(Photo Credit: JeepersMedia/Flickr/CC BY 2.0)
Thanks to the historic tax reform signed into law last year, manufacturers are using their savings to boost their businesses, invest in their workforce and communities and expand their facilities—just as manufacturers promised they would.
Verizon Communications announced earlier this year that, due to the law, it would invest its savings into its workforce and award more than 150,000 employees with stock options. “Employees will further share in the company’s success,” Verizon noted at the time.
Now, the company is making yet another big tax reform investment.
Verizon announced this week that, due to savings from tax reform, it plans to invest an additional $200 million into STEM education initiatives for teachers and students across the country:
Verizon Communications Inc. (NYSE, Nasdaq: VZ) will invest more than $200 million in additional funds towards Verizon Innovative Learning, providing immersive next-gen technology, teacher training, STEM curricula and connectivity to under-resourced students across the United States. To date, Verizon has invested $200 million in education and reached 1 million students.
With its new total investment of more than $400 million over the next five years, the company announced its goal to double the number of in-school programs it supports from 100 middle schools, beginning in September 2018, to 200 middle schools by the end of 2020.
Verizon will also give these schools access to 5G and continue programs in urban and rural communities that expose students to skill-building in augmented reality, machine learning, coding, 3D printing and more, reaching a total of an additional 5 million students by 2023.
“Verizon has become increasingly concerned about the chasm between those Americans who are prepared to thrive in the digital age and those who are not,” Lowell McAdam, chairman and CEO of Verizon, said in a statement. “It’s paramount we invest to give kids the technology education and resources they need to succeed.”
Investing in educational opportunities to encourage the next generation to pursue careers in modern manufacturing and other STEM fields is critical for the success of our industry. The manufacturing sector is expected to create 3.5 million high-skilled jobs in the next decade, but as many as half may go unfilled due to a lack of trained employees.
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