Former workers employed by an aircraft maintenance company in Ireland will receive €7.4 million in assistance to find work.

The money is being provided by the EU Globalisation Adjustment Fund (EGF) and is intended to help 850 individuals.

An application from the Irish government for the money has been approved by the European Commission following a series of 1,135 redundancies made at SR Technics Ireland as a result of the effects of the global economic downturn on airlines.

The assistance for industrial workers, which is proposed to take the form of training, guidance, entrepreneurship and education schemes, will now be sent for approval to European Union (EU) ministers and the European Parliament.

EU commissioner for employment, social affairs and inclusion Laszlo Andor stated: "We are confident that the planned measures will help these workers to upgrade their skills and facilitate their transition to a new job with a better future".

The EGF recently reported that applications for the fund rose six-fold in 2009, with a total of €52.3 million granted over the year to assist an estimated 11,000 former employees in eight nations.

Posted by Alex Donnell