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Sunday, 17 April 2011

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New Act to improve value of graduates

The Higher Education Ministry is to introduce a Human Capital Development Finance Act (HCDFC) with the intention of providing a helping hand to the thousands of undergraduates who possess skills in various fields to enhance their skills and become professional graduates.

On a request made by Higher Education Minister S.B. Dissanayake, President Mahinda Rajapaksa and the Cabinet have given approval to this Act. After obtaining the Legal Draughtsman's approval, the Act will be presented in Parliament, Higher Education Ministry Secretary Dr. Sunil Jayantha Nawaratne told the Sunday Observer yesterday.

According to Dr. Nawaratne, though many undergraduates possess various skills, they have not been able to follow any advanced training courses during their three or four years in university due to lack of financial assistance.

Under the proposed HCDFC, undergraduates can obtain a bank loan from any State or private bank to follow a training course of choice.

According to the agreement reached with the bank, a graduate should start paying back the loan from the first month of starting employment and make monthly instalments from his salary, he said.

The Ministry is also negotiating with the World Bank to get funds to successfully implement this program.

The intention of this program is to assist graduates to become professional graduates to suit present day needs, he said.

This Act would facilitate graduates to follow any professional course outside the university such as CIMA, CMA, ACCA or AAT.

It would help produce professional graduates in relation to specific areas such as human resources, marketing management, sales, advertising, BPO, KPO, and IT.

 

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