Skill Savings Accounts
Exploring employee education benefits and how an alternative and more worker-centered approach can provide greater access to upskilling and reskilling opportunities.
The economy's recent disruptions highlight the urgent need for upskilling and reskilling the workforce. The U.S. Chamber of Commerce Foundation has introduced Skill Savings Accounts, which function like Health Savings Accounts but for education expenses. These accounts, supported by workers, employers, and potentially government policy, aim to bridge the gap in today's workforce system and enhance economic competitiveness.
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Skill Savings Accounts
A Public-Private Financing Approach for Upskilling and Reskilling in a Dynamic Economy
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America’s workforce is one of the most important drivers of economic growth. As a former business owner and the CEO of the largest business organization in the country, I know a business’s greatest strength lies in its employees. The skills and dedication of these individuals are what fuel an organization’s success.— Suzanne P. Clark, President and CEO, U.S. Chamber of Commerce
Reimagining Employee Education Benefits
Employee tuition reimbursement benefits—which enjoy special tax treatment and are not considered income up to a particular amount—have been successful in investing around $30 billion annually to improve worker access to credentialing opportunities. However, not enough employers participate and too few frontline workers benefit from this investment. Simply put, while this approach is successful, it does not fully meet the needs of today’s economy and labor market.
The Solution: Skill Savings Accounts
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