ITE and polytechnic students to get Edusave Award funds faster through PayNow

Students on campus at ITE College Central on Feb 16, 2015.
Students on campus at ITE College Central on Feb 16, 2015.PHOTO: ST FILE

SINGAPORE - Edusave Award winners from the Institute of Technical Education (ITE) and polytechnics will no longer have to wait two days to get their award money.

For the first time, PayNow will be used to disburse the awards, said the Ministry of Education (MOE) on Thursday (Jan 18). The awards were started in 1993.

It will first be used in April, involving 9,000 ITE students. Later in September, another 25,000 ITE and polytechnic students will be able to benefit from this.

PayNow is a service that lets people transfer money to each other almost instantly, just by using their mobile number or NRIC or FIN number.

MOE said this measure is being introduced "for greater convenience and efficiency, in line with Singapore's efforts to become a Smart Nation".

Award recipients currently get certificates and the money in the form of cheques. They would have to then go to a bank to deposit the cheque, before getting the money within two working days.

The use of PayNow means they will receive the money on the day of the awards ceremony itself, and they do not have to go to a bank to deposit any cheques.

"MOE will share more details of the pilot with stakeholders such as grassroots advisors, constituency offices, ITE colleges, polytechnics, and award recipients before the first award ceremony in April," the ministry said.

It added that it will send award recipients instructions on how to sign up for the service using their NRIC numbers, along with the letter to inform them they had won the award.

MOE will review the process after this year, to see if the use of PayNow can be extended to all other students too.