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More than 500,000 young Singaporeans to receive S$200 Edusave or PSEA top-up

More than 500,000 young Singaporeans to receive S$200 Edusave or PSEA top-up

Students attending a class at a primary school. (File photo: TODAY)

SINGAPORE: About 532,500 Singaporeans aged between seven and 20 in 2021 will each receive a one-off top-up of S$200 to their Edusave account or Post-Secondary Education Account (PSEA) this month.

The top-ups are a component of this year's Budget, the Ministry of Finance (MOF) and Ministry of Education (MOE) said in a joint statement on Wednesday (May 12)

“This additional top-up is part of the Household Support Package announced at Budget 2021 to provide families with additional support for their children’s education-related expenses,” the ministries said.

“The top-up to the Edusave account is in addition to the annual Edusave contribution that the Government makes.”

Edusave and PSEA funds can be used to pay for approved fees and enrichment programmes.

READ: S$900 million Budget 2021 Household Support Package to help families with expenses

READ: Singapore can seize opportunities to emerge stronger amid pandemic, says DPM Heng after Budget debate

The top-ups will be credited directly into Edusave accounts and PSEAs by the end of this month with no action required from recipients. Eligible recipients will receive letters informing them of successful top-ups next month.

According to MOF’s website, Singaporean children aged six and under in 2021 will also receive a S$200 top-up to their Child Development Accounts (CDA) in September.

In total, about 780,000 young Singaporeans are expected to benefit from top-ups as part of the Household Support Package, MOF said.

More information on the Household Support Package is available on the MOF website

Source: CNA/kg(rw)


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