PRIVATE EDUCATION ACT
Under the new Private Education Act, legislated in December 2009, a Council for Private Education (CPE) was set up to regulate the private education industry in Singapore. All Private Education Institutes (PEIs) are required to comply with the regulations under the Act in order to continue operations.
Following are the new requirements which Singapore Institute of Management Pte Ltd (SIM) has put in place:-
CPE, in aiming to enhance the confidence of students and their parents in the quality of education in Singapore, has stipulated that all PEIs must sign a PEI-Student Contract with students. The contract lays out the important terms and conditions governing the relationship between the student and PEI. SIM will honour all terms and conditions spelt out in the contract and in all communication materials.
Students may request for a copy of the PEI-Student Contract from SIM or view it at the CPE website.
There will be a cooling-off period of 7 working days after signing the PEI-Student Contract. Students have the right to cancel the contract within 7 working days and be entitled to the Maximum Refund amount stipulated under Clause 2.4 of the PEI-Student Contract (less any course fees consumed by the Student if the withdrawal date is later than the course commencement date). After the cooling-off period, SIM’s refund policy will apply.
Fee Protection Scheme
SIM has in place a Fee Protection Scheme (FPS) to protect the paid fees of both local and international students. The FPS serves to protect the student’s fees in the event that the PEI is unable to continue operations due to insolvency, and/or regulatory closure. In addition, the FPS protects the student if the PEI fails to pay penalties or return fees to the student arising from judgments made against it by the Singapore courts.
The FPS is compulsory for all students and is available in 2 forms, either Escrow or Insurance Protection Scheme.
SIM has appointed Lonpac Insurance Bhd as our FPS insurance provider. Under the FPS insurance scheme, students’ fees are insured by Lonpac Insurance Bhd. In case of events, as stated above, students will be able to claim their paid fees from Lonpac Insurance Bhd.
We have also appointed Hong Kong and Shanghai Banking Corporation Limited (HSBC) as our FPS escrow provider. Under the FPS escrow scheme, students will pay their fees directly to HSBC. HSBC will act as the custodian of students’ fees and will only disburse the fees to SIM on a fixed schedule. Again, in case of events, as stated above, students will be able to retrieve their unconsumed fees from HSBC.
More details of the FPS can also be found in the FPS Instruction Manual, available at www.cpe.gov.sg.
SIM has in place a group medical insurance scheme for all its students. This medical insurance scheme will have a minimum coverage as follows:- an annual coverage limit of S$20,000 per student, covers up to B2 ward in government and restructured hospitals and provides for 24 hours coverage in Singapore and overseas (if student is involved in SIM-related activities) throughout the course duration.
For more information on medical insurance, please visit :-www1.simge.edu.sg/medicalinsurance