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- ISCA Cares gave S$110,000 in bursaries to 55 beneficiaries
19 June 2020– Like many countries, Singapore’s economy is badly affected by the COVID-19 global pandemic[1]. The economic fallout has impacted many people, especially those in the lower-income bracket. To provide timely financial assistance to youths from financially vulnerable families, ISCA Cares, the charity arm of the Institute of Singapore Chartered Accountants (ISCA), has brought forward the disbursement of the ISCA Cares bursary this year.
This meant that 55 youths from disadvantaged families received the first pay-out of the bursary in May this year, compared to the usual period of October. The pay-outs will be made in two instalments, with the first instalment of $1,000 paid out in May and the remaining $1,000 in October. Each beneficiary is awarded a total bursary amount of $2,000 for the year. This year, ISCA Cares disbursed $110,000 to 55 beneficiaries, up from 36 beneficiaries in 2019.
Eighteen-year-old Cheryl Ong Zi Hui is among the beneficiaries of the ISCA Cares bursary. Prior to the COVID-19 outbreak, Cheryl’s family was already facing financial strain. Her mother has an irregular income as a clothes seller, and her father is unable to work for long hours as a delivery driver due to his ill health. The oldest of three siblings, the Year 2 student at Temasek Polytechnic also takes care of her two-year-old brother and thirteen-year-old sister. Her family responsibilities and studies leave her little time to take up a part-time job and alleviate her family’s financial stress. Her family expenses are high, with medical bills for her father and toddler brother, as well as the need to purchase necessities for her brother. During the period when home-based learning was instituted, Cheryl shared a computer with her sister. While her sister used the computer during the day, Cheryl stayed up past midnight to catch up on projects and lectures. With the ISCA Cares Bursary this year, Cheryl was able to purchase a second-hand laptop, as well as help defray some of her family’s expenses.
Freshly graduated from SMU’s School of Accountancy Bachelor’s Programme, Abumouthuth Abu Ahsfer is looking for a full-time job. This is a struggle as he faces hiring freezes across various industries during this period of the COVID-19 pandemic. He hopes to land a job soon to pay his student loans. Since his father passed away in 2016, Abu Ahsfer’s mother has been the family’s sole breadwinner, single-handedly providing for Abu Ahsfer and his two siblings. The economic fallout from the COVID-19 pandemic has left Abu Ahsfer and his family in a precarious situation. With business at his mother’s “mom and pop” convenience store impacted by the pandemic and Abu Ahsfer not having secured a job, expenses are building up, with loans to be repaid and mouths to be fed. The family has dipped into their savings to tide through this period.
Nineteen-year-old Sarah Lee Jia Yu is due to further her studies at a local university in August this year, having graduated from Nanyang Polytechnic. Sarah’s father is the sole breadwinner, supporting her family of five. This includes Sarah’s twin siblings, who are third-year students at Nanyang Polytechnic, and her mother, who is unable to work after suffering a stroke. Her father’s job as a delivery driver has been impacted by the COVID-19 pandemic, where he faces the possibility of being made to go on unpaid leave. Sarah has been unable to find a temporary job during this period to supplement household expenses and has found much needed financial relief through the ISCA Cares Bursary. Despite her hardships, the aspiring tax accountant remains optimistic for the future, and hopes that in turn, she will also be able to help youths who face similar financial struggles.
Cheryl, Abu Ahsfer and Sarah are among the 55 students from disadvantaged families who are beneficiaries of the ISCA Cares Education Programme, which awards bursaries to needy youths.
ISCA Cares is a charity set up by ISCA in 2015, which has been accorded IPC status. A programme under the ISCA Cares, the ISCA Cares Education Programme aims to provide needy youths with access to quality accountancy education in local polytechnics and universities. The ISCA Cares Bursary goes towards subsidising beneficiaries’ tuition fees and basic living expenses.
ISCA Cares was made possible with the firm support of the accountancy profession. The PwC Singapore Foundation, Hong Leong Foundation, BDO LLP and RSM Chio Lim LLP are the largest corporate donors this year.
ISCA Cares Chairman, Mrs Lim Hwee Hua, said, “In times of crisis, low-income families are one of the hardest-hit groups. This makes it more vital for ISCA Cares to step in and help youths from disadvantaged families tide through this challenging period. Recognising that many such families need urgent financial assistance, we brought forward the disbursement date of the bursaries, and gave bursaries to more beneficiaries. Our youths represent the future, and with the uncertain economic outlook, we remain committed to investing in them, to ensure that no one is left behind.”
“We would like to thank all ISCA Cares donors for their generous support. Their contributions have made it possible for ISCA Cares to reach out to some of those who have been the most financially impacted by the pandemic,” added Mrs Lim.
