Singapore to provide over $55,000 in support for each child

The Singapore government has announced a financial support package worth more than $55,000 per child, to be provided to parents from birth until the child turns 17, 24NewsHD TV reported Tuesday.

Singapore Prime Minister Lawrence Wong announced the initiative as part of efforts to address the country’s sharply declining birth rate.

Wong said Singapore already provided financial support to families when a child was born, but the existing system was complicated because the amount depended on the child’s birth order in the family.

To simplify the system, the government will provide financial support to every Singaporean child, regardless of whether they are the first, second or subsequent child.

The new package will be delivered in five stages.

Under the first stage, parents will receive $7,880 during the first 12 months after the child’s birth.

The second component will provide additional support over the child’s first 16 years, with annual payments made to help families meet the costs of raising a child.

The third stage includes a government contribution to the child’s Child Development Account, while another contribution will be made when the child reaches the age of 16.

In the final stage, when the child turns 17, the government will provide additional financial support to help cover higher education expenses.

The measures are aimed at making Singapore’s family-support system simpler while encouraging more couples to have children.

Singapore’s fertility rate has fallen to a record low of 0.87 births per woman, far below the replacement level of around 2.1, generally considered necessary to maintain a stable population without migration.