By Yeo Sam Jo

WHEN Madam Li's husband was retrenched last December, she worried about not being able to send their two-year-old son to preschool on their monthly income of $1,000.

But now, with a bit of help, she can.

Her family is one of the estimated 200 households which will benefit this year from a financial aid scheme introduced by OCBC Bank and NTUC First Campus in January.

The OCBC-Bright Horizons Fund (OCBC-BHF) Retrenchment Relief Scheme, worth $500,000 over the next two years, aims to help retrenched parents send their children to preschool.

The bank has donated $200,000 to the cause and the Bright Horizons Fund (BHF) will add $300,000 to this amount for the same period.

Retrenched parents whose combined net household income is below $2,200, or $600 per capita, are eligible for aid when they send their children to an NTUC First Campus' My First Skool. The scheme will cover school fees for three months and can be extended on a case-by-case basis.

Fees at My First Skool average about $500 per month, based on the age of the child.

Madam Li and her husband, a former module designer, are thankful that the scheme has allowed their son to continue at preschool. The aid they receive saves them $428 in monthly school fees.

'We can now use that part of our income to pay for utilities,' said Madam Li. 'My husband can also focus better on finding a new job.'

Attending the official launch in Toa Payoh yesterday were OCBC Bank chairman Cheong Choong Kong and Mr Lim Boon Heng, Minister, Prime Minister's Office, and chairman of the fund's board of trustees.

'This scheme, very appropriately launched in these difficult times, will ensure that no child of NTUC First Campus will have to stay home because of financial problems,' said Dr Cheong.

Mr Lim pointed out the importance of pre- school education, citing it as 'vital' for every child.

'We want to ensure that their learning process continues seamlessly, regardless of the economic situation,' he said. 'We started this new scheme because we expect a bigger need for financial assistance for this recession.'

Assistance through this scheme is over and above the Government's centre-based financial assistance scheme for low-income families.

Parents can apply for the OCBC-BHF Retrenchment Relief Scheme by approaching the school principals and producing retrenchment letters from their former employers.

This article was first published in The Straits Times.