Raising children has become increasingly expensive, making the cost of starting and supporting a family a growing concern for parents.
However, Singapore has announced a financial support package under which eligible parents could receive more than US$55,000, equivalent to over Rs15 million for each child born in the country by the time the child turns 17.
The initiative was announced by Singapore Prime Minister Lawrence Wong as part of efforts to address the country’s declining birth rate.
Under the revised scheme, financial support will be provided to Singaporean citizen children through five stages, making the system simpler for families.
During the first 12 months after a child’s birth, parents will receive US$7,880, equivalent to more than Rs2.15 million.
The second component will provide more than Rs6.98 million over 16 years, with annual payments of over Rs436,000.
The government will also contribute more than Rs1.09 million to the child’s Child Development Account.
When the child turns 16, another contribution of more than Rs1.09 million will be made to the Child Development Account.
In the final stage, when the child reaches the age of 17, the government will provide more than Rs2.17 million to help cover higher education expenses.
Prime Minister Lawrence Wong said Singapore already provides financial support to families following the birth of a child, but the existing system can be difficult for parents to understand. The revised approach is intended to make the support simpler and more straightforward.
The move comes as Singapore continues to face a sharp decline in its birth rate. The country’s total fertility rate has fallen to a record low of 0.87 births per woman, significantly below the replacement level of 2.1.
On the other hand, Pakistani youth can now find international jobs through the Parwaaz Card Job Seeker Portal, which allows applicants to browse overseas vacancies.
Operated by the Punjab Skills Development Fund (PSDF), the portal lists job opportunities in countries including the United Arab Emirates and Saudi Arabia.
Several vacancies are currently available on the platform, with listings that provide key details such as job title, number of positions, country, salary, posting date, and application deadline.