HONG KONG: Citigroup Inc is embarking on hiring 6,000 young people in Asia over the next three years to help cushion the region from a blowout in youth unemployment.
Citi and the Citi Foundation pledged to invest US$35 million in philanthropic contributions and grants to improve the employability of youth from low-income and underserved communities in Asia by 2023. They now account for almost half of the region’s unemployed, even though they make up just 20% of the working-age population, according to the International Labour Organization.
“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 chief executive officer.
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