No lump sum for teacher Tabichi as Ksh.100M to be paid out in 10-year installments
- The winner is also required to attend financial counseling sessions provided free-of-charge by the foundation to help them handle the new found wealth.
- For a period of five years after the awarding of the Prize to the winner, the winner must continue to teach or provide educational support to students between the ages of 5 and 18 in a school setting unless he or she retires.
When news broke that Kenyan teacher Peter Mokaya Tabichi had bagged a mind-numbing Ksh.100 million ($ 1 million) after winning the 2019 Global Teacher Prize, many tried to do mental calculations on how he would spend the money.
The thought of that kind of money in the 36-year-old teacher’s bank account was enough to trigger an online frenzy and no mental calculations made sense. Also, majority couldn’t understand the amount of tax he is about to pay to the government.
But to calm the nerves, Tabichi will not receive the money in a lump sum but rather in installments.
The prize money, paid out by the Varkey Foundation, will be released in Ksh.10 million ($100,000) annual installments over a period of 10 years.
But there are some strict conditions Tabichi must stick to to access the money over the 10-year period.
According to the Varkey Fiundation, the winner is also required to attend financial counseling sessions provided free-of-charge by the foundation to help them handle the new found wealth.
For a period of five years after the awarding of the Prize to the winner, the winner must continue to teach or provide educational support to students between the ages of 5 and 18 in a school setting unless he or she retires.
The Global Teacher Prize winner is also required to serve as Global Ambassador for Varkey Foundation for the next five years.
“Serving as Global Ambassador for VF shall include but not be limited to attending events, speaking to the media, undertaking training and other commitments outside of working hours, on weekends and/or on holidays. VF will pay for and arrange all travel and accommodation,” says the foundation.
The Varkey Foundation is a a family organization established to improve standards of education and raise the status and capacity of teachers throughout the world.
Mr. Tabichi, a Mathematics and Physics teacher at Keriko Mixed Day Secondary School in Pwani Village, Nakuru won the prize for dedicating his life to helping others.
He gives 80% of his teaching salary to local community projects, including education, sustainable agriculture and peace-building.
“He’s changed the lives of his students in many ways, including the introduction of science clubs and the promotion of peace between different ethnic groups and religions. He has also helped to address food insecurity among the wider community in the famine-prone Rift Valley,” said the Varkey Foundation.
Mr. Tabichi, who becomes the first African and male teacher to win the global award, emerged winner out of 10 finalists and 10,000 applicants from across the world.
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