THE reinstatement of penalties for TSLS students not serving the required bond time will ensure a maximum return on investments, says Tertiary Scholarship and Loans Service CEO Hasmukh Lal.
Speaking at the handover ceremony of Travel and Bond Clearance and Recoveries in Suva yesterday, Mr Lal said the minimum penalty of 10 per cent, and a maximum of 50 per cent, would “encourage students to provide the required service to the country”.
“The penalty has been reintroduced to discourage graduates from making payment arrangements on bond repayments,” Mr Lal said.
“Those graduates who do not wish to complete the required bond service are required to repay the remaining balance with penalties.
“They can make arrangements with their overseas employer to clear full payment, and graduates can repay their overseas employer. Bond service requirements for students on overseas scholarships will also be increased from 1.5 times the duration of the study to 2.5 times.”
Mr Lal said the changes were introduced by the Government to ensure the right skill set was retained in the country.
“Graduates who have gone overseas and don’t honour their arrangements will be placed on arrival alerts and will only be allowed to leave after clearing the full payment,” he said.
