VNPF and Education Ministry MOU to address financial barriers to education

The Vanuatu National Provident Fund (VNPF) and the Ministry of Education and Training (MOET) signed a Memorandum of Understanding (MOU) to collaborate and eliminate financial barriers of education.

The superannuation fund intends to support the Government’s policy on Education as it falls in line with VNPF’s Vision under its Strategic Plan 2018-2022; ‘Honestly Serving our Members throughout their lifetime and when needed’.

Under the terms of the MOU, a Members’ Education Support Scheme (MESS) will be set up and administered by a dedicated team of VNPF staff, in collaboration with the MOET.

The MOU is not binding, rather it is an understanding for the two parties to work together to ensure the smooth running of the loan scheme.

MESS is a service initiative that will take care of all student’s financial needs such as tuition fees, airfares, student accommodation and all levels of education support from pre-Education to Tertiary and University programs.

VNPF Members who wish to pursue or continue their education or those who wish to take care of their ‘loved ones’ education but are facing financial difficulties will be eligible to apply for this scheme.

Under the terms of the MOU, VNPF will use a criteria agreed upon by MOET to assess application and provide a regular and monthly interest of 6 per cent to customers for the next five years, or until the loan repayment is completed. Amongst other obligations, VNPF will also carry out due diligence on any applicants.

MOET on the other hand will provide assistance such as ensuring applications provide the required documentation which can include employment confirmation, quotations/invoices, confirmation from education institutions, airline itineraries etc..

Vanuatu National Provident Fund and the education ministry are encouraging all members to make good use of the MESS.

Photo supplied Caption: Education Minister Jean Pierre Nirua and VNPF General Manager Parmod Achary sign the MOU.

     

Author: 
Tensly Sumbe