SINGAPORE: All Singaporean children aged up to six years old in 2023 will receive a one-off top-up of S$400 (US$296) to their Child Development Accounts (CDAs) from mid-September, the Ministry of Finance (MOF) and Ministry of Social and Family Development (MSF) said on Monday (Sep 4).
The top-up, which is double what was disbursed in 2022, will benefit about 240,000 children, the ministries said in joint media release.
“The CDA top-up is part of the enhancements to the Assurance Package announced at Budget 2023 to provide families with additional financial support in the child’s early years,” MOF and MSF said.
Young Singaporeans between the ages of seven and 20 would have already received a one-off S$300 top-up to their Edusave accounts or Post-Secondary Education Accounts in May, they added.
The CDA top-up will be credited directly into accounts from the middle of September or after a CDA is opened, whichever is later.
Parents who have not opened a CDA yet will have to do so by Jun 30, 2024, for their children to receive the top-up.
“CDA trustees will be notified via SMS, email or hard copy letter after the CDA top-ups have been credited,” MOF and MSF said.
“Parents can view their child’s CDA balance by checking their bank’s monthly CDA statement.”
To guard against scams, notifications sent by SMS will be sent from the SMS ID “MSF”.
“The notification will only contain information on the status of the top-up after it has been credited into the child’s CDA,” the ministries said.
“CDA trustees will not be asked to reply to the SMS, click any links or provide any information to the sender.
“Messages on the CDA top-up will also not be sent via WhatsApp or other mobile application messaging platforms.”