Lifelong Learning Accounts
Lifelong Learning Accounts, alias LiLAs, are a kind of education-savings accounts in which the employer matches the employee’s regular contributions. The employee can then use amount raised from the scheme to pay for educational programs to enhance their skills and hence, their employability. Jaeger et al (2017) states that this kind of a plan began in Maine and Washington states in 2005 and 2009 respectively. But it is its success in Washington that led to its codification in state statute. Jaeger (2017) adds that at the Federal level, LiLAs have enjoyed bipartisan support in the congress in the two instances congress debated LiLA bills. However, no enactment is in place in this regard at national level.
Besides, America, a few other countries have implemented LiLA policies. One such country is Singapore where according to Jaeger (2017) over 430,000 citizens have benefited from the program. Every Singaporean above 25 years is entitled to an individual learning account. Another such country is France, which instituted individual training accounts in 2015. The accounts enabled workers to pay for one day of training annually over eight years. At least 1% of the contribution is from payroll tax (Jaeger, 2017).
I believe these programs are great and quite useful for the labor market. Such schemes help employees to increase their skill-set thus enabling them to secure better jobs. They also enable them adapt to dynamics in their profession by enabling them take up refresher courses.
If my employer offered me a LiLA, I would take it up. Doing so would enable to cut on the costs for courses hence enabling me attend more training sessions than I could afford on my own. By the end of the trainings, I could qualify for a promotion at my organization or a better-paying job in a different company. Also, it would enable me improve my efficiency at my work place and serve customers better.
References
Jaeger, A. J., et al. (2017). Understanding how lifelong learning shapes the career trajectories of women with STEM doctorates: The life experiences and role negotiations (LEARN) model. The Review of Higher Education, 40(4), 477-507.