Eight of the island's schools will earn $30,000 each for volunteer work with local charities.

Students will put in ­between 12 and 24 hours with organisations such as the Coalition for the ­Protection of Children, Bermuda Zoological ­Society, Bermuda Institute of Ocean Sciences and Keep Bermuda Beautiful.

The initiative, Dollars For Hours: Youth and ­Community in Partnership, is run by Bermuda ­insurance firm PartnerRe.

The programme will see the firm give out a staggering $240,000 to public and private schools and give hands-on support to local charities.

Patrick Thiele, PartnerRe CEO said: "This is the fourth time PartnerRe has paired local charities with the secondary schools, bringing our total Dollars for Hours donation to $800,000 since 2006. As a Bermudian company, of which 71 per cent of our staff are Bermudian, we have a ­sincere interest in ­Bermuda, its youth and the future of our island.

"Through our Dollars for Hours initiative, we aim to encourage students to ­provide grassroots support to our local charities, while contributing financially ­towards the improvement of their educational ­experience."

The students taking part are aged between 14 to 18 from CedarBridge ­Academy, Saltus Grammar School, Somersfield, the ­Berkeley Institute, ­Bermuda High School, Bermuda Institute, ­Warwick Academy and Mount Saint Agnes.

Each school will adopt a different charity project, which include environ-mental schemes and health-related initiatives.

PartnerRe will cover the cost of materials and will coordinate a showcase for students to share their ­experiences once all ­projects are completed.