Published on 28 July 2023
SINGAPORE, 28 July 2023 – Parents will receive the enhanced Baby Bonus benefits from 1 Aug 2023, ahead of planned implementation in early 2024.
2 The enhanced Baby Bonus Scheme, comprising the Baby Bonus Cash Gift (BBCG) and the Child Development Account (CDA), was announced by Deputy Prime Minister and Minister for Finance Lawrence Wong during Budget 2023. Families with eligible Singaporean
children born on or after 14 Feb 2023 will receive an increased BBCG with a longer pay-out period and more Government contributions to the CDA. During Budget 2023, the implementation timeline was estimated as early 2024. Since then, agencies have
successfully expedited the legislation and system updates necessary to bring forward the implementation timeline to 1 Aug 2023.
3 Parents with eligible children who are born from 14 Feb 2023 are advised to take note of the payout period and implementation timeline of the enhanced Baby Bonus Scheme. Please refer to the table below for more details.
|(A) For child enrolled in the Baby Bonus Scheme from 1 Aug 2023:|
Receive First Step Grant in the CDA within 2 weeks from opening of CDA.
Receive Government co-matching contributions within 2 weeks from your deposit into the CDA (excluding public holidays).
|(B) Phased approach for child who had enrolled in the Baby Bonus Scheme between 14 Feb and 31 Jul 2023:|
1. From 14 Feb to 30 Jun 2023:
- Additional $2,000 First Step Grant will be paid into the CDA (by mid-Aug 2023).
- Parents can start saving in the CDA from 1 Aug 2023 and receive Government co-matching contributions up to the additional cap of $1,000, within 2 weeks of deposit (excluding public holidays).
2. From 1 to 31 Jul 2023:
- Additional $2,000 First Step Grant will be paid into the CDA (by 1 Oct 2023).
- Parents can start saving in the CDA from 1 Aug 2023 and receive Government co-matching contributions, up to the additional cap of $1,000, by 1 Oct 2023. Savings made after 1 Oct 2023 will be co-matched within 2 weeks of deposit.
4 For enquiries on the enhanced Baby Bonus Scheme, parents may call 1800 111 2222 (MSF Hotline) or visit the FAQs on Baby Bonus website at www.babybonus.msf.gov.sg.
Issued by the Ministry of Social and Family Development and Strategy Group, Prime Minister’s Office
28 July 2023