J.P. Morgan Pledges $25 Million for Workforce Development in India

J.P. Morgan Pledges $25 Million for Workforce Development in India

J.P. Morgan has announced a five-year, $25 million commitment in support of high-quality job skills training and career education programs in low- and middle-income communities in India.

In collaboration with the Indian government and various nonprofit partners, the initiative will work to prepare Indians for careers in high-growth sectors of the economy such as retail, health care, and IT; support research and data collection that can inform J.P. Morgan's future philanthropic investments in the country; and share best practices both within and across sectors. To that end, the company will invest up to $10 million in the Skills and Training in Schools for Youth Multi Donor Trust Fund, a World Bank initiative focused on improving the quality of skills development and facilitating the transition from school to in-demand and better-paying jobs, with pilot projects to be launched in Maharashtra and Rajasthan.

The $25 million pledge is part of a $350 million commitment announced by the global financial services firm in March to support initiatives designed to meet the growing demand for skilled workers and expand career pathways for underserved populations.

"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, chair of J.P. Morgan's South and South East Asia division. "We believe integrating work skill training with core academic curriculum will create an efficient workforce for the country's economic progress."

"Children who are in primary school today are likely to work in jobs that do not even exist right now," said Junaid Ahmad, World Bank country director in India. "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. 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."