SINGAPORE: Some 2,500 low-income families will benefit from a S0,000 initiative to help their children.
The five Commmunity Development Councils will help identify eligible families with monthly household incomes of less than S,500.
OCBC Bank will also contribute S0 when a low-income family deposits the first S into their Child Development Account (CDA).
Under the existing Baby Bonus scheme, the government will match the contributions to the CDA dollar for dollar.
The money in the account can then be used at approved institutions for the child’s development and healthcare needs.
Acting Minister for Social and Family Development Chan Chun Sing said: “This year, we have also expanded the kinds of things that you can spend the CDA money (on). For example, it will also include early intervention programmes, visits to the doctor, medical insurance and purchase of healthcare-related products. We hope that in this small way, we can help families to defray the cost of bringing up the children, especially for the needy families.”
Under the initiative, parents can also attend financial literary talks by OCBC Bank staff volunteers to learn more about money management.
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