Funding worth €14,489,399 has been approved by the European Parliament to assist individuals who have lost their jobs in the wake of the financial markets crisis.

Applications were received for grants from Portugal, Spain, the Netherlands and Denmark to fund projects that will help people gain employment.

It has been approved by MEPs to help 3,731 former employees of companies in applicant countries who have been made redundant following their closure.

The applications were made to the European Globalisation Adjustment Fund (EGF), which was established to assist employees losing their jobs as a result of changing world trade patterns.

Portugal will receive money to help re-employ 839 individuals who lost posts in the electronic sector, while 1,429 people previously in jobs in car manufacturing in Spain will also gain assistance.

Grants allocated to the Netherlands and Denmark will help those operating in the semiconductors and machinery equipment production industries.

The EGF has received 65 applications since its launch in January 2007, with a total of €373.6 million assisting over 70,000 individuals whose jobs have been lost as a result of the impacts of globalization.

Posted by Alex Donnell