EC promises €1bn for youth jobs program

The European Commission on Wednesday announced its proposal for a Youth Employment Initiative (YEI) worth €1bn, which it says is an increase of 30 times over what members states now get as pre-financing.

Instead of at the current pre-financing rate – which would be reaching between 14,000 and 22,000 young people, the EC hopes to help between 350,000 and 650,000 youth find jobs and stay in meaningful work longer.

Vice-President for the Euro and Social Dialogue Valdis Dombrovskis said the proposal was a “clear signal that youth employment continues to be high on our political agenda. We will advance around 1 billion euro to support the work of Member States in helping to get young people back into work, to return to education or get a traineeship. In doing so, they are not only able to contribute to the economy and society through their skills and dynamism, but they also regain their dignity."

Marianne Thyssen, Commissioner for Employment, Social Affairs, Skills and Labour Mobility, commented: "Our young people need jobs and they need them now. It is unacceptable that today more than one young person out of five on the labour market cannot find a job. By making more funding available sooner, we can get more young people back to work: I am determined to make this happen."

Meanwhile in Latvia, a survey by employment opportunity portal CVmarket.lv claims to show half of the young people seeking jobs and surveyed being ready to work for less than the minimum wage – between €100-€360 per month, reported national information agency LETA Monday.

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Economy
Economy