January 18, 2018
PayNow Pilot for Faster, Easier Disbursement of Edusave Monies to ITE and Polytechnic Students
1. The Ministry of Education (MOE) will pilot the use of PayNow1 to disburse Edusave Award2 monies to Institute of Technical Education (ITE) and polytechnic students in 20183 for greater convenience and efficiency, in line with Singapore’s efforts to become a Smart Nation.
2. Currently, award recipients receive certificates and award monies in the form of cheques at the various Edusave Award ceremonies. Upon depositing the cheques, recipients would then receive the monies in their bank accounts within two working days. Under the pilot, PayNow will be used instead to facilitate faster and more convenient payment of Edusave Award monies. Once ITE and polytechnic Edusave Award recipients have signed up for PayNow with their respective banks (using their NRIC numbers), and are presented with their Award certificates at the presentation ceremony, they will receive the monies in their bank accounts directly on the day of the ceremony. Students and parents will not have to visit a bank to deposit their cheques nor wait for the award monies to be credited into their accounts.
3. The pilot will involve two runs in April and September 2018, involving about 9,000 ITE students and 25,000 ITE and polytechnic students respectively. 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. We will also send letters to award recipients to let them know which Edusave Award(s) they will be receiving, and these letters will include instructions on how to sign up for PayNow using their NRIC number.
4. After completing the pilot, MOE will review if the process can be extended to Edusave Awards for all other students.