$70,000 programme to steer students into finance
Ugland House, Grand Cayman
(CNS): $30,000 from the public purse along with $40,000 from Cayman Finance is expected to kickstart an education and work experience initiative to encourage young people to work in Cayman’s offshore industry. The subsidized programme will see students in the first year of their A-Levels or associate’s degree who are “job ready” working alongside mentors in the financial sector.
Unemployment among young people, even of qualified graduates, is a mounting problem for government. Although all larger Cayman-based firms holding work permits for experienced overseas staff are already obligated by law to train or offer scholarships to young local workers, the system is not working and not being enforced. There are major concerns that the next generation of Caymanian workers is not being given the chance to enter the financial profession and benefit from the strongest pillar of the local economy.
Watch video report and read more details on the press conference
Government officials told CNS they have allocated $30,000 to the program, $15,000 from both the financial service and education ministries. While Jude Scott CEO of Cayman Finance aid the industry body will directly contribute $40,000 to the programme and time invested by the mentors in the industry would equate to around $300,000.
Category: Education, Jobs, Local News
Far to many of these scholarships go to wealthy families who can afford to send their children to university. There should be a cap on combined income for eligibility.
Hopefully this is not the National Internship program that the Minister is suppose to be implementing as it would have more of an impact if they assisted the other 97% of the students who really need the door of opportunity to open for them. The “high flyers”, those that depict the group that is being assisted, will make it regardless of the privileged position that is rolled out for them. Please remember that it will be the other “97%” that will come back to haunt you unless opportunities are given to them.
Oh, yeah, did you all check to see how many students wanted to go into finance from Prep , Catholic and UCCI? I am sure they do not offer too many A levels in finance and looks like UCCI just dropped their finance degree. I also like the caveat that only “job ready” students will work alongside their mentors. That will probably leave about 10 students from the reported 50 who could benefit from the program.
I really tried to see the positive but alas, the questions created doubt and now my thoughts are, why would we need to help the already entitled/privileged Caymanians?
Or, did the parents spend so much on private school they now expect the government to pay for tertiary education?
Or, are we selecting the future members from parents of and future members of the overly influential secret societies (freemasons and eastern stars etc ) and or certain social clubs?
those who have enough keep taking
and yet those good for nothing expats that come here had to work and pay for their own education and not complain about only get 30k towards it.
You forgot to say thank you anon 9:38am for getting the privilege to come here to exploit or job market without having to contribute a single penny to help in educating our young people. You ungrateful ras!!!!
really, where do you think all those work permit fees go (over 100 million a year), they go to providing free schooling to only your children, and paying for 125million dollar schools. So we are paying for your education, may it is time you contribute as well, but no you will not, as you are the ungrateful ras, and feel entitled that others should do that for you. Man up
Another PPM Nickel & Dime run slush fund for their simple minded supporters and siblings to get their jollies without it appearing to be a political handout. With all the money this place turns over $70,000 US or CI what a joke! Pocket change but that’s the PPM for you ,making a big thing out of absolutely nothing! How about 700K are our children getting higher education simply not more important or worth more ??? Come on mann you got to do better than that???
Pathetic comment. I would rather the PPM do good things with what you call “pocket change” than have the UDP engaged in xxxxx and doing nothing but leading the decay of morals and ethics and the rule of law in the country. We are so over that!
A good start, more needed. Time and time again I have repeated this is what is needed albeit on a larger scale. Companies like mine would employ more Caymanians if they are properly prepared and educated for it.
wow a whole 30,000???? towards a degree? That will equate to half a tuition for one person
the force (entitlement) is strong in this one..
I guess $70,000 is better than nothing but I hope this is just the beginning. Also please ensure that these students when qualified will not have to sit and watch a permit holder take their job.
Well let the parents instill in their children a strong work ethic, where they turn up for work even when it is raining, where, even when sick, they turn up for work, where doctors appointments are made to suit their business and not to suit them, where they do the job they are paid to do and not spent their time running their other businesses.