SINGAPORE: A new National Youth Fund will be set up for youth to champion community and social causes.
This will replace the existing National Youth Endowment Fund.
Acting Minister for Culture, Community and Youth Lawrence Wong made the announcement during the debate on the ministry's budget in Parliament on Friday.
For a start, an additional S$72 million will be injected into the fund.
This is on top of the existing S$28 million in the fund, bringing the total amount to S$100 million.
Mr Wong said instead of keeping it as an endowment fund, the S$100 million will be converted into the National Youth Fund (NYF).
This can then be drawn down every year to support youth activities.
He expects the fund to provide an annual budget of about S$5 million, which is more than eight times the current annual funding.
Mr Wong said the fund provides youth with the resources and support they need, whether it is in setting up a social enterprise, or in kick-starting a new social initiative.
He believes it can help imbue in youths a strong culture of volunteerism and social participation.