Royal Bank of Canada has launched a three-tier scholarship program that will provide more than $1.5 million annually to 640 Canadians pursuing education and skills training.
The RBC Next Step Scholarships, developed with Universities Canada, respond to projections of a 15 per cent disruption in Canada’s labour force over the next decade, according to the bank. The program targets youth entering the workforce, post-secondary students, and workers seeking to reskill or upskill.
“At RBC, we believe that inclusive access to education and gaining in-demand skills are two critical drivers of Canada’s long-term economic prosperity,” said Andrea Barrack, senior vice-president of sustainability and impact at RBC.
Three scholarship streams
The RBC Ignite Scholarship offers 500 awards annually worth up to $1,500 each to Canadians aged 16 to 20. The funding supports job-ready certifications, skills-building courses, and vocational or trade training for youth who are Canadian citizens or permanent residents requiring financial assistance.
The RBC Elevate Scholarship provides 40 awards annually worth up to $15,000 per year to Canadians aged 17 to 29 enrolled in or accepted to accredited Canadian post-secondary institutions. The scholarship covers two- to four-year degrees, diplomas, or certificate programs.
The RBC Reimagine Scholarship awards 100 scholarships annually worth up to $5,000 each to Canadians aged 25 and older who have been out of school for at least three years. Recipients must be active in the workforce or seeking employment and pursuing formal credentialed programs, career certifications, trades, or stackable micro-credentials with a minimum of 40 instructional hours.
Addressing workforce challenges
Julia Scott, vice-president of member services at Universities Canada, said the scholarships aim to reduce barriers to post-secondary education while strengthening Canada’s workforce competitiveness.
“They will empower learners to explore new fields, pursue specialized programs and develop in-demand skills aligned with evolving workforce needs,” said Scott.
Universities Canada administers the scholarship program and manages the selection process. Applications opened Jan. 27.
