Co-savings rule to stay for Child Development Accounts: Chan Chun Sing
Published on Jul 7, 2014 4:01 PM
SINGAPORE - A suggestion by an opposition member to do away with a requirement for parents to deposit money into their children's Child Development Accounts in order to enjoy matching sums from the Government was rejected by Minister for Social and Family Development Chan Chun Sing.
Mr Chan explained that the point of the Child Development Co-Savings Scheme was to encourage families to save.
He was responding on Monday to Non-Constituency Member of Parliament Yee Jenn Jong, who wanted the co-savings requirement to be done away to help poor families who find it more difficult to set aside funds.
Under the scheme, savings which parents deposit into their children's Child Development Accounts (CDAs) are matched dollar-for-dollar by the Government up to a cap of between $6,000 and $18,000 depending on the birth order of the child.
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