Singapore government have been eager to encourage more babies to improve our aging population. In terms of financial incentives, there are 2 schemes which will give parents a total of $12,000 for their first child (more if you have more children).
1) Cash Gift - For the first child, you will get $6,000. The cash gift will be disbursed in 3 installments over 12 months from the birth of your child, to help parents defray the new or additional expenses arising from your newborn. You will receive the first installment (50% of the amount) within 3 week after we have received your completed forms, and the subsequent two installments (25% each) when your child is approximately 6 and 12 months of age. The cash gift will be credited into the bank account you specify.
2) CDA - The government will match dollar for dollar, for the first $6,000, if you credit money into your child's CDA account. Money in the CDA account can be used at pre-approved institutions or retailers and usually for the purpose of the child's education and healthcare needs. You can open a CDA account with either OCBC or Standard Chartered only.
For both schemes, you will need to register your child's birth first before you get to enjoy the benefit. For Gleneagles, they provided a one stop shop and i was able to register for both schemes upon registering for my child's birth certificate.
More information here
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