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Privately-Funded Scheme in Finland set to Find jobs for 2,500 Immigrants

February 2018, 27
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The Economic Affairs and Employment Ministry of Finland has started a project for social impact bonding, to promote employment of immigrants. This training aims at immigrants of working age who hold residence permits and are registered as jobless. This project is funded by impact investment and aims to work on unemployment problem faced by its immigrants.

The unemployment problem has been extremely high, for years, compared to the local population. Moreover, it delays their entry into the labor market. This experiment facilitates measures for training at workplaces, and a degree of customization, as per the needs in doing the job. Finding a good job is a huge challenge for many immigrants.

The factors responsible for this situation are being short of Finnish skills, less social contacts, and lack of proper networks in a new land. Immigrants have varied vocational and educational backgrounds.

Speaking skills can be acquired through reading the newspapers of Finland, viewing Television programmes and films in Finnish, or by listening to Finnish music and talking to the people.

The national program for three-years will provide fundamental Finnish language teaching and training, so that the participants are prepared for work in a better manner, and get a job quickly. Orton Pro, a rehabilitation and training company, is a service provider, which has been given a contract, by the ministry for executing the program.

Sonja Hämäläinen, Migration Director, Employment Ministry said that the training was given funds, completely by private investment, received from Private Equity Markets. There is no utilization of funds meant for integration by Finland. With positive results, and when the trainees get jobs, the investors get a return on the investment made.

Integration SIB is vested with 14 million Euros for this experiment. A major share of the 'Juncker Plan' of Private Funding came from the European Investment Fund, and 4 million were provided by Private Investors based in Finland.

Jyrki Katainen Previous Finnish PM and presently Vice-President of European Commission stated, that the support, given to the integration of such migrants, with the labor markets, serves well for Investment Fund of the EU, which is privately-funded and promotes social initiatives.

He added that everyone will gain from the training and education opportunities, being offered under the scheme. It was the initial Social Impact Bond Scheme of Europe. Its success would be monitored closely, and it will serve as a shiny illustration, for others to emulate.

It has the aim of helping 2,500 unemployed immigrants of the country in finding work, but 550 people only have joined this project. 33% of the participants in training had been successful, in finding work, in public transportation, industrial work, construction, property management and retail trade sectors.

Immigrants wish to move further than the entry-level professions and have real contacts and networks in Finland.

Through this, the immigrants can add value to business operations, become highly-educated members of a team, and show marvelous competence. This actually enriches the work environment. When there is faith in the capabilities of immigrants positive results happen.

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