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JPMorgan Chase & Co. today announced a $17 million,
five-year commitment to U.S. cities working to increase the number
of teens with access to quality summer work experiences that put
them on a path to greater economic mobility. As part of the firm's
more than $325 million global investment in skills development,
this nationwide effort will help equip young people with the skills
and experiences they need to succeed and bridge the gap between the
demand for summer jobs and the number of available positions.
This summer, $3 million of the $17 million investment in Summer
Youth Employment Programs (SYEPs) will go to organizations in 19
U.S. cities that provide training and work experiences for young
people. The cities include Chicago, IL; Cleveland, OH; Dallas, TX;
Plano, TX; Detroit, MI; Indianapolis, IN; Louisville, KY;
Milwaukee, WI; St. Louis, MO; Boston, MA; Fort Lauderdale, FL;
Jersey City, NJ; Miami, FL; New York, NY; Newark, NJ; Philadelphia,
PA; Sacramento, CA; San Francisco, CA; and Seattle, WA.
"It's a moral and economic crisis that too many young people
graduate high school without clear pathways to good jobs," said
Jamie Dimon, Chairman and CEO, JPMorgan Chase. "We must make it a
national priority to provide youth with the skills they need to
succeed, and this starts by providing them with meaningful summer
work. Our Summer Youth Employment Program does just that by
exposing more students to jobs that teach them the skills they need
to find careers in growing industries later on."
By 2025, 65 percent of jobs in the United States will require
some postsecondary education, training or credential - up from 28%
of jobs in the 1970s. These heightened expectations will require
young people to gain work experience and develop skills today to
enable them to compete in the global workforce in the future.
Demand Exceeds Opportunity
However, demand for summer employment remains higher than the
number of available job opportunities, according to a 2016 survey
of 15 U.S. cities. The report, which is based on a survey of SYEPs
that are supported by JPMorgan Chase, also reveals that the summer
employment rate for teens across the U.S. has fallen to 34 percent,
a near record low and a 20 percentage point drop since 1995.
Despite the creation of more summer roles, only approximately 38
percent of teens and young adults looking for summer jobs were able
to find positions through 18 summer employment programs in the 15
cities surveyed over the last two years.
Working Together Towards a Solution
As cities creatively weave together resources to address the
broader youth employment crisis, they are designing skills-based
SYEPs, focusing on career pathways and integrating them into local
workforce planning.
In addition to providing summer jobs for thousands of young
people each year, this investment will support efforts to
strengthen the summer youth employment field nationally by
fostering learning, collaboration and innovation across U.S.
cities. Below is a list of city programs receiving SYEP funding in
2016 or 2017.
-- Chicago, IL (Chicago Public School Foundation; $300,000)
-- Cleveland, OH (Youth Opportunities Unlimited; $150,000)
-- Dallas, TX (Dallas Foundation A TX Nonprofit Corporation;
$100,000/Education is Freedom Foundation; $75,000)
-- Plano, TX (Plano Improvement Corporation; $50,000)
-- Detroit, MI (City Connect Detroit; $500,000)
-- Indianapolis, IN (Teenworks; $100,000)
-- Louisville, KY (KentuckianaWorks Foundation, Inc.; $100,000)
-- Milwaukee, WI (Greater Milwaukee Foundation, Inc.; $100,000)
-- St. Louis, MO (St. Louis Community Foundation Incorporated; $150,000)
-- Boston, MA (Boston Private Industry Council; $100,000)
-- Fort Lauderdale, FL (Broward Education Foundation; $135,000)
-- Jersey City, NJ (Jersey City Economic Development Corporation; $75,000)
-- Miami, FL (Magnet Educational Choice Association; $125,000)
-- New York, NY (Futures and Options, Inc.; $80,000/Fund for the City of
NY; $100,000/PENCIL; $80,000)
-- Newark, NJ (Newark Community Economic Development Corporation; $50,000)
-- Philadelphia, PA (Philadelphia Youth Network, Inc.; $50,000)
-- Sacramento, CA (Metro Chamber Foundation; $150,000)
-- San Francisco, CA (United Way Bay Area; $300,000)
-- Seattle, WA (Educurious Partners; $350,000)
"Summer jobs for our teens represent so much more than just a
paycheck," said Boston Mayor Martin J. Walsh. "Summer jobs are
about giving young people opportunities that can change their
lives. I applaud JPMorgan Chase for investing in equipping our
young leaders with the skills they will use throughout their
careers."
Over the last two years, JPMorgan Chase has dedicated $5 million
to enhance skill-based and career-specific job opportunities
through SYEP. This commitment, combined with other local support,
created almost 50,000 summer jobs for teens in over 14 cities.
The public and private sectors are working together to increase
the number of summer job opportunities available to young people by
taking existing workforce and economic development strategies and
discovering innovative ways to create jobs. As new and innovative
programs evolve, JPMorgan Chase is providing funding to bring these
programs to scale.
Sample tactics being used to expand skill-based and
career-specific employment and training opportunities include
expanding public and private sector partnerships by strengthening
operating and communications systems; linking summer jobs to
technical skills building, training and education, and year-round
employment; prioritizing programs for special youth populations,
including at-risk youth; connecting SYEPs to local workforce
systems through new partnerships and organizational structures; and
creating financial capability programs to help create economic
security for these young employees.
About JPMorgan Chase
JPMorgan Chase & Co. is a leading global financial services
firm with assets of $2.5 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 consumers in the United States and many of the worlds
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.
JPMorgan Chase & Co.Media:Stephanie Bosh, 202-585-1382
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This information is provided by Business Wire
(END) Dow Jones Newswires
May 22, 2017 05:01 ET (09:01 GMT)
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