EU fund to help workers hit by globalisation

[OhioChick]

Brussels, December 14, 2006

The European Parliament has approved the creation of a fund destined to help workers laid off in company restructurings prompted by globalisation to find new jobs.

The fund will cover up to half of the cost of retraining workers sacked because of international competition, the other half being funded by national governments.

The fund, which goes into operation next year, will dispose of an annual €500 million ($600 million), and can pay out up to €10,000 per worker.

Some 40,000 to 50,000 workers could be eligible for help every year.
http://www.hindustantimes.com/news/181_1868139,00020008.htm