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Wednesday, March 01, 2006

EU creates Globalization Adjustment Fund

The EU is going to make available €500 million per year for a new European Globalization Adjustment Fund (GAF) that is aimed to support workers in regions and sectors hit by major changes in world trade patterns. The Fund that was proposed today by the Commission, will provide one-off, time limited individual support for tailor-made services to help. Examples of this would be to give workers affected by globalisation an individual wage allowances, re-training or special assistance to find new jobs.

The GAF will provide up to 10 thousand euros with duration of 18 months to a maximum of 50.000 workers per year that have been dispensed because of the effects of globalization.

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