Tag: Talent Development

  • PM Shehbaz allocates Rs14 billion for Pakistan Endowment Fund for Education, adds coding to national curriculum

    PM Shehbaz allocates Rs14 billion for Pakistan Endowment Fund for Education, adds coding to national curriculum

    On Wednesday, Prime Minister (PM) Shehbaz Sharif officially launched the Pakistan Endowment Fund for Education, which includes the incorporation of computer coding and constitutional studies into the National Curriculum. During the launching ceremony, he announced a budget of Rs14 billion for the program over the next four years, with Rs3 billion allocated for the current fiscal year.

    PM Shehbaz Sharif expressed his desire to sustain this project indefinitely, with increased funding, in order to provide maximum opportunities for higher education to deserving students. He emphasised the importance of prioritising the education sector in the future and recommended that the next elected government allocate up to Rs140 billion for the program over the next 10 years.

    The prime minister reflected on his past achievements as the Chief Minister of Punjab, where he initiated the Punjab Education Endowment Fund (PEEF) in 2008 with an annual allocation of Rs2 billion. He proudly mentioned that more than 400,000 students have benefited from this fund and are now serving the country in various professions.

    PM Shehbaz Sharif emphasised that the promotion of education should not be influenced by political motivations, but rather be considered a form of worship. He pledged to focus on underdeveloped areas of the country, where many young people are unable to complete their studies due to limited resources.

    Regarding the financial situation of the country, the prime minister noted that the International Monetary Fund (IMF) board meeting was scheduled for that day, with hopes of approving a $3 billion stand-by agreement with Pakistan. He acknowledged the need for self-reliance and expressed his determination to make serious efforts for the development and prosperity of the country, highlighting China as an example of regaining lost glory through a focus on education and various sectors.

    PM Shehbaz Sharif also mentioned the support received from friendly countries, including China, which had provided $5 billion in the past three months. He further mentioned that Saudi Arabia had sent $2 billion, and another $1 billion was expected from the UAE in the near future.

    During the ceremony, PM Shehbaz Sharif distributed scholarship checks to talented and deserving students as part of the newly launched project. Minister for Education and Professional Training, Rana Tanvir Hussain, explained that the program was designed based on the Punjab Education Endowment Fund (PEEF) and aimed to provide merit-based scholarships to talented students in fields such as engineering, nursing, agriculture, social sciences, and allied health sciences.

    Minister Hussain also mentioned the government’s decision to introduce computer coding and constitutional studies into the national curriculum, considering the current situation. He emphasised that the amended curriculum, agreed upon by all provinces under the leadership of Prime Minister Shehbaz Sharif, was necessary to provide students with quality education and enable them to contribute to the socio-economic development of the country.

    Federal Secretary of Education, Waseem Ajmal, informed that scholarships under the Pakistan Endowment Fund for Education would be provided to students through the Higher Education Commission (HEC) and National Endowment Scholarships for Talent (NEST).

  • Future of Jobs Report: 83 million jobs to be eliminated globally by 2027

    Future of Jobs Report: 83 million jobs to be eliminated globally by 2027

    The World Economic Forum (WEF) has published its Future of Jobs Report 2023, which examines how global trends and technologies may impact the job market, including in Pakistan. The report predicts that artificial intelligence (AI) and big data will be vital for companies’ skills strategies worldwide. The report also warns that 83 million jobs may disappear in the next five years across the world, with some jobs becoming obsolete.

    The report indicates that 23 per cent of jobs are expected to change by 2027, with 69 million new jobs created and 83 million eliminated. The green transition and localisation of supply chains are expected to generate a net increase in jobs. Cognitive skills, such as analytical and creative thinking, will be the most crucial skills for workers in the next five years, with companies focusing on AI and big data in particular.

    The study provides a comprehensive evaluation of Pakistan’s performance related to the Future of Jobs in 2023 and predicts how the job market will unfold in the next 5-7 years. Pakistan has the most negative outlook globally, with a lower skill stability than the global average. The report identifies several global trends and technologies that will affect Pakistan’s job market, such as digital platforms and apps, big-data analytics, and education and workforce development technologies. These trends and technologies will play a crucial role in creating new employment opportunities and driving industry transformation.

    WEF’s report suggests that while reskilling and upskilling towards green skills is growing, it is not keeping pace with climate targets. The working-age population in Pakistan is 85.78 million, indicating a vast pool of potential talent. The country’s labor force participation rate is 57 per cent, with 55 per cent of the workforce in vulnerable employment. However, the unemployment rate remains relatively low at 5 per cent. It also highlights that 82 per cent of companies plan to adopt education and workforce development technologies in the next five years.

    Mishal Pakistan, the Country Partner Institute of the Center for New Economy and Societies Platform, World Economic Forum, has announced plans to develop a comprehensive report on the Future of Jobs for Pakistan in the third quarter of 2023.

    Amir Jahangir, Chief Executive Officer of Mishal Pakistan, believes that by strengthening the education system, investing in vocational and technical training, and fostering a culture of innovation, Pakistan can better equip its population to excel in the global job market. Saadia Zahidi, Managing Director of the World Economic Forum, emphasises that investing in education, reskilling, and social support structures will ensure individuals are at the heart of the future of work.