Skill Savings Accounts
Revolutionizing employee education benefits to meet the need for upskilling and reskilling the American workforce.
The American economy faces an immense challenge: how can we upskill and reskill 170 million workers routinely and at scale? The U.S. Chamber of Commerce Foundation has introduced Skill Savings Accounts as an innovation to help small and mid-sized businesses and their employees develop new skills. The accounts function like Health Savings Accounts, supporting continuous learning and career development as a shared investment by employees and employers.
If we want the American Dream to remain attainable in a rapidly changing economy, we must invest in continuous learning. This innovation helps make that possible.— Peter Beard, Vice President, U.S. Chamber of Commerce Foundation
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3 years
Amount of time the average job has seen 1/3 of its skills change
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75%
Percentage of skills change of one in four jobs in three years
What Are Skill Savings Accounts?
This portable, easy-to-use tool works like a health savings account, but for funding skills training to help workers stay competitive or transition to new careers.
U.S. Representative Glenn “GT” Thompson (R-PA), and Suzanne Bonamici (D-OR), co-chairs of the Congressional Career and Technical Education (CTE) Caucus, introduce bipartisan Skill Savings Account Act. This bill creates skill savings accounts for workers of all ages to use for education expenses including workforce development and nontraditional learning opportunities.
Education Benefits That Work
This webinar will walk through what Section 127 is, how it works, and why it’s a powerful tool for companies looking to attract talent, support upskilling, and help employees build financial stability.
Join the U.S. Chamber of Commerce Foundation’s Talent Finance Initiative to launch Skill Savings Accounts for America’s workers.
Latest Content
- At AI+Work, the U.S. Chamber of Commerce Foundation convened leaders to examine how AI is reshaping work. The conversation focused on trust, human capabilities, lifelong learning, small business leadership, and why successful AI adoption depends on people, not just technology.In our annual impact report, see how we're harnessing the power of business to move from vision to real impact in communities across America and around the world.Learn how Skill Savings Accounts can close America's growing skills gap while empowering workers and strengthening communities through innovative public-private partnerships.
