JPMorgan Chase & Co. has announced a $6 million commitment to expand access to middle-skill jobs for young people in the South Bronx.
Part of JPMorgan Chase's five-year, $75 million New Skills for Youth initiative, the effort will connect career and technical education schools in the South Bronx to New York City employers in three key sectors — health care, information technology, and transportation, distribution, and logistics. Among other things, the funding from the financial services company and the JPMorgan Chase Fund at the New York Community Trust will focus on support for intermediaries in growing industries working to boost employer engagement and the development of career pathways; a new sustainable apprenticeship model for the transportation, distribution, and logistics industry; and the development of a data system to track the expansion of opportunities for work-based learning and internships and help match young people to those opportunities. Organizations partnering in the initiative include New Visions for Public Schools, the New York Alliance for Careers in Healthcare, the Consortium for Worker Education, and Per Scholas.
According to JPMorgan Chase, more than 40 percent of South Bronx residents do not have a high school diploma, 23 percent of young people in the area are out of school and unemployed, and half of the young people who are employed are in low-paying jobs that limit their financial futures. Although well-paying middle-skills jobs require more education and training than a high school diploma, they require less than a four-year college degree.
"In order to successfully prepare students for twenty-first century jobs, public schools need to cultivate strong industry and civic partnerships," said New Visions president Mark Dunetz. "JPMorgan Chase's New Skills for Youth initiative does just that, providing skill-building opportunities for students who will most benefit from them. At New Visions, we're committed to designing strategies and tools that strengthen schools' partnerships with industry and ensure students get the preparation they need for bright futures in the communities where they live."