Around 240,000 children will benefit from the S$400 CDA top-up, according to the Ministry of Finance (MOF) and the Ministry of Social and Family Development (MSF). The top-up is double what was disbursed in 2022.
“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 stated.
Meanwhile, Singaporeans between seven and 20 years old would have received a one-off S$300 top-up to their Edusave accounts or Post-Secondary Education Accounts in May.
The CDA top-up will be credited to the accounts directly from the middle of September or after the account is opened, whichever is later.
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Parents who have not opened an account for their children are advised to do so by 30 June 2024 so their children can 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.”
All notifications will be sent from the SMS ID “MSF” to protect people from scams.
“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, adding that CDA trustees will not be asked to reply to the message, click any links, or give information to the sender.
“Messages on the CDA top-up will also not be sent via WhatsApp or other mobile application messaging platforms.”
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