. The government will match your contribution to the CDA dollar for dollar, for example if you contribute a sum of $5,100 for your first child, the government will top it up with another $5,100 to make it $10,200 in your child’s account.
Benefits of CDA
The savings in the CDA may be used to pay fees for all your children who are attending Approved Institutions registered with MCYS under the Baby Bonus Scheme. These include child care centres, kindergartens & special education schools registered with the Ministry of Education. The CDA savings can also be used to purchase MediShield or Medisave-approved private integrated plans for all your children and pay for all your children’s medical-related expenses. These would include consultation fees, treatment fees and prescription costs incurred at healthcare institutions.
The savings in CDA may be used to pay for all your children, which means savings from your first child’s CDA may be used to pay for your second child’s medical expenses or education. However, the one restriction to take note is that when using the CDA to pay for another child, only children below the age of 6 may use their siblings CDA for their educational needs. Children above 6 can use another child’s CDA for their medical expenses only.
Who is eligible?
A child is eligible if he or she is:
• born on or after 17 August 2008
• a Singapore citizen or becomes a Singapore citizen
• the child is born alive to the mother; and
• the mother is lawfully married to the child’s father
Children born prior to August 2001 are not eligible for any baby bonus.
Baby Bonus One-Stop Service
To make it more convenient for you to join the Baby Bonus Scheme, a one-stop service is available at the birth registration counters at the hospitals and the Immigration & Checkpoints Authority (ICA). The hospitals are East Shore Hospital, Gleneagles Hospital, KK Women’s and Children’s Hospital, Mount Alvernia Hospital, Mount Elizabeth Hospital, National University Hospital, Raffles Hospital, Singapore General Hospital and Thomson Medical Centre.
Actual payment of the enhanced Baby Bonus benefits will only be made after the necessary legislative and administrative changes are completed.
There has never been a better time to start a family!
For more information on the Singapore baby bonus scheme and benefits you can visit the official website at:
Do also check out our other baby bonus articles recommended below…and hey if you enjoyed reading the article drop me a comment…or if you can think of better ways of getting Singaporeans to reproduce then share that with all of us too!
Extracted from : http://sg.theasianparent.com/articles/singapore_baby_bonus_explained
Baby Bonus Scheme by MCYS
For: Parents Topics: parenting & baby bonus
Get cash gifts and dollar-for-dollar savings accounts for your children. Baby Bonus helps parents lighten the financial costs of raising children.
The Baby Bonus Scheme supports parents' decision to have more children. Under this scheme, parents can get cash gifts for their 1st, 2nd, 3rd and 4th children.
On top of that, eligible children will qualify for Children Development Accounts (CDAs) with authorised banks. CDAs are special savings accounts where the Government will contribute a matching dollar for every dollar you deposit, up to a maximum cap.
The savings in CDAs may be used to pay fees for all your children who are attending Approved Institutions registered with MCYS under the Baby Bonus Scheme.
Local Hotline: 1800 253 7707 (Calling from Singapore)
Overseas Hotline: (65) 6253 7707 (Calling from overseas)
Fax: (65) 6355 2124
Email: mcys_babybonus@mcys.gov.sg
Office Hours: 8.30am to 5.30pm, Monday to Friday
Extracted on : http://app1.mcys.gov.sg/Assistance/BabyBonusScheme.aspx
The Baby Bonus Scheme supports parents' decision to have more children. Under this scheme, parents can get cash gifts for their 1st, 2nd, 3rd and 4th children.
On top of that, eligible children will qualify for Children Development Accounts (CDAs) with authorised banks. CDAs are special savings accounts where the Government will contribute a matching dollar for every dollar you deposit, up to a maximum cap.
The savings in CDAs may be used to pay fees for all your children who are attending Approved Institutions registered with MCYS under the Baby Bonus Scheme.
For More Info
Baby Bonus SchemeLocal Hotline: 1800 253 7707 (Calling from Singapore)
Overseas Hotline: (65) 6253 7707 (Calling from overseas)
Fax: (65) 6355 2124
Email: mcys_babybonus@mcys.gov.sg
Office Hours: 8.30am to 5.30pm, Monday to Friday
Extracted on : http://app1.mcys.gov.sg/Assistance/BabyBonusScheme.aspx
Baby Bonus Scheme Cash Gift
1st child $3,000 cash gifts no dollar for dollar match up
2nd child $3,000 cash gifts and dollar for dollar match up of $6,000
3rd & 4th child, $6,000 cash gifts and dollar for dollar match up of $12,000
Extracted : http://www.singaporemotherhood.com/forumboard/messages/36738/906499.html?1243319017
2nd child $3,000 cash gifts and dollar for dollar match up of $6,000
3rd & 4th child, $6,000 cash gifts and dollar for dollar match up of $12,000
Extracted : http://www.singaporemotherhood.com/forumboard/messages/36738/906499.html?1243319017
Children Development Co-Savings (Baby Bonus) Scheme
Cash Gift
You will get a cash gift of up to $4,000 each for your 1st and 2nd child and $6,000 each for your 3rd and 4th child. All your children born on or after 17 August 2008 will also enjoy Government contributions in the form of a dollar-for-dollar matching for the amount of savings you contribute to your child’s Children Development Account (CDA). If your child is born before 17 August 2008, he or she will enjoy the Government matching contributions in the CDA if he or she is your second to fourth child.
Matching Government Contribution in Children Development Account (CDA)
The CDA is a special savings account that you open at any OCBC Bank or Standard Chartered Bank branch for your child who is eligible for CDA. You can save in the CDA any time until 31 December in the year your child turns 6 years of age. The savings will be matched 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.
