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Sunday, April 14, 2024

Shortage of skilled labor: How the private sector is helping

News Desk |

The low skill level in the labor force is a major constraint in Pakistan which hinders economic growth, job creation, a competitive manufacturing industry, and makes poverty alleviation difficult. Yet little has been done by successive governments to improve technical and vocational education and training. The country’s existing technical and vocational education network covers a very small proportion of the population and the skill needs of the economy.

A vast majority of businessmen consider the shortage of skilled manpower as big a problem as it raises their cost of production, affects their global competitiveness as much as the energy crunch or the security conditions do. It is in this context that various not for profit organizations have stepped up to help people acquire the skills which they can use to help enrich their lives.

JS Bank, one of Pakistan’s leading and fastest growing financial institutions is continually undertaking efforts to drive economic growth and development in Pakistan.

One such organization is the Karigar Training Institute (KTI). Established in March 2009, Karigar Training Institute (KTI)’s vision is to enable young, literate and semi-literate men and women from less privileged sections of society to become economically independent, through an acquisition of specialized vocational skills and good work ethics. So far, more than 1,200 young men have been trained to become Electricians, Refrigeration & Air-conditioning mechanics, Pipe Fitting/ Plumbers, and Motorcycle Mechanics.

Now KTI has been joined by one of Pakistan’s main banks, JS bank in this mission. JS Bank is one of the fastest growing banks in Pakistan, with 323 branches in 161 cities. The Bank also has an international presence and is a leading player in the digital banking space. JS Bank has received the prestigious award for Best Environmental and Social Governance Bank at the Pakistan Banking Awards 2017. The Bank is part of JS Group, one of Pakistan’s most diversified and progressive financial services group.

Read more: First Time Customer Acquisition Strategy Employed by JS Bank

KTI trainees or alumni can now become independent entrepreneurs by availing financing solutions through the JS Prime Minister Youth Business Loan (PMYBL) scheme, at a highly subsidized mark-up rate of 6% per annum. Applicants aged between 21 & 45 years, with entrepreneurship and business management skills imparted through Karigar, are eligible to apply for the scheme.

Reflecting on this alliance, Mr. Babbar Wajid, Head of Product Development & Business Management, JS Bank stated, “Through this partnership, we aim to open doors to the common man who struggles to become financially independent. I am positive that this is just the start to something much bigger that can bring about a change we require in the social & economic sectors of Pakistan.”

Speaking on the occasion, Commodore (Retd.) S. Rashid Ullah, Director Operations, Karigar Training Institute, stated: “We highly appreciate JS Bank’s initiative towards enabling these young individuals and ensure full support from Karigar Training Institute in this respect.”

Read more: JS Bank Scheme for SZABIST Students Promotes Entrepreneurship

JS Bank, one of Pakistan’s leading and fastest growing financial institutions is continually undertaking efforts to drive economic growth and development in Pakistan. It can be hoped that JS Bank’s steps will help induce other members of the banking sector to step in and help in reducing the shortage of skilled labor.