JPMorgan Chase & Co. (JMPC) has announced a five-year, $20 million commitment in support of summer youth employment programs (SYEPs) in 24 cities across the country.

Part of the global financial services firm’s broader $30 billion commitment to drive an inclusive economic recovery and increase opportunities for underserved—especially Black and Latinx—communities, the latest commitment will direct funds to local governments, employers, and community partners to help young people access SYEPs and gain experience that will help them build careers and achieve economic mobility. In addition to integrating existing work into local public workforce and education systems to drive long-term change and support for youth employment, the new initiative will follow lessons learned from a similar commitment established in 2017 and prioritize employer engagement to develop partnerships, expand work opportunities, and enhance high-quality work-based learning and mentorships.

According to JPMC, youth unemployment—already exacerbated by the pandemic—has disproportionately affected under-resourced low-income and minority communities. To remedy the situation, young adults need to acquire high-quality work experience and more education than was necessary for previous generations. Unequal access to high-quality work experience through work-based learning programs and youth employment further contributes to gaps in good jobs.

“Investing in our youth is critical for our future and it begins with ensuring that they have access to programs such as Summer Youth Employment,” said Newark mayor Ras J. Baraka. “These summer work experiences help to develop young minds by teaching them valuable interviewing and workplace skills, financial empowerment, and providing opportunities to explore different career pathways.”

“The COVID-19 pandemic, and ongoing racial and economic crises have had a disproportionate impact on young people, especially for those in under-resourced communities who have had to juggle supporting their families and preparing for their own futures,” said Demetrios Marantis, global head of corporate responsibility at JPMC. “Early employment opportunities for young people are incredibly valuable and often provide the necessary skills, network and experience they need for future career success and…a brighter future.”

(Photo credit: GettyImages/FG Trade)