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 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.

Wong said the government was seeking to move beyond incremental changes to individual schemes and make a fundamental shift in how families are supported.

When combined with existing benefits, including a S$5,000 MediSave Grant for Newborns and annual Edusave contributions, total government support will reach about S$70,000 per child.This is higher than the current S$27,500-S$56,500 that parents receive, depending on the child’s birth order.

Wong said the new system would make government support simpler and more equal for families, noting that existing schemes had become complex and difficult for many parents to understand.

He said every child would receive the same level of support, with more assistance provided not only at birth but also as children grow over the years.

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

Under the scheme, the S$10,000 Baby Gift will be paid in two instalments within the first year after birth.

The S$32,000 Child Credits will provide S$2,000 annually from age one until the child turns 16.