6th June 2010 , Posted by Edmund Tay

When 2 isn’t Enough

Do you remember seeing these posters? I used to see them everyday, as I was growing up Singapore in the 1970s.

But times have changed…and with a Pro-child policy in Singapore, it is a win-win situation to have children!

One of the Perks about living in Singapore is that the government is willing to help lighten the financial costs of bringing up a child.

Just the other day, I was asked by a friend, how much does the government give us in terms of “Baby Bonus” for having a child.

With 3 Kids,  I am supposed to be an expert…Unfortunately this Daddy has to look at the MCYS website to remember the figures…:)

Anyway these are the benefits in store for you:

Your child will enjoy these benefits under the Baby Bonus Scheme from birth till his sixth birthday. The total Baby Bonus benefits are shown in Table 1.

Therefore, in order to maximize your benefits, DO NOT stop at 1 child. Go for the 2nd child and more.

 How does the money come?

Er…Don’t expect the stock to bring your Ang-Pow when the baby arrives at the hospital?

When I first became a parent, I thought that I would receive the money in a week’s time.

But to be precise, here is the official word from MCYS.

Cash Gift
The cash gift is given out in 4 equal instalments over 18 months from the birth of your child so that you can use the cash for new expenses arising from your newborn.

 The first cash gift is given within 3 weeks after MCYS receives your properly completed forms.

The subsequent cash gifts are given when your child is approximately 6, 12 and 18 months of age. The actual date of credit is usually within 2 weeks before or after your child turns 6, 12 or 18 months old.  (Click here for more info)

Cool!

And the best thing about the internet age, is that you are never alone as a parent!

There are lots of forums and blogs to offer online additional support and help! So what are you waiting for…:)

Edmund Tay blogs regularly at http://edunloaded.com