More money pumped into National Youth Endowment Fund
The government will inject an additional 72 million dollars into the National Youth Endowment Fund to support ground up initiatives by Singapore's youths in making a difference to the community.
With the existing 28 million dollars, this bring the total amount to 100 million.
And acting Minister for Culture, Community and Youth, Lawrence Wong, said the entire fund will be converted into a National Youth Fund.
This would allow the fund to be drawn down every year to support initiatives.
Keeping it as an endowment fund would only allow a small investment income to be utilised each year.
Mr Wong said he expects the National Youth Fund to provide an annual budget of about five million dollars, more than 8 times the current annual funding.
He said the additional funding from the fund will give a boost to our youths as they go out to champion community and social causes.
"Whether it's in setting up a social enterprise, or in kick-starting a new social initiative, the NYF will provide our youths with the resources and support they need. Over time, through the NYF and through the efforts of the NYC and its partners, I am confident we can imbue in our youths a strong culture of volunteerism and social participation."
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