SINGAPORE: Two financial incentives designed to motivate Institute of Technical Education (ITE) graduates CPF to pursue higher education will now help more students.
Formerly available to ITE graduates under 30, a S$10,000 (US$7,400) Central Provident Fund (CPF) top-up is now available to individuals over 30 if they are enrolled in a diploma program as of Friday, March 1. After they acquire their diplomas, the students will receive a top-up in their ordinary accounts.
If they enroll in a diploma program this year, the S$5,000 top-up in their post-secondary education accounts that was originally intended for ITE graduates aged 30 and under will also be extended to those aged 31.
The ITE Progression Award, which consists of several cash incentives, was initially introduced by Finance Minister and Deputy Prime Minister Lawrence Wong during his February budget statement. The enhanced incentives have been extended for this year only, benefiting about 1,500 additional ITE graduates.
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