MasterCard Foundation, ILO enter into pact

The MasterCard Foundation and International Labour Organisation (ILO) have forged a five-year partnership to enhance global awareness among youth about challenges facing them in the world of work.

The Foundation, which has pledged $14.6 million for the Work4Youth partnership, will aid ILO in school-to-work transition surveys to be undertaken in 28 countries across five regions. The data and information generated by the surveys will be included in a series of analytical national, regional and global reports on youth employment.

A recent ILO report indicated that even though the absolute number of unemployed youth fell slightly since its peak in 2009 from 75.8 million to 75.1 million in late 2010, young people were struggling to find jobs or are giving up on finding work.

Ms Deepali Khanna, Director of Youth Learning for The MasterCard Foundation, said: “The partnership is a good example of how policy-makers, the private-sector, employers and educational institutions can engage with international organisations to promote the expansion of decent work opportunities for young women and men.”

The Toronto-based MasterCard Foundation advances microfinance and youth learning to promote financial inclusion and prosperity.