Thu | Sep 21, 2017

HEART Trust net profit forecasts to plunge this year

Published:Tuesday | February 14, 2017 | 2:14 AM
Minister of Education, Youth and Information Ruel Reid (centre) looks at a document at the launch of the three-year upskilling and retooling project for HEART Trust-NTA. He is flanked by executive director of HEART Trust-NTA, Dr Wayne Wesley (left), and the entity’s chairman, Maxine Wilson.

The Human Employment and Resource Training (HEART) Trust will, in the 2017-2018 financial year, see a dramatic decline in its net surplus, dipping from $1.6 billion in 2016-2017 to a projected $58 million in the upcoming fiscal year.

For the 2015-2016 financial year, the agency's net surplus was $876.7 million.

This year, the national training agency is to undergo a merger with the National Youth Service, Jamaica Foundation for Life Long Learning, and the Apprenticeship Board.

As a result of the merger, the enrolment is expected to increase from 66,077 to 89,330 for the new fiscal year. For the similar period, HEART Trust is projected to certify 40,736 trainees, up from the 29,672 for the current financial year.

In the Jamaica Public Bodies estimates of revenue and expenditure for the period ending March 2018, the HEART Trust will continue the National Unattached Youth Programme targeting 15,459 individuals.

As part of its focus this year, the training institution will pursue entrepreneurial initiatives with emphasis on the micro, small and medium enterprises. It will carry out these plans in collaboration with the private sector and government entities, as well as local and international stakeholders.

In addition, the public body will focus on training in the business process outsourcing, tourism and hospitality, logistics and animation.