Any professional employe or temporary professional employe, who, during the term of his employment, shall receive a college certificate or shall earn a Master's Degree, shall, commencing with the next succeeding school term, be entitled to the compensation prescribed for his new status, which shall be at least three hundred dollars ($300) in excess of the annual service increment earned by him during the previous year.

Any temporary professional employe who holds a Master's Degree at the time of his initial employment in the public schools of this Commonwealth shall receive, commencing with the second year of service, compensation of at least three hundred dollars ($300) in excess of that to which such employe would otherwise be entitled.