Singapore legislation
Clause 9
Clause 9
Contributions to be paid to eligible members
(1)
There shall be paid to every 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 member the prescribed amount of contribution payable to him under subsection (1); and
to every member interest at the rate prescribed under subsection (4) at such intervals and on the amount standing to his credit in the Edusave account 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 member under subsection (1) to the Edusave account of that member on or before 31st January of each year, commencing from the year 1993.
(4)
Interest shall be payable on the amount standing to the credit of every member in the Edusave account at such rate per annum as the Minister may from time to time prescribe.
(5)
For the purposes of this section, the “prescribed amount of contribution” in respect of the year 1993 and every subsequent year is such amount as the Minister may, by order published in the Gazette, from time to time prescribe.