To learn more about some of the beneficiaries, refer to the Appendix.
For information on ISCA Cares, visit http://isca.org.sg/isca-cares.
-END-
For media queries, please contact:
Clarissa Tan, Communications Executive
HP: 9634 6912
Email: clarissa.tan@isca.org.sg
Betsy Tan, Senior Communications Manager
HP: 9641 6920
Email: betsy.tan@isca.org.sg
ISCA Cares is a charity with Institution of Public Character (IPC) set up by the Institute of Singapore Chartered Accountants (ISCA) as part of Singapore's Golden Jubilee celebrations in 2015.
ISCA Cares envisions a compassionate and caring accountancy community that actively contributes towards the betterment of society. Its mission is to encourage open-heartedness by promoting strong social conscience and a spirit of inclusivity in the accountancy community.
ISCA Cares supports two charitable causes:
Education: To provide needy Singapore youths with academic potential access to quality accountancy education through financial and non-financial assistance.
Community: To harness the knowledge, skills and expertise of the accountancy community, for community development projects through collaborative programmes with partners.
About the Institute of Singapore Chartered Accountants
The Institute of Singapore Chartered Accountants (ISCA) is the national accountancy body of Singapore. ISCA’s vision is to be a globally recognised professional accountancy body, bringing value to our members, the profession and wider community. There are over 32,000 ISCA members making their stride in businesses across industries in Singapore and around the world.
Established in 1963, ISCA is an advocate of the interests of the profession. Possessing a Global Mindset, with Asian Insights, ISCA leverages its regional expertise, knowledge, and networks with diverse stakeholders to contribute towards Singapore’s transformation into a global accountancy hub.
ISCA is the Designated Entity to confer the Chartered Accountant of Singapore - CA (Singapore) - designation.
ISCA is a member of Chartered Accountants Worldwide, a global family that brings together the members of leading institutes to create a community of over 1.8 million Chartered Accountants and students in more than 190 countries.
For more information, visit www.isca.org.sg.
Appendix: Profiles of Selected ISCA Cares Beneficiaries
About Cheryl Ong Zi Hui
Cheryl Ong Zi Hui, 18, is a second-year student at Temasek Polytechnic and the oldest of three siblings. Prior to the COVID-19 period, Cheryl’s family was already facing financial strain. Her mother brought back an irregular income as a clothes seller, and her father could not work long hours due to ill health. Outside of school, Cheryl takes care of her two-year-old brother and thirteen-year-old sister. Her academic and family responsibilities leave her little time to take up a part-time job. The family expenses are high, with her father’s and brother’s medical bills and the need to purchase necessities for Cheryl’s baby brother. During the period of home-based learning, Cheryl shared a computer with her sister. While her sister used the computer during the day, Cheryl stayed up past midnight to catch up on projects and lectures. After being awarded the ISCA Cares bursary in May this year, Cheryl was able to purchase a second-hand laptop for her studies.
About Abumouthuth Abu Ahsfer
Abumouthuth Abu Ahsfer, 25, is looking for employment, having graduated from SMU’s School of Accountancy Bachelor’s Programme in April 2020. He hopes to land a job soon to pay his student loans. He had taken the loans to relieve the financial load of his mother who has been single-handedly providing for Abu Ahsfer and his two siblings since his father passed on in 2016. The economic fallout from the COVID-19 pandemic has left Abu Ahsfer and his family in a financially precarious situation. With business at his mother’s “mom and pop” convenience store impacted by the pandemic and Abu Ahsfer not having secured a job, expenses are building up, with loans to be repaid and mouths to be fed. The family has dipped into their savings to tide through this period. The bursary will provide some financial relief to Abu Ahsfer and his family during this period.
Having gone through financial hardship, Abu Ahsfer has compassion for the less fortunate. He aspires to one day establish his own charity that will provide education for less fortunate citizens in third world countries.
About Sarah Lee Jia Yu
Sarah Lee Jia Yu, 19, is due to further her studies at a local university in August this year, having graduated from Nanyang Polytechnic. Sarah’s father is the sole breadwinner, supporting her family of five. They include Sarah’s twin siblings, who are Year 3 students at Nanyang Polytechnic, and her mother, who is unable to work after suffering a stroke. Her father’s job as a delivery driver has been impacted by the COVID-19 pandemic, where he faces the possibility of being asked to go on unpaid leave. Sarah has also been unable to find a temporary job during this period and has found much needed financial relief through the ISCA Cares Bursary. Despite her hardships, the aspiring tax accountant remains optimistic about the future, and hopes that in the future, she will also be able to help youths who face similar financial struggles.
[1]https://www.straitstimes.com/business/economy/spore-to-sink-into-deeper-recession-than-expected-2020-growth-forecast-cut-to