Venture Capital? Feds Spending Over $1 Million To Help Laid Off Silicon Valley Workers
(BANT) – The U.S. Labor Department has awarded an incremental National Dislocated Worker grant of $1.66 million to continue employment services for Silicon Valley workers affected by layoffs.
The award was granted to the Sunnyvale-based NOVA Workforce Board, a nonprofit agency that runs job centers in Sunnyvale, Menlo Park and San Mateo.
It will continue the efforts funded by an initial $1.54 million grant awarded last year, making a total of $3.2 million to provide reemployment and training services to about 920 workers who lost their jobs because of layoffs or closures at 70 companies in San Mateo County and northern Santa Clara County.
The funding was provided under the terms of the U.S. Workforce Innovation and Opportunity Act of 2014. The purpose of the grant program is to provide funding assistance in response to large, unexpected economic events that cause significant job losses.
The Labor Department noted in a statement that Silicon Valley “is experiencing rapid job growth – particularly in the technology sector – while also incurring significant layoffs in this same industry.”
“In this rapidly evolving industry, workers with outdated skills lose their jobs to those with recent education and training,” the department said.
The project will aid workers with skills training, career advising and on-the-job training, the department said.