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Faster Maternity Leave Claims

Dr Vivian Balakrishnan, Minister for Community Development, Youth and Sports Singapore, has announced that the Government has modified its maternity leave subsidy scheme to allow companies to receive their payments earlier.

As of next month, Singapore employers will no longer have to wait until a worker uses up all their maternity leave before being reimbursed.

They will get part of the subsidy as long as half of the 16 weeks of leave mothers are entitled to, has been taken. The existing subsidy scheme requires the Government to reimburse businesses for half of the 16 weeks of leave but only after the mother has taken all the leave. Thus under the current system, companies may only recieve reimbursement as late as 12 months after delivery.

According to Dr Balakrishnan, the new arrangement would make the system fairer to employers, especially with the bleak economic climate. This will hopefully help to improve cashflow for companies and encourage them to support women who want to have children and to remember that in both good and tough times Singapore must continue to be a family-friendly society.

The Government has set up a new website for interested members to find out more on the 

• reimbursement of Government-Paid Maternity Leave
• reimbursement of Government-Paid Childcare Leave  

Click here to the Pro-Family Leave Schemes>>>

Enhanced Baby Bonus for Singapore Babies

The Baby Bonus cash gift and matching Government contribution in the Children Development Account (CDA) have been enhanced for Singapore citizen babies born on or after 17 August 2008 (or whose Estimated Date of Delivery is on or after 17 August 2008) to lawfully married parents. An eligible first and second child will receive up to $4,000 in cash gift and enjoy matching Government contributions in the CDA up to a cap of $6,000. The benefits for a third and fourth child remain unchanged with cash gift of up to $6,000 each and matching Government contribution of up to $12,000 each. Children of the fifth and higher order will be eligible for Government matching contributions in the CDA up to a cap of $18,000 each. Actual payment of the enhanced Baby Bonus benefits will only be made after the necessary legislative and administrative changes are completed.

There has never been a better time to start a family! Click here to find out more about the enhanced Marriage & Parenthood Package.

For more information, please visit the MCYS website by clicking here>>>

CDA Account Transfer

I have chosen OCBC for my Baby Bonus Bank. The CDA Account will be opened by 01 August 2008. My children love OCBC bank as they get free gift when they complete their saving card for their Mighty Savers Account.
If you got enquiries on your OCBC CDA Account, please call 1800 4386088 or log onto http://www.ocbc.com/babybonus/

Children Development Account Updates

Most parents should be inform by MCYS that OCBC and Standard Chartered Bank will be taking over DBS Bank as the new managing agents for the Baby Bonus Scheme from 1 August 2008. The deadline to return the option form is 30 June 2008.
OCBC Bank has been successfully in attracting many parents to select them as the managing agent for their CDA account. Most of the children who has Mighty Saver accounts will definetly choose OCBC for their CDA account. Standard Chartered Bank will only secure less than 40% of the CDA accounts as OCBC will get more than 50% of the CDA accounts.
Currently, you can still use your current CDA funds with DBS Bank until 31 July 2008. The transfer of funds will take one week. You may start depositing money into the CDA account once your chosen bank has inform you the account details.

Baby Bonus Scheme

The Baby Bonus Scheme, first introduced in April 2001 and enhanced in August 2004, supports parents’ decision to have more children by helping to lighten the financial costs of raising children. The Scheme now benefits the 1st and 4th child born on or after 1 August 2004. You will get a cash gift of $3,000 each for your 1st and 2nd child and $6,000 each for your 3rd and 4th child. Your 2nd to 4th children will also enjoy government contributions in the form of a dollar-for-dollar matching for the amount of savings you contribute to your child’s Children Development Account (CDA). This is a special savings account that you open at any POSB branch for your child who is eligible for CDA. You can save in the CDA any time until the day before the child’s 6th birthday. The savings will be matched up to the cap of $6,000 for the 2nd child and $12,000 each for the 3rd and 4th child. The Government will match your savings in the following month. You will be eligible for the scheme if he or she is: a. born on or after 1 August 20041; b. a Singapore Citizen or becomes a Singapore Citizen; c. the first to the fourth child born alive to the mother2; and d. the mother is lawfully married to the child's father. Parents whose children do not meet the criteria can write to Baby Bonus & Adoption Branch, MCYS, should they subsequently become eligible. Please visit BabyBonus website for more info>>>