- NTUC Income’s Future Development Programme emphasises its aim to create a better future through education;
- Besides funding for needy students, NTUC Income will enhance financial literacy, assist in their personal and career development, and provide internships and contract positions.
SINGAPORE, 14 July 2015 – NTUC Income has announced that it will commit $2.5 million to help needy students studying in the Institute of Technical Education (ITE) and polytechnics.
The latest initiative, called Future Development Programme, under its OrangeAid programme will offer 1,000 bursaries to students from low income families over three years. The bursaries will provide students from polytechnics $3,000 annually while those from ITE will receive $1,800 a year.
Said Mr Ken Ng, Chief Executive of NTUC Income: “OrangeAid’s Future Development Programme strives to make a significant social impact by ensuring that youth from low-income families, often the most vulnerable, have a better future through education. We hope that through this initiative, deserving students will not be deprived of quality education because of the financial situation of their families.”
Besides monetary assistance, NTUC Income will empower the chosen students by enhancing their financial literacy, as well as provide opportunities for their personal and career development.
Financial literacy and financial planning training will help the students make sound financial decisions – training that is especially necessary for those from low income families. NTUC Income will also provide these students internship programmes and contract jobs at NTUC Income during their vacation, along with career profiling and guidance.
“I am delighted that co-operatives like NTUC Income are coming forth to assist needy students. The bursaries awarded by NTUC Income will complement the existing financial assistance schemes at the educational institutions,” said Ms Serene Koh, Director of Student Services, Ngee Ann Polytechnic. “I am sure that the bursaries will help the families’ financial burden and allow the recipients to continue with their education.”
Added Mr Bruce Poh, Director & Chief Executive Officer of ITE: “NTUC Income’s Future Development Programme is a holistic assistance scheme that goes beyond financial assistance. The programme provides opportunities for recipients to learn about financial planning and management at a young age. This is a skill that will last them throughout their lives. The offer of internship programmes and contract positions is helpful in giving these students real-life experience in working at a financial institution. This is consistent with ITE’s mission of creating opportunities to acquire skills, knowledge and value for employability and lifelong learning.”
Some 200 students from both the five polytechnics and ITE will receive the bursaries for the first year. The number will double to 400 in 2016 and 400 in 2017.
Students will apply for the bursary through their schools. Among the students who have been accepted is Loo Zhi Wei, a 2nd year student from Republic Polytechnic. Zhi Wei lost both his parents and is now living with his grandmother and 12-year-old sister. The family lives on $1,000 given to Zhi Wei and his sister by their Community Development Council each month. Zhi Wei also supplements this income with part-time work during his vacation.
“My father passed away when I was 10 and my mother brought me up to be independent,” he said. “When she passed on during my first year in Republic Polytechnic, my family made do with the resources that we have through careful planning and spending only on things that are absolutely necessary.”
He added: “I was very pleased to be informed that I have been awarded the bursary from NTUC Income. The additional funds will ease our financial burden considerably. I will be able to focus more on my studies and, hopefully, get better grades and fulfil my ambition of entering a local university.”
Future Developmemt Programme comes under NTUC Income’s OrangeAid, its flagship Corporate Social Responsibility vehicle established in 2010. Under OrangeAid, NTUC Income commits one per cent of its annual insurance operating profits to help children and youth from disadvantaged backgrounds.
Other key initiatives under OrangeAid includes Income Family Micro Insurance Scheme, a free insurance that pays out $5,000 in the event the main caregiver of low-income families with young children passes away or becomes totally and permanently disabled.
Currently, OrangeAid also provides funding for seven beneficiaries, including specialised schools such as Spectra Secondary School, Assumption Pathway School, Crest Secondary School and Northlight School.
Part of funding for OrangeAid comes in the form of Orange RoundUp, where NTUC Income policyholders round up their GIRO premiums payments, or through outright donations. The first in Singapore’s insurance industry to use a secure and trusted financial mechanism for philanthropy, 100 per cent of OrangeAid RoundUp donations go to the beneficiaries.
To participate in donating to OrangeAid, please go to http://www.income.com.sg/orangeaid/donate.html
In conjunction with the launch of Future Development Programme, NTUC Income has produced a short film to increase awareness of OrangeAid and the plight of students in need. The story of Siew Fang in the film reflects the experience of some of Future Development Programme’s beneficiaries. NTUC Income hopes that with more support to such students, no one would have to sacrifice their future because of financial hardship.
