by the fund.
Helping employees, not companies (Article 1): for the Commission, the creation of this fund must make it possible to answer, at the European level, employees’ needs, given the consequences of globalization “the fund must help employees, not companies”, underlines the Commission. The fund will help people who suddenly lose their job, and must offer a fast response to specific, well defined problems related to restructuring. The fund would finance employees’ vocational training, reclassification or reintegration.
A link to globalization (Article 1): all forms of restructurings will not be taken into account: the fund is a tool designed to cure only the economic and social shocks resulting from globalization (dislocation, shock related to massive imports…).