Standard Chartered Foundation Commits $6 Million to Boost Youth Employment in ASEAN
The Standard Chartered Foundation is making a significant investment of US$6 million aimed at enhancing youth employment rates and supporting sustainable livelihoods in Singapore and the broader ASEAN region.
Fostering a Blue Economy
A substantial portion of this investment will be directed toward developing an ASEAN Blue Economy program. This initiative is designed not only to support coastal and maritime ecosystems but also to improve the economic conditions of communities in the area.
Initial Phase of the Program
The project will kick off with a landscape assessment to uncover untapped potential and identify job opportunities related to the blue economy. This is crucial in addressing the pressing employment issues currently faced by the youth in the region.
Addressing Global Youth Unemployment
Globally, approximately 282 million young individuals are neither engaged in employment, education, nor training. The ASEAN region alone accounts for around 19 million of these young people, with young women facing unemployment risks 1.5 times greater than their male counterparts.
Commitment to Job Creation
Since its inception in 2019, the Standard Chartered Foundation has successfully aided in the creation of over 100,000 job opportunities for young people worldwide. The foundation is keen to expand this positive impact further across the ASEAN region.
Partnerships for Success
In a collaborative effort, the Standard Chartered Foundation will partner with Community Chest, the philanthropic branch of the National Council of Social Service, and Daughters of Tomorrow. Together, they will launch the Youth Employment for Success (YES) program targeting women aged 18 to 35 from low-income backgrounds in Singapore.
Empowering Women Through Training
The YES program is set to run until 2028, providing essential job readiness and wellness training that aims to enhance self-confidence and employability among participants. This initiative aligns with Standard Chartered’s SG60 commitment, aiming to make meaningful contributions to the community in Singapore.
Vision from Leadership
Patrick Lee, the CEO of Standard Chartered Singapore and ASEAN, emphasized the economic potential of the ASEAN Blue Economy program. He stated, “With our industry partners, we strive to convert this immense potential into real employment opportunities that will uplift the prospects of young people in our dynamic region.”
Through such strategic initiatives, the Standard Chartered Foundation is showcasing its dedication to tackling youth unemployment and promoting sustainable development within ASEAN, proving to be a catalyst for positive change in the community.