Politics
EU Allocates €2.7 Million to Aid 365 Displaced Workers from Belgium’s Match-Smatch Retail Chain
EU allocates €2.7 million to assist 365 former retail employees in Belgium
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A total of 365 employees from the Match-Smatch retail chain, who were let go due to store closures and downsizing, are set to benefit from €2.7 million in European Union funding aimed at helping them secure new employment opportunities.
On Tuesday, Members of the European Parliament gave the green light to Belgium's application for €2.7 million from the European Globalisation Adjustment Fund for Displaced Workers (EGF). This financial assistance is set to benefit 365 former employees of Match-Smatch who lost their jobs due to the company's extended financial struggles, resulting in the shutdown and reorganization of stores throughout Belgium, with a significant impact in the Walloon area. The MEPs pointed out that nearly half of the workers affected by the layoffs (46%) are aged fifty or above, a demographic that typically encounters greater challenges in securing new employment.
In an effort to stabilize its finances in 2022, Match-Smatch made the decision to sell off two-thirds of its retail outlets. Despite these efforts, the company still had to reduce its workforce at both the unsold stores and its main office. The financial aid is set to offer training in vocational, digital, and language skills, along with advisory support and help in finding new employment. Furthermore, employees who previously worked for Match-Smatch and wish to start their own ventures will be eligible for start-up advice and grants that could reach as much as €15,000.
The overall projected expense for these support initiatives amounts to €3.1 million. The European Globalisation Adjustment Fund (EGF) is providing 85% of this funding, which equates to €2.7 million, while the remaining 15%, or €469,688, will be financed by the regional authorities of Wallonia.
A preliminary document prepared by Michalis Hadjipantela, a member of the European People's Party from Cyprus, suggested that Parliament should give the green light to the assistance. The proposal received strong backing, with 601 members voting in favor, 47 opposing it, and 17 choosing
Context
According to the EGF regulation for the years 2021 to 2027, the Fund offers assistance to employees and independent workers who have become jobless due to unforeseen significant restructuring occurrences. From 2007 onward, the EGF has distributed €696 million across 180 instances, aiding over 169,000 individuals in 20 member countries. Initiatives backed by the EGF are designed to supplement national proactive labor market strategies.
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Armin WISDORFF
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