Google establishes a fund of over 11 billion yen for skill training of low-income workers, loan repayment only when getting a job with an annual income of about 4.6 million yen or more
On February 17, 2022, Google will expand its skills training and employment agency program for low-income workers in the United States with the $ 100 million Google Career Certificates Fund. Announced that it was established. The fund will prepaid the cost of the training program and will only repay the loan when the program graduates get a job of $ 40,000 or more per year.
Our new $ 100 million Google Career Certificates Fund
Google Invests in Skills Training Program for Low-Income Workers --The New York Times
https://www.nytimes.com/2022/02/17/business/google-training-program.html
Google wants 20,000 Americans to have higher-paying jobs
https://www.protocol.com/google-launches-certificate-fund
In recent years, major IT companies have been increasing attempts to support the skill improvement of employees and workers, Amazon has introduced a system to take over the tuition fees of employees attending college, and Google has introduced an online vocational training program `` Google Career Certificates 'has been announced.
Google announces online vocational training program for high-growth fields that can be completed in just 6 months & low tuition fees-GIGAZINE
And on February 17, Google announced a $ 100 million fund called the 'Google Career Certificates Fund' to financially support skill training students. The fund aims to provide training programs in skills that help find better jobs for people without a degree, which accounts for two-thirds of workers in the United States.
In fund management, Social Finance , which raises funds and designs reasonable repayment plans for training program participants, Year Up , which provides training programs for disadvantaged people, and technical for those who do not have a degree. We are working with three non-profit organizations called Merit America , which offer training programs. Social Finance, which has expertise in financing and repayment planning, will be responsible for distributing the cost of the fund to Google Career Certificates, Year Up, and Merit America.
Fund-backed people can take a 3- to 6-month course without prepayment and the loan is interest-free. In addition, only 'graduates who have a job with an annual income of more than $ 40,000' are obliged to repay the loan, and the monthly repayment amount is 100 dollars (about 11,500 yen), and the repayment continues for up to 5 years. Will be done. Not all students graduate from the program and get a high-paying job, but repayment of loans from successful graduates helps to sustainably run the training program.
Through this fund, Google hopes to support a total of more than 20,000 trainees and drive a total wage increase of $ 1 billion. Google CEO Sundar Pichai said at the fund's announcement event, 'This is to help the entire ecosystem, from private companies to nonprofits, work together to give more Americans financial opportunities. It's another promising example, 'he said, arguing that it would be an alternative to traditional government training programs and set an example for other companies.
Google Career Certificates, Year Up, and Merit America have already trained many students. At Year Up, which provides technical training for low-income earners between the ages of 18 and 26, 80% of graduates find a job within four months, with an average starting salary of $ 44,000, more than double the pre-study job. (About 5.07 million yen). Merit America also has a graduation rate of over 80%, and most of them have succeeded in finding employment, and the average starting salary is $ 45,000 (about 2.07 million yen), which is $ 18,000 higher than before taking the course. It is said that it is 5.18 million yen).
In these training programs, it is possible to learn not only practical skills but also so-called soft skills such as teamwork, communication, and motivation to acquire new skills. Career coaches, social workers, counselors, alumni networks, etc. that support employment are also substantial, and Gerald Certabian, founder and CEO of Year Up, said, 'Skills and adaptability are important, but social capital Building is also important. '
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