Citigroup to offer 6,000 jobs to youths in Asia-Pacific over three years to combat Covid-19’s impact on employment
- Citi and the Citi Foundation to commit US$35 million to help fight against joblessness
- Youth unemployment set to double in some places across the region vs 2019
Citigroup said it plans to offer 6,000 jobs and 60,000 training opportunities for youths across the Asia-Pacific region over the next three years to help cushion the impact from the global coronavirus pandemic, as unemployment rises in shrinking economies amid lockdowns.
Citi and the Citi Foundation will commit US$35 million together to help create economic opportunities and employability for youth from low-income and underserved communities in the region by 2023, according to a press statement.
The New York-headquartered bank is stepping-up in response to the impact of the coronavirus pandemic on youth employment in the region.
“Communities in Asia-Pacific are facing a youth unemployment crisis, especially among low-income and underserved groups, due to the impact of Covid-19,” said Peter Babej, Citi’s Asia-Pacific CEO.
Asia-Pacific is home to 700 million youths aged 15 to 24 years who account for almost half of the region’s jobless, according to the International Labour Organization’s data. Projections through the end of this year in 13 countries show sizeable jumps, with youth unemployment rates doubling the 2019 rate in some cases.