Singapore is rolling out a major package to encourage families to have more children, offering nearly 70,000 Singapore dollars, or more than $55,000, in financial support per child through age 17.
Prime Minister Lawrence Wong announced the measures on Sunday as the city-state faces a deepening demographic crisis. The package also includes parental leave and housing support for families.
The initiative comes as Singapore’s fertility rate has fallen to a record low of 0.87 births per woman, according to the information provided.
Singapore is also expected to become a “super-aged” society this year, with people aged 65 and older accounting for more than 21% of the population.
The government’s strategy seeks to reduce the financial burden associated with raising children while encouraging more couples to start or expand their families.
