Employer or work scholarships and grants are a fast growing form of education financing for employed professionals and their children who are continuing their education in Jamaica. Company scholarship and grant programs are usually administered by the human resource departments and through company-created private foundations, such as NCB or GraceKennedy Foundations.
These employers and foundations may give preference in awarding employer grants and scholarships to employees, the children or relatives of employees, or the children of deceased or retired employees of the company or related companies. Employer scholarships and grants that are awarded by these private companies and foundations are sometimes taxable expenditures unless the employer scholarship programs meet the requirements for corporate social responsibility or charitable donations with advance approval from the Tax Administration Jamaica office.
Some of the most generous employer scholarship programs in rural and corporate Jamaica includes the following list but are not listed in any preferential order.
- COK Sodality Co-operative Credit Union
- Digicel Jamaica
- Facey Commodity Limited
- Musson Group of Companies
- Grace Kennedy Limited/Gracekennedy Foundation
- National Commercial Bank
- Scotiabank Jamaica
- Victoria Mutual Building Society (VMBS)
- Jamaica National Building Society (JNBS)
- University of Technology Jamaica
- University of the West Indies, Mona Campus
- Passport Immigration & Citizenship Agency (PICA)
- Ministry of National Security and other Government Ministries
Employer Scholarships or Loans?
These employers are just some of the local organizations that offer their employees and their family education financing assistance through their employer scholarship programs. It is important to note that these companies and others not only offer grants and scholarships but through educational staff loans at very low or no interest rate. Some employer scholarship and loan program allows the employee to payback the loan on-time and with a pass or completion of the set course – be reimbursed the full cost of the education expenses.
Please refer your employer to our experts that can help them to create the best Employer Education Loan Assistance program that fits perfectly in their corporate objectives. Also read Advantages of Tuition Assistance Programs and Education Initiative Programs to guide your decision.
Benefits of Employer Scholarships
The benefits of these employer scholarship or work scholarship programs to employees and employers themselves include:
- indirect advancement of a trade or industry, by targeting certain fields of study especially the employers business industry
- demonstration of a company’s community spirit, social responsibility, charitable giving and good will
- Interest free Employee Education Loans
- professional scholarship program administered by ScholarshipJamaica will allow employers to win talented and qualified employees
- TAJ tax deductible contributions
- a proven and effective marketing tool in creating customer and employee loyalty
- free online, print, audio and visual commentary and promotions – on Jamaica’s leading media houses
Business scholarship sponsors say the intangible benefits of scholarship and grant funding through ScholarshipJamaica are often the most rewarding!
Benefits of scholarshipJamaica’s Administered Programs
ScholarshipJamaica Administered Employer Scholarship Programs will allow employers and scholarship donors to benefit from the following:
- Wider market awareness
- Retention and employment of the best qualified and talented staff
- Establish staff motivation and incentive programs that will simultaneously increase professional literacy and higher profits
- Increase company profile as being charitable and a social responsible entity
- Receive tax exemption through charitable donations from the Tax Administration Jamaica