The European Globalisation Adjustment Fund (EGF) aims to help keep European workers in employment or assist them in finding new jobs after redundancy due to changing global trade patterns or the downturn. It has an annual budget of €500m, much of which is spent on training, counselling and mobility allowances.
Recent revisions to the EGF, intended to improve its effectiveness, include:
- lowering the eligibility threshold for EGF applications from 1,000 to 500 redundant workers in a sector, region or undertaking (which will allow more redundancy cases to be eligible and, therefore, more workers to be helped back into employment); and
- extending the duration of EGF support to 24 months (from the current 12 months, which will ensure that the affected workers can be assisted with the most appropriate measures and not merely short-term ones).