The European Commission proposed to provide the Netherlands with €1.2 million from the European Globalisation Adjustment Fund (EGF) to help 450 displaced workers in the financial services sector find new jobs.

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The redundancies occurred in the regions of Friesland, Drenthe and Overijssel which experience high unemployment rates within the Netherlands compared to the national average. These job losses are the result of the economic and financial crisis, which had a serious impact on the banking sector in the Netherlands.

EU Commissioner for Employment, Social Affairs, Skills and Labour Mobility Marianne Thyssen commented: "Transition to new jobs can be difficult and the workers in the financial services sector have been hard hit in these particular regions in the Netherlands. I am glad that the European Globalisation Adjustment Fund can step in to help them adapt their skills, to find new opportunities and facilitate their transition to new jobs and a better future. This is a concrete expression of European solidarity."

Following the dismissal of 1,324 workers in 20 banks in the affected regions, the Netherlands applied for support from the Globalisation Adjustment Fund for the most disadvantaged among them. This is the first-time it is proposed to mobilise the EGF in support of workers made redundant in the financial services sector. The beneficiaries of the support are the workers, not the banks.

The co-financed measures will help the displaced workers to find new jobs by providing them with job-search and outplacement assistance, training and entrepreneurship support.

The measures also include the set-up of a mobility pool, which offers temporary jobs for job seekers. This measure will provide work experience and allow the re-training of workers in order to enhance their opportunities vis-a-vis new employers.

The total estimated cost of the package is about two million euro, of which the Globalisation Adjustment Fund would provide €1.2 million. The proposal now goes to the European Parliament and the European Union's Council of Ministers for approval.