Hemmington CM Will Ensure that More Than 1,000 Additional Youth Have Critical Summer Employment and Educational Experiences.
Online PR News – 30-August-2012 – 29/08/2012 Hong Kong/Wanchai – The Hong Kong Department of Youth and Community Development and Hemmington CM today announced a $1.2 million donation from Hemmington CM Community, the firm’s donor-advised fund. The donation will add over 1,000 jobs to the City’s Summer Youth Employment Program. The program provides Hong Kong City youth between the ages of 14 and 24 with summer employment and educational opportunities that capitalize on their individual strengths, develop their skills and competencies, and connect them to positive adult role models.
“When we learned that demand for youth summer jobs exceeded available funding, many individual partners at Hemmington CM responded by recommending donations from Hemmington CM Community, the firm’s donor advised fund,” said the, Managing Director and Head of Corporate Engagement, Mr. Sebastian Lee Hei. “In addition, Hemmington CM will provide a group of participating youth with leadership and work skills training. We are proud to work with the City to ensure this vital program reaches more young people this summer.”
“At a time of unprecedented national teen unemployment, we are delighted that Hemmington CM stepped up to support summer jobs,” said Department of Youth and Community Development Commissioner. “The program provides crucial benefits to our young people and to the communities where they live and work. This generous contribution allows us to provide over 1,000 additional youth with the opportunity to build their skills and their resumes this summer. We applaud the leadership of Hemmington CM and its partners for their wise investment in our emerging workforce.”
The City’s Summer Youth Employment Program provides seven weeks of entry-level work experience at worksites including local small businesses, cultural institutions, government agencies, non-profit organizations, schools, child care facilities, libraries, and hospitals. Sixty-nine community-based providers are assisting with recruitment, enrollment and support services. Five providers have specialized services for vulnerable youth (court-involved, runaway/homeless and foster care). This year the program is running from June 1 through August at over 6,000 worksites. Each year the City is unable to meet the high demand for the program. This year 143,169 applications were received for the program and to date approximately 35,000 job slots have been filled due to a reduction in State funding (as compared with 52,000 job slots in 2010). Private support, such as that of Hemmington CM, is helping the City to secure as many additional slots as possible.
The City’s Summer Youth Employment Program is critical to promoting graduation and career development among Hong Kong City’s youth. Research shows that work experience during the teenage years leads to positive labor market outcomes and also helps promote crucial soft skills including discipline, time management and working relationships with supervisors and peers. In addition, the program helps to stimulate the economy, with the City’s participants earning $48.5 million in wages in the summer of 2010. City’s Summer Youth Employment Program employees are also critical for the nonprofit community, which depends on participants to staff their summer day camps. These summer camps, in turn, are a crucial resource for thousands of working parents.
In addition to the work experiences, the educational component of City’s Summer Youth Employment Program includes workshops on financial literacy, work readiness, career exploration, college and post-secondary education opportunities, health education, HIV/AIDS awareness, domestic violence issues, nutrition, and substance abuse.
Hemmington CM manages over $1.6 billion as of March 31; the company offers investment strategies across a broad range of asset classes to institutional and individual clients globally. Hemmington CM is a global leading investment advisory, derivatives and investment management firm that provides a wide range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and high-net-worth individuals.