Ontario’s Minister of Colleges and Universities, Ross Romano, is adamant that he will not discuss the insolvency process underway with Laurentian University because he is not legally allowed to do so.
He says today’s $15-million dollar announcement will assist Laurentian and post-secondary institutions meet the needs of today’s business world.
Romano says once the insolvency court proceedings are complete, he will have more to say as to how the university moves forward in its restructuring and ensuring that students can access the programming he needs.
He also emphasizes the micro-credentials will be geared to specific local communities and workers with additional incentives available for post-secondary institutions and their partners such as the Ontario Chamber of Commerce and ecampusOntario.
In partnership with industry, employers, and other organizations, the province is inviting post-secondary institutions to design more micro-credentials that will prepare Ontarians for the in-demand jobs of today and tomorrow.
“We no longer live in a world where people work in the same profession for 40 years and retire with a golden watch,” says Romano. “We know that Ontario workers will change careers and professions multiple times over the course of their lives and that is why we are providing more training options that will rapidly prepare people for good jobs.”
Postsecondary institutions will have eight weeks to submit proposals for funding under the Ontario Micro-Credentials Challenge Fund. Successful applicants will be notified by Summer 2021, and each institution and their partners will have until December 2021 to begin enrolment.
“Universities and colleges connect the dots of Ontario’s resilient economy by training sought-after graduates, future-proofing workers and offering relevant training opportunities that impact their local and regional communities,” adds Romano. “Today, we are making good on our promise to create more industry-relevant training opportunities for Ontarians.”
Additional incentives will be available for postsecondary institutions with the best proposals in their provincial regions. Institutions that demonstrate success in enhancing community partnerships, driving economic recovery, and increasing job growth will be eligible for an award of up to $1 million.
This announcement is part of the Government’s three-year $59.5 million micro-credentials strategy and builds on the recent announcement to provide financial support to students accessing hundreds of micro-credentials through the Ontario Student Assistance Program (OSAP).