Western Union Foundation Announces Commitment to Drive $500 Million in Wage Gains
September 14 2023 - 8:05AM
Business Wire
- Through Prosperity Beyond Borders, the Foundation aims to
increase wages and earning potential for disadvantaged,
high-potential individuals who currently lack access to economic
mobility
The Western Union Foundation today announced Prosperity Beyond
Borders, its new social impact commitment to drive $500 million in
aggregate wage gains for people who currently lack access to
economic mobility. Prosperity Beyond Borders is a multi-year
commitment supporting individuals who have migrated from
underserved communities and connecting them with the skills and
access necessary to attain better jobs and increased earnings.
“The Foundation’s goal of driving $500 million in wage gains for
underserved, aspiring individuals directly aligns with our
company’s purpose of helping people prosper,” said Ben Adams, Chief
Legal Officer of Western Union and Board Chair of the Western Union
Foundation. “This is a great example of reimagining what’s possible
and being bold in the social impact we aim to achieve through our
Foundation.”
To achieve the $500 million aggregate wage gains goal, the
Foundation will invest in the following:
- Workforce Readiness: Scholarships for international
students from low-income countries, market-driven skill building
courses and business boot camps
- Jobs Creation: Fellowships, seed funding and small
business development empowering leaders and entrepreneurs
- Equitable Access: Support for inclusive access to jobs
through safe and fair systems that create pathways to the formal
labor market for people who have migrated
Programs providing these services function as powerful wage
multipliers, enabling people to qualify for higher-paying jobs that
offer upward mobility. The Foundation’s $500 million goal
represents the cumulative sum of those individuals’ higher wages or
earning potential, generally calculated over a one-year timeframe.
By supporting skills acquisition, degrees, certifications and other
relevant experience that qualifies people for better jobs, the
Foundation aims to serve thousands of people and drive a total of
$500 million in aggregate wage gains by the end of 2025.
“We are excited to launch Prosperity Beyond Borders and partner
with innovative nonprofits that are creating durable, positive
impact in people’s lives,” said Lauren Bell, Executive Director of
the Western Union Foundation. “By focusing on aggregate wage gains
as a key indicator of success, we are honing in on programs that
have a long-term, measurable impact and can help aspiring
individuals achieve their own version of prosperity and transform
their lives as well as future generations.”
In addition to supporting nonprofits providing effective
solutions that drive economic mobility, Prosperity Beyond Borders
will be anchored by the Foundation’s two successful signature
programs:
Western Union Foundation Global
Scholars
The Western Union Foundation launched the
Global Scholars program in 2017 to provide funding for
international students struggling financially to complete their
final years of college. Western Union Scholars are selected based
on their academic standing, personal goals and level of financial
need. The Foundation works with the Institute of International
Education to accept nominations, select awardees and distribute
scholarships. To date, the Foundation has funded more than 500
scholarships with plans to provide more than 130 additional
scholarships through Prosperity Beyond Borders.
Western Union Foundation
Fellowship
The Western Union Foundation Fellowship was
launched in 2021 to further develop business and community leaders
who have experienced displacement themselves, or are serving those
that have been forcibly displaced, with leadership training and
seed funding to launch ventures that serve a social purpose.
Powered by Watson Institute, this Fellowship program has directly
supported more than 75 burgeoning entrepreneurs and community
leaders to date, with plans to support more than 130 Fellows
throughout Prosperity Beyond Borders.
Prosperity Beyond Borders is the evolution of the Foundation’s
successful completion of Opportunity Beyond Borders, through which
$20 million was invested, reaching more than two million people
worldwide and connecting 50,000 individuals to economic
opportunities as reported in their most recent Impact Report.
Throughout this program the Foundation deeply analyzed its impact
to inform its next commitment and is increasing focus on the
programs that can help even more people gain economic opportunity
and the chance to build a more prosperous future.
WU-G
About the Western Union Foundation
The Western Union Foundation’s mission is to be a catalyst for
economic opportunity for people who migrate in pursuit of a more
prosperous future. With more than two decades of impact, we
continue to deliver on our mission with Prosperity Beyond Borders,
a multi-year commitment to drive $500 million in aggregate wage
gains for disadvantaged, high-potential people who lack access to
economic mobility. To date, we have invested more than $140 million
in nonprofits spanning over 150 geographies. The Western Union
Foundation is a separate, tax-exempt 501(c)(3) charitable
corporation and receives support from The Western Union Company,
its employees, agents, customers, and business partners.
Contributions to the Foundation are tax-deductible for U.S. income
tax purposes. To learn more, visit www.westernunionfoundation.org
or follow us on X (formerly Twitter) @WesternUnionFdn.
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version on businesswire.com: https://www.businesswire.com/news/home/20230914726251/en/
Media contacts: Claire Treacy
(media@westernunion.com) Robyn Burns
(robyn.burns@wu.com)
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