Singapore has announced a new financial support package that will provide each eligible Singaporean child with nearly S$70,000 (about N94 million) in government benefits from birth to age 17.

Prime Minister Lawrence Wong announced the S$62,000 SG Child Support Package during his National Day Rally speech on August 23.

The package includes a S$10,000 cash Baby Gift, S$32,000 in Child Credits, a S$5,000 Child Development Account (CDA) grant, up to S$5,000 in government CDA co-matching and a S$10,000 top-up to the child’s Post-Secondary Education Account.

He said: “The work is still ongoing. We are aiming for more than incremental improvements or changes to individual schemes. We want to make a fundamental shift in how we support families.”

When combined with existing benefits, including a S$5,000 MediSave Grant for Newborns and annual Edusave contributions, the total support will reach about S$70,000 per child.

This is higher than the current S$27,500 to S$56,500 parents receive, depending on the child’s birth order.

Wong said the new system would make government support simpler and more equal for families.

“The schemes have become quite complex, and many parents find it hard to understand.”

“We will make things simpler. Every child will receive the same level of support. We will provide more support not just at birth but throughout the years, as children grow up,” he said.

The new package is expected to benefit more than 610,000 children across 380,000 households.

The S$10,000 Baby Gift will be paid in two instalments within the first year after birth, while the S$32,000 Child Credits will provide S$2,000 annually from age one until the child turns 16.

The government will also provide a further S$10,000 top-up to the child’s education account when the child turns 17.

The measures are part of Singapore’s wider effort to encourage more people to have children amid a declining birth rate.

“We are putting real resources behind all of these plans because supporting families and Singaporeans through every stage of life is a national priority.”