Personal Finance
Guide to Baby Grants in Singapore (2023) — Baby Bonus, Medisave, Tax Reliefs and More
By ValueChampion  •  March 17, 2023
The next step for many newlyweds is family planning. But with soaring inflation and the current economic difficulty, having children may not always be on top of their list. After all, the average cost of having a baby in Singapore can easily go into the range of tens of thousands, expanding a family unit without healthy reserve funds may seem like an imprudent move. That said, the Singapore government has launched several baby grants such as the Baby Bonus Scheme and maternity tax relief to help parents and working mothers defray the cost of raising children. If you are planning to expand your household, here are four baby grants that are readily available to new parents in Singapore. Child Development Account The Child Development Account (CDA) is part of the government-supported Baby Bonus Scheme in Singapore. It is a special savings account for Singaporean children comprising two components — a S$5,000 First Step Grant for babies born on or after 14...
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By ValueChampion
We distill sprawling marketplaces—for insurance, credit cards, bank accounts, and more—down to choices that represent a sweet spot for value—as in offering the features, returns, or experience we think you need for the smallest outlay. We ask: Is the return on a particular purchase or decision worth the cost or risk of that option, and how does the choice stack up against other options?

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