The European Globalisation Adjustment Fund (EGF) is an EU co-funding instrument to assist workers who are made redundant as a result of globalisation or due to a global financial and economic crisis.
The EGF Regulation (EU No 1309/2013) provides that to be eligible for assistance there must be at least 500 redundancies in a specific company (including suppliers / downstream producers) in a 4 month period, or at least 500 redundancies in a specific sector in a 9 month period. In small labour markets or in exceptional circumstances, applications can be made where the minimum threshold number of redundancies is not entirely met and the Member State can substantiate that there is a serious impact on employment and the local, regional or national economy.
In all cases the EGF Regulation requires the Member State to provide a reasoned analysis of the link between the redundancies and the major structural changes in work trade patterns or the global financial and economic crisis.
The package of measures that can be co-financed by the EGF include personalised active labour market measures targeted at the redundant workers. These measures can include business start-ups, employee take-overs and self-employment support up to a maximum of €15,000 per worker.
Accordingly, it would not be possible under the existing Regulatory Framework to support companies as suggested by the Deputy.