The returns to voucher-financed training on wages, employment and job tasks

•This paper analyzes the effects of voucher-financed training.•Wages, employment and (job) tasks are considered as outcome variables.•The results show no effects on wages and employment.•There is a statistically significant effect on tasks.•After training, participants perform nonroutine analytic tasks more frequently.

This paper analyzes the returns to training that was co-financed by a German training voucher program. The estimation strategy compares outcomes of participants in voucher training with voucher recipients who intended to participate in training, but did not do so because of a random event like course cancellation by the provider of training. While there is no impact of voucher training on wages and employment, there is evidence that after training participation individuals are more often engaged in nonroutine analytic tasks.