INR100 crore will be allocated by HSBC as part of its corporate social responsibility (CSR) funds over a period of 5 years to the HSBC Skills for Life program.
Targeting 75,000 youth as beneficiaries the HSBC Skills for Life is a pan – India program that will support NGOs to focus on three verticals:
- Employment linked skill development of disadvantaged young people
- Upskilling of educators and teachers
- Women’s empowerment through livelihood enhancement
The skilling program will begin immediately, followed by the second and third verticals which will be launched in 2016.
HSBC India has tied up with Swades Foundation for the execution of the skilling program. Swades will receive INR 50 crore over a 5 year period and will work with the Tata Institute of Social Sciences (TISS) & business schools as their monitoring and evaluation partners.
With an aim to create an impactful spend of their 2% CSR mandated by the CSR rules of the Companies Act 2013, HSBC plans to construct a programme which will last a few years and will be scalable through this collaboration. Swades will screen the NGO applicants seeking CSR funding from HSBC. The skilling programs will target sectors such as transportation & logistics, retail, beauty & wellness and tourism, among others.