Children bring joy to the family. To support couples in their decision to have more children, the Child Development Co-Savings (Baby Bonus) Scheme helps to defray the costs of raising children. The scheme is part of the Marriage and Parenthood Package and was enhanced in 2013. The scheme includes a cash gift and contributions to the Child Development Account (CDA).
The CDA is meant only for use by the CDA child member and the siblings. Parents, other relatives and friends are not allowed to use the child's CDA.
The savings in the CDA may be used to pay approved expenses for your children at Approved Institutions registered with MSF under the scheme, including:·
- Child care centres licensed by Early Childhood Development Agency (ECDA)
- Kindergartens and special education schools registered with the Ministry of Education or the Council of Private Education
- Early intervention programmes registered with the National Council of Social Service or SG Enable
- Healthcare institutions licensed under the Private Hospitals and Medical Clinics Act
- Pharmacies registered with the Health Sciences Authority
- Optical shops registered with the Accounting and Corporate Regulatory Authority
- Assistive technology devices providers registered with ACRA or known to either the Ministry of Health or SG Enable.
It can also be used to purchase MediShield or Medisave-approved private integrated plans for children.