Singapore legislation

Clause 3

of Children Development Co-Savings Bill

Clause 3

Establishment of Scheme to assist families

(1)

The Minister may by regulations establish a Scheme to —

(a)

assist families so as to encourage married women to have 2 or more children; and

(b)

provide financial assistance for the development of the children of these families through a co-savings scheme whereby the Government will make contributions to an eligible child’s bank account equal to the contributions made by any parent of the eligible child.

(2)

Without prejudice to the generality of subsection (1), such regulations may provide for —

(a)

the eligibility criteria of children for membership of the Scheme and the terms and conditions of such membership;

(b)

the appointment of one or more managing agents responsible for the operation and administration of the Scheme and the powers, functions and duties of such managing agents, including the duty of such managing agents to comply with any requirement relating to confidentiality of information;

(c)

the payment of moneys to members and the prescribed amount, mode and manner and terms and conditions of such payment;

(d)

the payment of contributions to the Scheme by the parent of a member or by any person on behalf of the parent;

(e)

the opening of and the type of bank account for each member into which such moneys will be paid;

(f)

the suspension or termination of such bank account and the circumstances in which the account may be suspended or terminated;

(g)

the terms and conditions governing the relationship between the bank at which a bank account under the Scheme is opened and maintained and the member and the trustee of such bank account;

(h)

the purposes for which the moneys paid under the Scheme can be utilised and the terms and conditions subject to which withdrawals of such moneys can be made;

(i)

the transfer of any moneys standing to the credit of a member’s bank account to his Edusave account at such time as may be prescribed or where the member does not have an Edusave account, the withdrawal of such moneys in such manner as may be prescribed;

(j)

the consequences for any breach of the regulations, including making any act or omission in contravention of such regulations an offence and prescribing penalties for such offence not exceeding a fine of $20,000 or imprisonment for a term not exceeding 12 months or both; and

(k)

different provisions in respect of eligible children whose parents have not attained the age of majority.

Read in full context — Children Development Co-Savings Bill →