From 8 Sep, about 230,000 children up to 6 years old will receive a one-off S$200 top-up to their Child Development Account (CDA), a special savings account for children.
Finance Minister Lawrence Wong announced the top-up as part of the Household Support Package (HSP) announced in Budget 2022.
The S$200 will be credited progressively.
The Ministry of Finance (MOF) said in a press release that the CDA can be used to pay for the child’s or their sibling’s educational and healthcare expenses, such as:
A full list of Approved Institutes you can use your CDA at can be found here.
Parents or guardians who haven’t opened a CDA must do so before 30 Jun 2023 for their children to receive the top-up.
Trustees will receive an SMS, email, or hardcopy letter when the top-up has been credited. As SMS scams are becoming more prevalent, MOF noted that SMS notifications would only be sent with SMS ID “MSF”.
They won’t be asked to click on any links, reply to the SMS, or provide any information to the sender, nor will these messages be sent via WhatsApp or other messaging platforms.
Those aged seven to 20 will have already received a S$200 Edusave or Post-Secondary Education Account top-up in May.
The CDA is part of the Child Development Co-Savings (Baby Bonus) Scheme, which comprises a CDA First Step Grant that will be credited after a CDA is opened.
The Government will also co-match dollar-for-dollar any CDA deposit up to a cap.
If you have any queries about the CDA top-up, you can call 1800 111 2222 or submit a query via Ask Jamie at this link.
Have news you must share? Get in touch with us via email at news@mustsharenews.com.
Featured image adapted from xframe.io.
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