To commemorate this year’s National Military Appreciation Month, Wells Fargo (NYSE: WFC) announced the launch of a new initiative to help veterans live productive lives after leaving military service. The ApprenticeshipUSA program is designed to allow companies to develop a skilled workforce, while also providing veterans with the ability to earn a good salary. ApprenticeshipUSA is simply one of the several programs Wells Fargo offers to veterans. Others include American Corporate Partners mentorships, scholarships through Scholarship American and the Veteran Employment Transition Internship Program.
The program allows certain veterans to receive a tax-free monthly payment in return for use of their GI Bill education benefits. The Post 9/11 GI bill payment equates to the Monthly Housing Allowance for an enlisted rank 5 with dependents. The payment is paid by the government. Simultaneously, veterans can receive wages for each month of their apprenticeship. As the veteran continues through the apprenticeship, the payment will continue to reduce, while begin offset by consistent wage increases. Wells Fargo will pilot the ApprenticeshipUSA program within their Consumer Lending, Payments, Virtual Solutions and Innovation, and Community Bank divisions.
Wells Fargo also offers additional career transition programs to veterans. The VET Internship Program helps veterans transition to positions within the financial industry. After the program’s success in 2016, it was further expanded. In 2017, the program led to Wells Fargo hiring a class of 44. Wells Fargo has also contributed heavily to Scholarship America, which provides scholarships and emergency grants to veterans and their families. In 2016, the company committed to contributing 2 million dollars to the program over the next four years. Since teaming up, Scholarship America and Wells Fargo have provided 25 emergency grants and 22 scholarships to veterans, as well as the spouses of disabled veterans.
Wells Fargo also works closely with American Corporate Partners. The national nonprofit focuses on providing veterans with 1-on-1 mentorship and professional networking opportunities. Since 2012, Wells Fargo has helped mentor 300 ACP veterans.