Kids grow up real fast. It seemed like it wasn't so long ago that I witnessed the little one being pulled out from wifey, all bloody and blueish looking. I didn't faint. Guess I'm a steady father?
And now she's already 16 and done with the GCE 'O' levels. Sheesh. Time flies.
Unfortunately for wifey and me, my daughter was born long before the introduction of the Child Development Account (CDA) where the government matches contributions, up to a certain limit. Missed the boat. The newborns are so lucky.
Over time, there's also the Edusave Account. These provide various top-ups and subsidies that really help offset the cost of bringing up the kids, up through secondary (and Junior College) education.
Recently, I came to realise there's something else called Post Secondary Education Acount (PSEA). Actually, I've been receiving letters from MOE on these accounts for my kids for some time, but I had not bothered to read and thought they were the usual EduSave updates. Dah. *roll eyes*
Apparently, the CDA account gets rolled over into the PSEA, and if the top-up limit to CDA had not been met yet, parents can continue to top-up into the PSEA and receive the matching contributions by the Government.
The PSEA can be used to pay for education in local tertiary institutions (e.g. Polytechnics and Universities).
I checked with the MOE helpdesk. No luck. My kids are not entitled to CDA. So I couldn't make any voluntary contributions to increase the PSEA funds.
By the way, these accounts earn the prevailing CPF-OA interest rate.
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Kids education revisited