DOL Awards Grant for Financial Workers Affected by Layoffs

The Department of Labor has announced a $3,874,594 grant to assist about 725 workers affected by layoffs at seven companies in Massachusetts' financial industry.

"Today's grant will provide the job search and employment services necessary for affected workers in Massachusetts to find new jobs in emerging industries," said Secretary of Labor Hilda L. Solis.

Awarded to the Massachusetts Department of Workforce Development, this grant will be operated by the Metro South/West Employment and Training Administration. The grant will provide affected workers with access to dislocated worker services. These services may include skills assessment, basic skills training, individual career counseling, and occupational skills training.

The ongoing layoffs at the seven companies covered under the grant began in November 2008. Companies include Bank of America, Capital One, Fidelity Investments (Veritude), Putnam Investments, Sovereign Bank, State Street Bank and Trust Co., and Wellington Management.

Of the $3,874,594 announced, $1,294,864 will be released initially. Additional funding up to the amount approved will be made available as the commonwealth demonstrates a continued need for assistance.

This grant will be funded by resources made available for National Emergency Grants under the American Recovery and Reinvestment Act of 2009. For more information, visit www.doleta.gov/NEG.

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