Families with twins, triplets or other multiple births under the age of five will, from next month, receive a new state-funded cash grant designed to ease child-rearing costs, said Minister of Finance Ryan Straughn in the Budget.
He said: “The grant, payable to the families, is as follows: $300 per month for twins up to age five and $600 per month for triplets and more up until age five. Families that currently have twins, triplets or other multiple births aged less than five years old, can apply to receive the grant from April 1. No means testing is required to access the multiple birth cash grant.”
During the recent election campaign, the Barbados Labour Party outlined its intention to establish a Barbados Republic Child Wealth Fund, which includes a $5 000 birthright investment for every child born in Barbados on or after November 30 2021.
Delivering the Appropriations Bill, the minister said that an estimated $52.1 million had been set aside for the fund.
“Based on the current birth rate, we anticipate that the annual cost moving forward will be somewhere between $10 and $12 million. Once the legislation is passed, these investments will be treated as statutory in nature. The government will deposit actual money into a legally ring-fenced fund to be invested in real assets, bonds, equities and diversified funds with individual beneficiary accounting.”
Those eligible will include those of Barbadian citizenship by birth, or a Barbadian citizen by descent of Barbadian public officials working abroad on behalf of the government, or a Barbadian citizen by descent of Barbadians who are ordinarily resident here.
Straughn explained: “At the claim end, a continued connection to Barbados, with a minimum ten-year residency before the age of 18 or non-resident status for children born abroad of persons working for the government of Barbados. Proceeds will be used to fund education or other investments related to housing, which will be restricted to Barbados.
“The legislation will be introduced later this year, before the fifth anniversary of our republic and the 60th anniversary of independence, to govern the administration of the fund. An independent entity of the government and a single institution or company will administer the Barbados Republic Child Welfare and manage its investment decisions.”
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