Description
As part of the Reform of Vocational Education, the Tertiary Education Commission and the Ministry of Education are working to develop a new funding system for VET. Due to be rolled out in 2023, this Unified Funding System (UFS) will cover all provider-based and work-integrated learning at qualification levels 3 to 7, excluding degree study, as well as all industry training. The new UFS is designed to focus on three core components: a funding category system based on fields of study and delivery modes that recognise different cost structures and fit for purpose delivery; a learner-based component to support under-served learners; as well as a strategic component that allows TEC to better support strategically important delivery and innovative programme design.
Justification for excellence as assessed against framework
This artefact best aligns with R12: Funding models. Although not currently implemented, this innovative funding system is expected to meet many of the criteria of excellence outlined in the framework. Of the three core components the UFS will focus on, acknowledging differing types of study and cost structures and providing support for under-served learners demonstrates funding being weighted to support training costs that will demonstrably deliver value. The proposed strategic component exemplifies an adjustable and dynamic funding system that responds to changing external contexts and environments, for example, in response to Covid-19.
Additional information and links
Website: https://www.tec.govt.nz/rove/rove-news/rove-news-march-31-2020/unified-funding-system/
Contact details
E-mail: customerservice@tec.govt.nz
Phone: 0800 601 301