May 17, 2016
Tokyo －J.P. Morgan, through a grant from the JPMorgan Chase Foundation, has established a partnership with NPO Bunka Gakushu Kyodo Network (BGKN) to address the youth unemployment issues in Japan.
Youth unemployment is one of the biggest challenges currently in Japan. More young people have become unemployed due to isolation at work, low tolerance of adverse environment or a lack of practical skills. Staff outflow, particularly in the IT sector, is also a critical social issue. BGKN supports those young people who are Not in Employment, Education and Training (NEET) by providing a venue where they can develop their work skills and regain motivation to enter the workforce.
Through the grant, BGKN will manage “Youth Hub”, a venue for unemployed youths to develop desk top publishing (DTP) skills. With these skills, the participants can seek employment at small IT related partner companies or potentially be hired by “Youth Hub” to execute its technology related work. The ultimate goal of the program is for NEETs to enter the workforce and become independent.
In order to present the value and social impact of this 18-month program, BGKN plans to engage an independent party to evaluate its activities. At the end of the program, BGKN will publish a case study on the “Youth Hub” business model that other NPO’s could replicate or adopt in their activities.
“We are delighted to work with BGKN to address Japan’s youth unemployment issues. We respect that BGKN has been working for many years with young people to solve such issues that have not been mitigated despite various public support. We hope the “Youth Hub” will serve as a sustainable business model to help underserved youth to enter the workforce,” said Steve Rinoie, J.P. Morgan’s Senior Country Officer for Japan.
“BGKN has long been supporting underserved young people in various ways for them to enter the work force and become independent in society and our support coverage has inevitably been expanding, however, the youth unemployment issue continues. With J.P. Morgan’s grant, we will manage a workforce readiness program with a special focus on IT skill training. We expect this project will support underserved young people to improve their skills and start working independently,” said Yosaku Sato, Representative Director of BGKN.
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $2.4 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. JPMorgan Chase & Co. serves millions of consumers in the United States and many of the world's most prominent corporate, institutional and government clients. At JPMorgan Chase, we believe we have a fundamental responsibility to help our clients and our communities navigate a complex global economy and address their economic and social challenges. JPMorgan Chase works with community partners to create pathways to opportunity by supporting workforce development, financial capability, small business development and community development in the regions where we do business.
In Japan, J.P. Morgan provides financial services through JPMorgan Securities Japan Co., Ltd., JPMorgan Chase Bank N.A., Tokyo Branch, and JPMorgan Asset Management (Japan) Limited. Services include investment banking, markets business such as fixed income, equities and foreign exchange, treasury services, trade finance and investor services, as well as asset management to corporate clients, financial institutions, institutional investors and governmental agencies. J.P. Morgan’s CSR activities in Japan consist of contribution from the JPMorgan Chase Foundation to various NPOs and a wide range of volunteer activities by employees. For more details about J.P. Morgan in Japan, visit www.jpmorgan.co.jp
NPO Bunka Gakushu Kyodo Network (BGKN) is a Japanese NPO established in 1974 that supports socially disadvantaged children and youth who have suffered school refusal, hikikomori (avoiding social contact) or unemployment to return to the schools and work places. They provide vocational trainings for the beneficiaries to acquire necessary job skills while gaining ability to cooperate with others, and build confidence and trust. They have been commissioned by various government agencies including the Ministry of Health, Labor and Welfare (MHLW) to run training programs targeting unemployed youth. For more details, visit www.npobunka.net