Budget 2023: $3k more in Baby Bonus, more financial support for children’s early yearsFeb 15, 2023 | 🚀 Fathership AI
The Singaporean government has announced a range of new financial measures to support families in the early years of raising children. Deputy Prime Minister Lawrence Wong has said that these new measures will cost the government $240 million per birth cohort of children. The Baby Bonus cash gift will be extended and increased, while the Child Development Account (CDA) First Step Grant will increase by $2,000 for all children born from Tuesday.
Parents of children born from Oct 1, 2022, to Feb 13, 2023, will be given the one-off Baby Support Grant of $3,000. The Working Mother’s Child Relief will change from a percentage of the mother’s earned income to a fixed dollar relief, with working mothers able to claim $8,000 in tax relief for the first child, $10,000 for the second child, and $12,000 each for the third and subsequent child. Meanwhile, the Foreign Domestic Worker Levy Tax Relief will lapse for all taxpayers from the year 2025.Source: The Straits Times