The savings in the CDA may be used to pay fees for all your children who are attending Approved Institutions registered with MCYS under the Baby Bonus Scheme. These include child care centres, kindergartens & special education schools registered with the Ministry of Education or the Council for Private Education (CPE), and early intervention programmes registered with the National Council of Social Service (NCSS) or the Centre for Enabled Living (CEL). The CDA savings can also be used to purchase MediShield or Medisave-approved private integrated plans for all your children and pay for all your children’s medical-related expenses. These would include consultation fees, treatment fees and prescription costs incurred at healthcare institutions.
Baby Bonus One-Stop Service
To make it more convenient for you to join the Baby Bonus Scheme, a one-stop service is available at the birth registration counters at the hospitals and the Immigration & Checkpoints Authority (ICA). The hospitals are Gleneagles Hospital, KK Women’s and Children’s Hospital, Mount Alvernia Hospital, Mount Elizabeth Hospital, National University Hospital, Parkway East Hospital, Raffles Hospital, Singapore General Hospital and Thomson Medical Centre.
Extracted : https://www.babybonus.gov.sg/bbss/html/faq.html
You will get a cash gift of up to $4,000 each for your 1st and 2nd child and $6,000 each for your 3rd and 4th child. All your children born on or after 17 August 2008 will also enjoy Government contributions in the form of a dollar-for-dollar matching for the amount of savings you contribute to your child’s Children Development Account (CDA). If your child is born before 17 August 2008, he or she will enjoy the Government matching contributions in the CDA if he or she is your second to fourth child.
Matching Government Contribution in Children Development Account (CDA)
The CDA is a special savings account that you open at any OCBC Bank or Standard Chartered Bank branch for your child who is eligible for CDA. You can save in the CDA any time until 31 December in the year your child turns 6 years of age. The savings will be matched 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.
The savings in the CDA may be used to pay fees for all your children who are attending Approved Institutions registered with MCYS under the Baby Bonus Scheme. These include child care centres, kindergartens & special education schools registered with the Ministry of Education or the Council for Private Education (CPE), and early intervention programmes registered with the National Council of Social Service (NCSS) or the Centre for Enabled Living (CEL). The CDA savings can also be used to purchase MediShield or Medisave-approved private integrated plans for all your children and pay for all your children’s medical-related expenses. These would include consultation fees, treatment fees and prescription costs incurred at healthcare institutions.
Baby Bonus One-Stop Service
To make it more convenient for you to join the Baby Bonus Scheme, a one-stop service is available at the birth registration counters at the hospitals and the Immigration & Checkpoints Authority (ICA). The hospitals are Gleneagles Hospital, KK Women’s and Children’s Hospital, Mount Alvernia Hospital, Mount Elizabeth Hospital, National University Hospital, Parkway East Hospital, Raffles Hospital, Singapore General Hospital and Thomson Medical Centre.
Extracted : https://www.babybonus.gov.sg/bbss/html/faq.html
Gov’t to review Baby Bonus scheme
he Baby Bonus scheme will be undergoing its third review this year. (AFP Photo)
At a time when Singapore’s fertility rate has hit a historic low, the government will be reviewing a scheme that aims to encourage married couples to have more children.
This will be the third time the government is reviewing the Baby Bonus scheme. It was reviewed twice, in 2004 and 2008, after the scheme was introduced in 2001, reported Channel NewsAsia (CNA).
It was reported that the Ministry of Community Development, Youth and Sports will be conducting a survey between April and June this year, targeting some 3,000 parents who have benefited from the Baby Bonus scheme. The survey seeks to find out how satisfied parents are with the way the scheme is implemented.
The Baby Bonus scheme provides a cash incentive for parents to help them defray the financial cost of raising children. Under this scheme, parents are given a cash gift of up to S$4,000 each for the first and second child, and S$6,000 each for the third and fourth child.
The government also gives a dollar-for-dollar match when parents contribute to their child’s Children Development Account. Parents can tap on the scheme when they register for their child’s birth at hospitals and the Immigration & Checkpoints Authority.
The Baby Bonus scheme’s lack of success can be seen when the government gave out some S$230 million in baby bonus payments in 2009, up from S$55 million in 2004, but the total fertility rate did not increase accordingly.
In 2010, the total fertility rate fell to 1.16. The replacement rate is at 2.1
Observers told CNA they welcomed the move but felt processes need to be further strengthened.
Research leader of the Asia Research Institute at the National University of Singapore Gavin Jones said, singles should also be asked if such a scheme makes a difference to their marriage and child bearing decisions. This would provide an understanding of the perceptions among the community who have not yet started having children.
Experts also told CNA a higher pay out may be needed, although this would only have a short term impact as the cost of living goes up.
Some suggested bolder measures, including making childcare free and legislating paternity leave.
Chairman of the Government Parliamentary Committee for Community Development, Youth and Sports Seah Kian Peng highlighted the need for more innovative ideas on tackling the low birth rate. “Some may work, some may not work, but I think we should really venture out of the current schemes that we have talked about,” he said.
He suggested, “In housing…maybe for those who a second child, we give them a chance to upgrade, a priority to upgrade to a bigger flat.”
“We should look beyond current schemes, to see what else can be done, and really adopt a whole of a government approach, from accommodation, to housing to paternity, maternity leave and certainly the baby bonus scheme,” he told CNA.
Source : http://sg.yfittopostblog.com/2011/02/05/govt-to-review-baby-bonus-scheme/
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