Special Needs Saving Scheme (SNSS) which is launched under the Central Provident Fund (CPF) allows children with disabilities to get a minimum payout of $250 monthly after their parents passed on. SNSS was launched as more parents were worried for their disabled children who might face with financial problem when they are no longer around.
The parents of the special-needs children are free to decide the amount that their children will be able to receive every month with no lesser than $250. The funds in the SNSS will enjoy the same interest rate as the parent’s account. This scheme allows the special-needs children to feel more financial secure as the funds from their parent’s CPF savings will be transfer to the nominee CPF account of the child.
SNSS would be a better choice compared to Special Needs Trust Company (SNTC) for low-to-middle income families as setting up a trust fund required a minimum sum of $5000 which may be quite costly for them. However, the scheme is only eligible for special-needs children who have or are attending special education schools so not everyone can sign up for the scheme.
The article had interest me as I find that such scheme would be able to ease the mind of many parents who are worry for their disabilities children.
In conclusion, I would encourage parents of special-needs children to sign up if they are eligible for the scheme as it is beneficial to their children by giving them financial assurance. I find this scheme very useful as it is a long term plan which aim at helping the disabilities children. I would also hope that more of such scheme would be launched so that children with special needs will be able to cope more financially when their parents passed on.
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