Singapore offering $55,000 per child to boost birth rate
What's the story
In a major move to combat its declining birth rate, Singapore has announced a new family support package. The initiative promises nearly S$70,000 (US$55,153) in direct assistance for every Singaporean child up to 17 years of age. Prime Minister Lawrence Wong announced the plan during his National Day Rally speech.
Package details
New family support package
The new family support package includes child credits, housing support, childcare subsidies, parental leave, and a S$10,000 (US$7,879) baby gift.
Under this initiative, every Singaporean newborn will get S$2,000 (US$1,576) in child credits annually.
Families will also receive a S$5,000 (US$3,940) "first step" grant and other financial aid as their child grows.
Financial commitment
Government spending on family, parenthood initiatives
The Singaporean government is expected to spend nearly S$7 billion (US$5.5 billion) on family and parenthood initiatives this financial year.
The measures are in addition to the existing S$10,000 (US$7,879) baby gift.
Together, these direct aids will total nearly S$70,000 (US$55,153) for each child until they turn 17 years old.
Housing support
Full-day childcare subsidies, parental leave
The new package also includes full-day childcare subsidies and parental leave.
Families applying for build-to-order flats will get an extra ballot for every child they have or are expecting. This measure is expected to improve their chances of securing high-demand public housing.
"What we can do is make it easier for Singaporeans who want children to start and raise a family," Wong said during his speech.