Government’s $500K Employment Retraining Fund
Minister of Economy, Trade and Industry Patrice Minors today [May 16] presented the President of the Bermuda College, Dr. Duranda Greene with a check for $500,000 to establish a Re-training Scholarship Fund at the Bermuda College.
The fund will assist retraining Bermudians seeking employment in a particular professional designation and retraining individuals who may already be employed but who lack the resources to pursue a specific professional designation in their field.
Minister Minors said, “The public will recall that Bermuda’s most recent Census results counted 2,581 persons unemployed, with the Island’s official unemployment rate standing at 6%.
“This fund will be used to address a specific need and will target a specific segment of our workforce – that is, those professional persons with experience in knowledge-based sectors who need to become certified in key areas, as well as recent college graduates who need to specialize through the certification process.
“Our aim is to assist these persons to become more marketable, reinventing themselves in accordance with the needs of the economy.”
Minister Minors went on to say, “It is envisaged that the first programme for which scholarships will be provided is in the area of Accounting certification. Work has already commenced to define the criteria for entry into programmes for specific Accounting designations including the CPA, CMA, and ACCA.”
Minister Minors’ full remarks follow below:
Good morning everyone,
I am very pleased to be joined by the Minister of Education, the Hon. Dame Jennifer Smith and the President of the Bermuda College, Dr. Duranda Greene on the eve of the Bermuda College’s Commencement ceremony.
Ladies and gentlemen it’s fitting that they are here today, because I am delighted to announce that the Ministry of Economy, Trade and Industry will be establishing a $500,000 Retraining Scholarship Fund at the Bermuda College to assist in:
- Retraining Bermudians seeking employment in a particular professional designation; and
- To assist in retraining individuals who may already be employed but who lack the resources to pursue a specific professional designation in their field.
But I want to be clear – this isn’t just any scholarship.
This fund will be used to address a specific need and will target a specific segment of our workforce – that is, those professional persons with experience in knowledge-based sectors who need to become certified in key areas, as well as recent college graduates who need to specialize through the certification process. Our aim is to assist these persons to become more marketable, reinventing themselves in accordance with the needs of the economy.
The public will recall that Bermuda’s most recent Census results counted 2,581 persons unemployed, with the Island’s official unemployment rate standing at 6%. And we at the Ministry have worked tirelessly in the last couple of years to address our unemployment concerns by implementing numerous initiatives to increase employment opportunities for Bermudians.
Under the auspices of the Department of Labour and Training we have dedicated considerable efforts to ensuring that those Bermudians who needed it were given the assistance to acquire those basic job skills to enter the workplace.
However it is clear that this economic downturn has been indiscriminate. It has affected all sectors of our workforce, large and small businesses; professional and blue collar workers. And what we recognise is that there are different levels of unemployment that need to be addressed.
Hence the introduction of the Re-Training Scholarship Fund.
Ladies and gentlemen, a critical component in our economic recovery plan is to increase the opportunities of developing our workforce by re-training Bermudians. As part of the Government’s Workforce Development Strategy, the Department has identified a need for training in the following areas of occupation.
These include, but are not limited to:
- Accounting
- Information Technology
- Secondary Education; and
- Other key areas within International Business
Quite simply, this is about providing support for those in knowledge based professions.
This is about assisting those Bermudians who have experience, but who have had trouble getting back into the industry because of the downturn in the economy.
Therefore, the new Bermuda College Re-training Scholarship Fund will be used to support the cost of re-training already experienced individuals so they can become certified in key areas.
As we move forward with the implementation of this initiative, the Department of Labour and Training will partner with the Bermuda College, who will be the provider of education and training.
Under the guidelines of this new partnership, the department and the college will work strategically in developing, accessing and funding educational programming that supports the social and economic policies of the Government. And the College will work collaboratively with the Department and relevant industry representatives to identify appropriate professional certifications to meet the needs of the job market.
It is envisaged that the first programme for which scholarships will be provided is in the area of Accounting certification. Work has already commenced to define the criteria for entry into programmes for specific Accounting designations including the CPA, CMA, and ACCA.
Consultation with industry stakeholders is planned as a part of the programme development.
The community can expect to learn more about the criteria associated with the Re-training Scholarship Fund as well as eligibility in the months ahead.
Ladies and gentlemen, I am of the view that we must take a holistic approach to getting Bermudians back to work. And we must employ a range of strategies in this endeavor.
One of our key focuses is buoying our training and development resources, and today I am very proud that we are able to partner with the Bermuda College to realise this goal.
Dr. Greene, before I invite you to say a few words, I’d like to present you with this check for $500,000 to fund the Re-training Scholarship Programme.
Thank you.
So…does this apply to my highly educated yet unemployed non-Bermudian spouse? I’m Bermudian, and if this assistance doesn’t apply to my spouse, then it’s kind of worthless, because the hardship our household continues to be at a disadvantage with only one of us working because I decided to take a dip in the deep end of the gene pool. SMH. Would love some clarity on this.
Wow I’m soo envious of you . All of the options you have , Education and the opportunity to leave this crappy Island and live abroad with your spouse .. I say go for it .
But wasn’t the College free? What’s this about? Nothing, clearly. And am I the only one getting tired of Bermudian women in business suits acting like they run everything? Go scribble some memos you lot, you’re wasting people’s time.
You do realise that the “free” college was only a political move of the previous government administration. I will not go into the facts that it was not ‘free’ as other taxes rose to cover the cost.
Your comment of “women in business suits” sounds slightly sexist. Women are just as capable as men of making important decisons.