Singapore: (RightNow) The Singapore government announces $55,000 financial aid for each child born, up to age 17. This initiative aims to address the declining birth rate in the country.

The financial aid package is divided into 5 parts. In the first phase, parents receive $7,880 within 12 months of birth. In the second phase, $69,850 is provided over 16 years.

Prime Minister Lawrence Wong states that the new policy simplifies financial aid for parents. Previously, aid depended on the birth order, which was complex for many.

This measure is crucial to tackling Singapore’s declining birth rate. The birth rate per woman has dropped to 0.87, while the global norm is 2.1.

It is noteworthy that Singapore has seen a record decline in birth rates. The financial aid aims to assist parents in raising children to boost the birth rate.