Singaporean children up to the age of six in 2023 will receive a substantial one-time top-up of S$400 (US$296) to their Child Development Accounts (CDAs) starting in mid-September, as announced jointly by the Ministry of Finance (MOF) and the Ministry of Social and Family Development (MSF) on Monday, September 4.
This enhanced top-up, twice the amount disbursed in 2022, will benefit approximately 240,000 children, according to a joint media release issued by the ministries.
“The CDA top-up is a component of the Assurance Package enhancements unveiled in Budget 2023, aimed at providing additional financial support to families during a child’s formative years,” explained MOF and MSF.
Singaporean youth aged seven to twenty had already received a one-time S$300 top-up to their Edusave accounts or Post-Secondary Education Accounts in May, the ministries added.
The CDA top-up will be credited directly to the accounts starting in mid-September or after the establishment of a CDA, whichever occurs later.
To ensure eligibility for the top-up, parents must establish a CDA for their children by June 30, 2024.
“CDA trustees will be notified through SMS, email, or hard copy letters after the CDA top-ups have been successfully credited,” assured MOF and MSF.
“Parents can monitor their child’s CDA balance by reviewing their bank’s monthly CDA statement.”
To safeguard against potential scams, SMS notifications will originate from the SMS ID “MSF.”
“The SMS notification will solely contain information regarding the status of the top-up after it has been deposited into the child’s CDA,” emphasized the ministries.
“CDA trustees will not be required to respond to the SMS, follow any links, or disclose any information to the sender.
“Notifications regarding the CDA top-up will not be sent via WhatsApp or any other mobile application messaging platforms.”
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