SINGAPORE – DBS Foundation will contribute $30 million over three years to fund two initiatives that will help encourage low-income families to prioritise pre-school education and save up to buy their own home.

On Dec 9, the foundation said it is partnering the Ministry of Social and Family Development (MSF) to fund two of the four ComLink+ support packages that were announced on Nov 20, 2023.

Around 8,500 children and 1,400 families are expected to benefit from the two packages each year.

ComLink+ is part of the national drive to reduce income inequality and boost social mobility under the Forward Singapore report, and is being trialled for a period of three years. The scheme builds on the existing ComLink programme that started in 2019, providing support for low-income families with children living in Housing Board rental flats.

As part of the ComLink+ Preschool Education package, families under the scheme who ensure their child is enrolled in pre-school in the year he or she turns three years old will receive a one-off $500 top-up in the Child Development Account.

The families will also receive a $200 top-up to the account for every quarter of good school attendance.

Under the ComLink+ Saving for Home Ownership package, families who make voluntary top-ups to their Central Provident Fund (CPF) accounts to save up to buy a home will receive matched top-ups at a two-to-one ratio, up to a limit of $30,000 in payouts.

This means that for every $1 of voluntary CPF contribution made by the family, an additional $2 will be topped up.

Aside from the financial commitment, the DBS Foundation is also working with MSF to pilot a befriending programme, with 400 of DBS Bank’s employees being trained as volunteer befrienders who will engage about 200 ComLink+ families in Ang Mo Kio, Yishun, Boon Lay and Taman Jurong.

The engagements will include monthly visits and outings, and are to help provide emotional support and guidance on financial planning and good monetary habits for the families.

The partnership was launched at the National Gallery by National Development Minister Desmond Lee and DBS chief executive Piyush Gupta.

Mr Gupta said the partnership is the first under DBS’ $1 billion pledge to uplift vulnerable segments of society over the coming decade. The bank made the pledge in August 2023.

“By coming alongside the ComLink+ families – and providing that extra support, so they can provide early education for their children, own a home sooner, and gain financial resilience – we hope to do our part in helping them build a better future,” he said.

Mr Lee, who is also Minister-in-charge of Social Services Integration, said that as Singapore’s society matures and the economy develops, social mobility becomes more challenging with greater inequality, as those with greater means will want to pass on their advantages to their children. But this may cause a more stratified society, as those from lower-income backgrounds find it harder to catch up, he added. The minister said it was thus important to provide more support so that those from such backgrounds can continue to have opportunities and social mobility.

“While doing more is important, we also want to make sure that we keep doing better,” he said.

“This is because for some families, it’s not just an issue of providing more assistance or more resources. Many of them are working hard to build better lives by finding more stable jobs, saving to buy their home and supporting their children.”

He said it was important to understand the issues and challenges of those in such situations, so as to help them achieve stability, self-reliance and social mobility.

Mr Mohammad Khairani Mohamed Zazuli, 24, and his wife, Madam Siti Nur Nabilla Mohd Nasir, 23, said they hope the initiatives will help them make better plans for the sake of their children. The couple, who are under the ComLink+ scheme, have two daughters aged six and one, and hope to buy their own flat and further their own education in the near future.

Mr Khairani, who is currently working as a warehouse associate, said he recently applied for a work-study programme, and would like to one day own a three-room flat so that his daughters can have their own room. He said: “We have savings, but we don’t know if it’s good enough. We hope that the befrienders from DBS can maybe help us plan our savings better.”

Madam Nabilla, a housewife, said she, too, would like to further her studies and start working again.

“I want to work and improve my education to make a better future for our children,” she said.

“We’re both family people, and we want the best for our children. What they do in the future is up to them; we won’t force them into anything. The most important thing is that they feel loved by us.”