Singapore legislation
Clause 8
Clause 8
Contributions to be paid to eligible ordinary members
(1)
There shall be paid to every ordinary member in each year out of the income of the Endowment Fund the prescribed amount of contribution for that year if on 1st January of that year he is of school age and at any time during that year he is a full-time pupil at a prescribed school.
(2)
The Board shall cause to be credited —
to any eligible ordinary member the prescribed amount of contribution payable to him under subsection (1);
to any voluntary member the amount of any voluntary contribution paid to the EduSave Fund for him under section 7(1); and
to every member interest at the rate prescribed under subsection (5) at such intervals and on the amount standing to his credit in the EduSave Fund to be paid out of the income of that Fund at such time as the Board may determine.
(3)
The Board shall, as far as practicable, credit the prescribed amount of contribution payable to an eligible ordinary member under subsection (1) to the EduSave account of that member on or before 31st January of each year, commencing from the year 1992.
(4)
For the purpose of enabling the Board to credit the prescribed amount of contribution to the EduSave accounts of eligible ordinary members for the year 1992 under this section, the Minister shall pay to the Board such sum of money as is adequate for that purpose out of moneys to be provided by Parliament.
(5)
Interest shall be payable on the amount standing to the credit of every member in the EduSave Fund at such rate per annum as the Minister may from time to time prescribe.
(6)
For the purposes of this section and section 7(1), the “prescribed amount of contribution” in respect of the year 1992 and every subsequent year is such amount as the Minister may, by order published in the Gazette, from time to time prescribe.