OCBC donates S$250,000 to the Labour Movement U Care Fund This Year, bringing its contributions over the years to the NTUC Family to over S$1.5 million
JOINT MEDIA RELEASE
OCBC DONATES S$250,000 TO THE LABOUR MOVEMENT U CARE FUND THIS YEAR, BRINGING ITS CONTRIBUTIONS OVER THE YEARS TO THE NTUC FAMILY TO OVER S$1.5 MILLION
Singapore, 21 May 2009 – Oversea-Chinese Banking Corporation Limited (“OCBC Bank”) and the National Trades Union Congress (“NTUC”) jointly announced today that OCBC Bank is donating S$250,000 to the NTUC U Care Fund (“U Care Fund”).
Specifically, OCBC Bank’s contribution will be channelled to the NTUC Scholarship Awards and Education Grant. The fund will provide union members’ children with much needed financial assistance for them to continue their education despite their families’ financial situations which might have been affected by the economic crisis. With OCBC Bank’s contribution to the NTUC Scholarship Awards and Education Grant, it is envisaged that more families will benefit from the increased funding for scholarships and education grants.
This year, to encourage union members to play their part in contributing to the U Care Fund, part of OCBC Bank’s S$250,000 contribution was made through the “U Care to Share” campaign, where OCBC Bank donated S$50 for every member’s testimony that was submitted between 15 April and 20 May 2009. Members were asked to write about what NTUC Membership means to them, in support of the U Care Fund. A total of 1,140 entries were submitted through the campaign website (www.ntuc.org.sg/just4u/umember) amounting to S$57,000.
Commenting on OCBC Bank’s decision to contribute to the U Care Fund, Mr Andrew Lee, the Bank’s Head of Global Consumer Financial Services said, “Both OCBC and NTUC share a common goal of serving the community, by helping them to achieve their aspirations. Specifically, OCBC’s Corporate Social Responsibility programme is aimed at helping children and youths realise their full potential and promoting education. We believe our contribution to the NTUC Scholarship Awards and Education Grant through the U Care Fund will benefit children who need help the most during this economic downturn.”
He added, “Through our contribution, we hope that union members will have peace of mind to focus on their jobs as well as spending quality time with their families. At the same time, we aim to help nurture young talents for the future, by offering deserving children the continued opportunity to develop the necessary life skills, through education.”
OCBC Bank’s latest efforts to ensure that children enjoy continued formal education despite their parents’ financial situation is an extension of its earlier efforts to provide assistance to parents who face difficulty in keeping their children in pre-school. In March this year, the Bank contributed S$200,000 spread over two years to the OCBC-Bright Horizons Fund Retrenchment Relief Scheme that aims to help retrenched parents keep their pre-schoolers in school.
Since NTUC and OCBC Bank announced their partnership to collaborate and help the community in 2004, the Bank has been making regular contributions of at least S$250,000 annually to charitable causes supported by NTUC. To date, OCBC Bank has contributed more than S$1.5 million to various NTUC fund-raising initiatives, including the NTUC ElderCare Trust; NTUC First Campus Bright Horizons Fund; and OCBC-Bright Horizons Fund Retrenchment Relief Scheme.
For more details on OCBC Bank’s contributions towards NTUC fund-raising initiatives, please refer to Annexe 1.
Mr Zainudin Nordin, Director of NTUC Care and Share Department, was grateful to OCBC for its generous contribution. He said, "OCBC has always been supportive of NTUC's initiatives, and this time round, it has stepped beyond its role as a commercial partner, to support the Labour Movement's fund-raising efforts. Responding to our call to assist affected workers in the economic downturn, OCBC has donated $250,000 to the U Care fund. I am heartened by their efforts to reach out to lower-income members and their children, as part of a major contributor to the NTUC Scholarship Awards and Education Grant. This amount will go a long way in helping our members' children, especially when we expect to see an increase in applications due to the downturn."
The NTUC Scholarship Awards and Education Grant is open to all union members whose children are currently pursuing full-time studies in a recognised local school or institution (from Primary 2 onwards) and meet the necessary application criteria. Into its 13th year, it aims to help union members defray the cost of their children’s education.
The scholarships are awarded to union members’ children who have performed well in their studies. The education grants are given to students from lower income families to help them cope with their education expenses. The value of the scholarship awards ranges from S$100 to S$1,000, and each education grant is valued at $100 per school-going child.
Mr Goh Choong Hwa, who has applied for the NTUC Scholarship and Bursaries fund for his two children aged 10 and 14 said, “I look forward to receiving the education grant for both of my children. The grant will definitely come in handy and help to lighten my financial burden as I have lost my job recently due to the economic crisis.”
Mr Wahab Mustajab, who has applied for the NTUC Scholarship and Education Grant for his 15-year-old twin daughters said,” I have just started working after being out of job for the past four months. The grant comes in useful for my children as I believe that having a good education is important for them.”
For more details, kindly visit:
http://www.ntuc.org.sg/gbscholarship09
