Singapore to provide families with more than US$55,000 for each child

Singapore has announced a new family support package that will provide almost S$70,000 (US$55,153) in direct assistance for every Singaporean child up to the age of 17, The Economic Times writes.

The move comes after the country’s total fertility rate fell to a record low of 0.87, despite years of government incentives to encourage parenthood.

The package includes child credits, housing support, childcare subsidies, parental leave and a S$10,000 (US$7,879) baby gift.

Taken together, the direct assistance will amount to nearly S$70,000 (US$55,153) for each child until the age of 17.

Singapore’s fertility rate reached 0.87 last year. The country has a population of 6.1 million, but citizens account for about 60% of the total.

The falling birth rate has raised concerns about Singapore’s ageing population and future workforce. The country is on course to become a “super-aged” society.