👨🍼 AT A GLANCE: New marriage and parenthood support measures announced in Budget2023 include an enhanced Baby Bonus cash gift, higher contributions to Child Development Accounts and a doubling of paid paternity leave.
The measures include an enhanced Baby Bonus cash gift, higher Government contributions to Child Development Accounts and a doubling of paid paternity leave.
In recent years, the Government has been offering measures to encourage Singaporeans to have children amid aINCREASE IN BABY BONUS CASH SCHEME The Government will increase its contributions to the CDA, which is a co-savings scheme with the Government that is used to offset the preschool and healthcare expenses of children.The first component is the First Step Grant, which is the initial deposit that the Government makes to the account. The second component involves the Government matching the savings that parents put into the account.The Government will also increase the cap in which they match the savings of parents’ under the CDA.
“So to all young married couples, whether you already have a newborn or you are expecting a baby, or plan to have a baby, we have something to help you in your parenthood journey,” said Mr Wong.The tax relief for working mothers to encourage them to continue working after having children, will move from a percentage of the mother’s earned income to a fixed dollar relief system.
The Government-paid paternity leave for fathers will be doubled from two to four weeks. It will apply to parents who have children born next year.
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