Bermuda, has announced a record payout of $2,252 per scholarship, compared with $2,000 last year.

Mr. Winston J. R. Jones, Canadian-based Heritage International's enrolment director in Bermuda, said: "This new milestone is particularly good news for Bermudian families who have enrolled their children in the US dollar fund.

"In 1993, Heritage International plans belonging to Bermudian children born in the mid-1970s will begin to mature.

"By 1996, more than 100 local children will be the recipients of Heritage scholarships annually. That number is expected to reach 500 by the year 2000.'' He added: "This record payout reflects the stability, excellent investment policy and general effectiveness of the Foundation.

"Heritage International is a strong, fast-growing, guaranteed plan backed by an organisation with 27 years of continuous success in the scholarship business.

"It is the fastest growing scholarship programme in the world and the world's only US dollar scholarship education savings plan.'' The Foundation invests parents' money only in "safe'' investment products, such as Government bonds, said Mr. Jones.

An investor receives all of his or her money back once their son or daughter starts their senior education.

In the second, third and fourth years of college, the investor receives cash income on their original investment.

A student does not have to complete four consecutive years of senior education to qualify for his monetary entitlement, said Mr. Jones.

"Students can take a year off or repeat years,'' said Mr. Jones. "The plan is very flexible.'' There is built-in insurance coverage which provides funds in the event of a parent dying or becoming disabled.

Heritage International was introduced to Bermuda in September, 1988, by Agency Heritage.

Over the past five years, it has become established as the top-selling scholarship programme on the Island, said Mr. Jones.

Heritage International is direct marketed in five countries, including Israel and The Bahamas, with children from more than 20 countries currently enrolled in the savings programme.

The Bank of Butterfield serves as the Worldwide Depository and Trustee for the organisation.