J.P. Morgan Commits USD $25 Million to Help Develop Skills Needed by India’s Workforce in the Future; Announces USD $10 Mil...
October 21 2019 - 7:30AM
Business Wire
Investment in the World Bank for School to Work
program is part of USD $25 million commitment
J.P. Morgan today announced a USD $25 million, five-year
commitment to help low- and middle-income communities in India
develop the skills needed by the country’s workforce in the
future.
Through this commitment, and in collaboration with government
and nonprofit leaders, the firm will support skills training and
career education programs to equip people in India for careers in
the country’s high growth sectors and will be aligned to market
trends in retail, healthcare and IT-enabled services. It will also
support actionable research and data to inform J.P. Morgan’s future
philanthropic investments in India and share best practices on
education and training programs with business, government and
nonprofit leaders.
As part of this commitment, J.P. Morgan is investing up to USD
$10 million as the first funder in a World Bank- led and managed
initiative called the Skills and Training in Schools for Youth
Multi Donor Trust Fund (MDTF). The program - School to work:
Skilling India’s Youth - is focused on improving the quality of
skills development for young people in India and improving their
transition from school to in-demand and better paying jobs. The
program will support innovative models in curriculum development,
appropriate training for teachers as well as career counselling for
students. Pilot projects will be launched in Maharashtra and
Rajasthan.
“India is in a unique position as, for the next two decades,
more than two-thirds of our population will be of working age,”
said Kalpana Morparia, Chairman, South and South East Asia, J.P.
Morgan. “We believe integrating work skill training with core
academic curriculum will create an efficient workforce for the
country’s economic progress.”
A study by the National Council of Applied Economic Research has
noted that between 2018 and 2022 close to 70 million workers will
have joined or will be joining the workforce and they will need to
develop the necessary and relevant skills to keep pace with
technological changes.
“Children who are in primary school today are likely to work in
jobs that do not even exist right now. To prepare for a
fundamentally altered world of work, investing in people and their
skills, is going to be a critical policy decision countries can
make to secure the future of their citizens,” said Junaid Ahmad,
World Bank Country Director in India. “This collaboration with
J.P. Morgan, focused on improving the quality of skills development
for young people, will support India’s efforts to tap into the
future job market as it strives to transition to a high
middle-income country,” he added.
J.P. Morgan’s USD $25 million, 5-year commitment in India is
part of the firm’s five-year, USD $350 million global commitment to
prepare for the future of work, meet the growing demand for skilled
workers, and create economic mobility and better jobs for
underserved populations across the world which was made in
2019.
The new commitment in India builds on these philanthropic
investments, which connect people with the skills that they need to
qualify for in-demand jobs. J.P. Morgan will apply lessons learned
from the firm’s initiatives in the U.S. that help connect young and
long-term unemployed adults with rewarding career pathways. It will
also use insights from India to maximize the impact of future
investments across the world.
About JPMorgan Chase & Co.
JPMorgan Chase & Co. (NYSE:JPM) is a leading global
financial services firm with assets of $2.8 trillion and operations
worldwide. The Firm is a leader in investment banking, financial
services for consumers and small businesses, commercial banking,
financial transaction processing, and asset management. A component
of the Dow Jones Industrial Average, JPMorgan Chase & Co.
serves millions of customers in the United States and many of the
world’s most prominent corporate, institutional and government
clients under its J.P. Morgan and Chase brands. Information about
JPMorgan Chase & Co. is available at www.jpmorganchase.com.
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Media Contact Mollica Senapati,
mollica.senapati@jpmorgan.com
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