The S R Nathan Education Upliftment Fund is expected to benefit some 230 needy ITE students this year, up from 180 last year.
The fund is given out through the ITE Monthly Financial Assistance Scheme, which provides a S$150 monthly allowance.
It added 99 per cent of those under the ITE Monthly Financial Assistance Scheme completed their ITE courses last year, compared with 95 per cent in 2010.
The fund stood at S$10 million as of 31 March 2013, and the returns go towards educational improvement programmes.
The award ceremony was held in conjunction with former President S R Nathan’s book launch.
The book, “S R Nathan – 50 Stories from My Life”, contains selected stories from Mr Nathan’s memoirs that he felt would be meaningful to Singapore’s youths.
Education Minister Heng Swee Keat said he hopes students can be inspired by Mr Nathan’s experiences.
Mr Heng said: “Mr Nathan’s life story gives the inspiring lesson that nothing is impossible for those guided by strong values. Mr Nathan himself shared that never in his wildest dreams did he think he would one day be the president of Singapore. His tenacity, resilience and clear moral compass were the constants throughout the many twists and turns of a career that eventually led to the Istana. We may not all become heads of state, but the lessons of his life are universal — we can and should strive to show the same qualities in the challenges that we face.”