TORONTO, April 11, 2018 /CNW/ - When post-secondary students get the chance to learn in a hands-on work environment, they build the real-word skills and connections that help them get great jobs when they graduate. That's why the Student Work Placements Program is such a critical part of the Government's plan to put Canada's greatest strength—its skilled, hard-working people—at the heart of a more innovative future economy.
The Honourable Bill Morneau, Minister of Finance, on behalf of the Honourable Patty Hajdu, Minister of Employment, Workforce Development and Labour, today announced that the Government of Canada will provide $2 million to the Toronto Financial Services Alliance for the ASPIRE Work-Integrated Learning in Financial Services project, which will help 1,004 students in the financial services field develop important skills and gain valuable workplace experience.
The Government of Canada is rolling out a $73 million Student Work Placements Program to create over 10,000 paid student work placements in STEM and business fields over the next four years and to facilitate stronger partnerships between employers and partnering polytechnics, universities and colleges. This is in addition to funding provided to Mitacs, a not-for-profit organization that provides research internships with a goal of creating 10,000 work placements per year. With these combined investments, over 60,000 post-secondary students will have paid work placements over the next five years.
Minister Morneau made the announcement at Ryerson University in Toronto, together with the Toronto Financial Services Alliance, one of several industry partners working with the Government of Canada. The Toronto Financial Services Alliance, a public–private partnership dedicated to growing the Toronto region's financial services cluster, collaborates with industry and government to build national and international awareness of the advantages offered by the financial sector.
"When Canadian students get on-the-job education, they're getting the experience they need to succeed. Our Innovation and Skills Plan is putting Canada's skilled, talented and creative people at the heart of a more innovative future economy."
– The Honourable Patty Hajdu, Minister of Employment, Workforce Development and Labour
"Toronto is one of the best places in the world to live and work, and the city's strong and growing financial services industry is a big part of that success. With this investment, we will be helping more young people get the work experience theY need to find and keep good, well-paying jobs. It's a smart investment today – and for the long term."
– The Honourable Bill Morneau, Minister of Finance
"The Toronto Financial Services Alliance is delighted to partner with the federal government and to have its support for ASPIRE, our financial services work-integrated learning project. The funding will allow us to reach more young Canadian students and provide them with valuable work experience in the financial services sector, while at the same time growing the sector's early-stage talent pipeline. A win-win outcome."
– Jennifer Reynolds, President & CEO, Toronto Financial Services Alliance
- According to the Toronto Financial Services Alliance, 87 percent of executives in the financial industry say that at least 20 percent of roles in this sector will change in the next three to five years.
- Budget 2018 announced $8 million to support the creation of up to 1,000 student work placements in the field of cyber security, as part of the National Cyber Security Strategy.
- Under the Student Work Placements Program, the Government also announced $1 million per year to create up to 500 new placements over 3 years for students in STEM in the field of artificial intelligence.
- Work placements are a continuum of opportunities offered within the workplace including internships, practicums and cooperative placements (co-ops).
- Students who participate in these opportunities are more likely to benefit from higher earnings and more employment opportunities, be employed in fields more closely related to their studies and develop technical and work-ready skills sought after by employers.
Student Work Placement Program
The Student Work Placement Program will provide post-secondary students in science, technology, engineering and mathematics (STEM) and business with more quality student work placements and improved partnerships between employers and post-secondary education (PSE) institutions.
Agreements will be put in place with employer delivery partners, including recognized industry associations and organizations that represent the interests of businesses in key sectors in STEM and business.
These partners will be responsible for establishing partnerships with employers and PSE institutions and will provide eligible employers in STEM and business with wage subsidies for quality student work placements, up to 50 percent of the wage cost for the placement (up to a maximum of $5,000 per placement) and up to 70 percent (up to a maximum of $7,000 per placement) for first-year students and under-represented groups, such as women in STEM, Indigenous students, people with disabilities and newcomers.
Employers, including small and medium-sized enterprises and PSE institutions, will work together to help students become job-ready and develop the full complement of skills employers are seeking.
As part of the Student Work Placement Program, up to 10,000 new work-integrated learning opportunities will be created for post-secondary students from STEM, and business fields. It is expected that student work placements will be made available to under‑represented post-secondary students, such as women in STEM, newcomers, Indigenous students and first-year students in STEM.
SOURCE Employment and Social Development Canada
For further information: For media enquiries, please contact: Matt Pascuzzo, Press Secretary, Office of the Honourable Patty Hajdu, P.C., M.P., Minister of Employment, Workforce Development and Labour, [email protected], 819-654-4183; Media Relations Office, Employment and Social Development Canada, 819-994-5559, [email protected]