The manager behind 220 Canadian pension plans ties trades pathways to retirement security
Apprenticeship systems, welding certification and mass timber training in Ontario, Alberta, Quebec and Atlantic Canada will draw $15m in grant funding over three years under a commitment announced in Toronto.
BlackRock Future Builders, funded by The BlackRock Foundation, is making the commitment, according to the firm's release.
It is the programme's first philanthropic commitment outside the United States.
Around 100,000 new skilled trades workers will be needed over the next five years to support development of key infrastructure projects in the country, the release states, citing the Government of Canada.
The opening tranche goes to the Iron Workers District Council of Western Canada, a regional non-profit and part of the International Association of Bridge, Structural, Ornamental and Reinforcing Iron Workers.
Funds will support the council's direct entry pre-apprenticeship training program, Gladiator, expand its advanced welding training and certification program, and help establish national training capacity in mass timber.
Nearly 3,000 participants are expected to be supported over the three-year period.
Further organizations will be identified and selected for the remaining money over the next three years, guided by local community partners.
Kevin Bryenton, general president of the Ironworkers, said the partnership with BlackRock Future Builders Canada will grow Canada's skilled trades workforce.
The investment, he said, will help train the union's next generation of members.
BlackRock manages over $500bn on behalf of Canadian clients and works alongside more than 220 pension plans supporting retirement outcomes for over 25 million Canadians.
The firm stated that empowering millions to save and prepare for retirement is core to its mission and that strong career pathways are fundamental to achieving that goal.
Benefits and Pensions Monitor has previously reported BlackRock's view that the traditional defined benefit plan no longer drives most retirement outcomes in Canada, as set out by Nick Nefouse, global head of retirement solutions and head of LifePath at the firm, in comments to BNN Bloomberg.
Katherine Tweedie, country head of Canada at BlackRock, said the firm has served Canada for more than 30 years and is "expanding pathways into the skilled trades."
Canadian employers use pay increases to address ongoing skills shortages at 80 percent, higher than any other country in research covered previously by Benefits and Pensions Monitor on labour shortages.
Larry Fink, chairman and chief executive officer of BlackRock, was scheduled to speak on a panel at Prime Minister Mark Carney's Canada Investment Summit on the day of the announcement.
Benefits and Pensions Monitor reported ahead of the event that CPP Investments and PSP Investments were co-hosting the gathering.
Fink said Canada has "an opportunity to invest, build and grow in the years ahead" through investment in skilled tradespeople.
