Government of Canada helps over 1,000 students find paid work placements through financial services partners like Toronto Financial Services Alliance
News release
April 11, 2018 Toronto, Ontario Employment and Social Development Canada
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.
Quotes
“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
Quick facts
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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.
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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.
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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.
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Work placements are a continuum of opportunities offered within the workplace including internships, practicums and cooperative placements (co-ops).
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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.
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Contacts
Matt Pascuzzo
Press Secretary
Office of the Honourable Patty Hajdu, P.C., M.P.
Minister of Employment, Workforce Development and Labour
matt.pascuzzo@hrsdc-rhdcc.gc.ca
819-654-4183
Media Relations Office
Employment and Social Development Canada
819-994-5559
media@hrsdc-rhdcc.gc.ca
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