The Child Development Account (CDA) in Singapore offers dollar-for-dollar matching for parental contributions, subject to certain caps and limits. The government contributes matching grants based on the amount parents deposit into the CDA.
Here’s a breakdown of the CDA matching:
- First and Second Child:
- For the first and second child, the government matches the parental deposit dollar-for-dollar, up to a cap.
- The government’s matching is capped at different levels based on the child’s birth order.
- For the first and second child, the maximum matching amount was up to $3,000 per child.
- Third and Fourth Child:
- For the third and fourth child, the government offers a higher matching ratio, also up to a higher cap.
- The maximum matching amount for the third and fourth child is up to $9,000 per child.
These figures might have changed since then, as government policies and allowances can be subject to updates and revisions. The specific matching amounts and caps may differ depending on the child’s birth order and prevailing government policies.
It’s essential to refer to official government sources, such as the Ministry of Social and Family Development (MSF) in Singapore, or contact the managing bank or institution overseeing the CDA for the most current and accurate information regarding CDA contributions, matching grants, and any changes in the matching amounts or caps.