Brussels, 14/10/2013 (Agence Europe) - On Monday 14 October, Coreper, the committee of member states' permanent representatives to the EU, approved the compromise (among institutions) on the European globalisation adjustment fund (EGF). The level of co-funding provided by the new EGF (2014-2020) will be 60%. The EGF will have a maximum budget amounting to €150 million per year, whereas between 2007 and 2013 the annual amount was €500 million (details in EUROPE 10933).
It will now be possible to use the EGF to respond to the existing or to a new economic crisis. Included in the scope of the EGF are self-employed persons whose activity has ceased as a result of major structural changes in world trade patterns due to globalisation.
Of the eligible beneficiaries, particular attention is paid to disadvantaged beneficiaries, including young and older unemployed persons and those at risk of poverty.
The EGF will temporarily provide assistance to young people who are not in employment, education or training (NEETs) in regions eligible under the youth employment initiative, since those regions are disproportionally impacted by major redundancies. The principles of gender equality and non-discrimination are taken into account in the regulation, which will be formally adopted by the Council before the end of the year and will come into force on 1 January 2014. (LC/transl.fl)