September 14, 1995
NYNEX CONTACT: Media Relations,
Major Corporations Join Forces to Invest $100 Million
for Dependent Care; Estimated 1,000 Projects to be Funded in Largest
Private Sector Initiative
BOSTON, MA-- In a powerful declaration
for their employees, 21 major corporations announced today they
launching a $100 million initiative to develop and strengthen
care and elder care projects in communities across the country.
The companies are expected to take the lead in funding more
projects over the next six years in a massive, collaborative effort
includes support for research and development for national pilot
including a voice technology project for public schools.
The initiative announced by the lead -- or Champion -- companies
American Business Collaboration for Quality Dependent Care is
believed to be the
largest investment ever in dependent care by the private sector.
The funds will provide support for a broad array of projects
training for day care providers and science/technology camps for
children to a money management program for senior citizens.
In a strongly worded, joint statement signed by the chief executive
of all the Champion companies, they made it clear that their support
dependent care was based on bottom line business factors.
"We believe that supporting the diverse dependent care
needs of our employees
is critical to our success as it enables our companies to attract
and retain a
productive, competitive, committed and motivated workforce,"
"We do this because the availability of quality dependent
programs...enable our employees to do their best at work by helping
their work and personal responsibilities," they said.
The statement was signed by the CEOs of Aetna Life & Casualty,
Insurance, American Express, Amoco, AT&T, Bank of America,
Deloitte & Touche LLP, Eastman Kodak, Eccon, GE Capital Services,
Hewlett-Packard, IBM, Johnson & Johnson, Mobil, NYNEX,
Price Waterhouse LLP,
Texaco, Texas Instruments and Xerox.
Today's announcement actually begins the second phase of the
Collaboration for Quality Dependent Care, a national effort launched
ago this month to increase the supply and enhance the quality
of child and elder
programs throughout the country.
During the first phase, some 156 businesses, governmental entities
not-for-profit organizations invested more than $27 million in
45 communities in
25 states and the District of Columbia.
They supported 355 dependent care projects which have been utilized
than 277,000 individuals to date, including dependents of employees
Together, the Champions and collaborating organizations in targeted
communities have already committed to investing $100 million over
the next six
years. More than 100 projects are already underway.
NYNEX is a global communications and media company that provides
a full range of services in the northeastern United States and
high-growth markets around the world, including the United Kingdom,
Thailand, Gibraltar, Greece, Indonesia, the Philippines, Poland,
Slovakia and the Czech Republic.
The Corporation is a leader in the telecommunications, wireless communications,
cable television, directory publishing
and entertainment and information services.
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