European Social Fund


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The following article is from The Great Soviet Encyclopedia (1979). It might be outdated or ideologically biased.

European Social Fund

 

a financial organization within the mechanism of the European Economic Community (EEC). It began operations at the end of 1960. According to the charter, its funds are earmarked for financing employment measures and free movement of manpower in countries of the EEC. If the appropriate conditions are observed, fund resources are used to compensate 50 percent of the retraining expenditures of governments or state organizations of EEC countries, as well as 50 percent of the subsidies to workers who are relocating and 50 percent of the temporary assistance (until full employment is restored) to workers who fully or partially lost work when their companies switched over to other types of production. The Commission of the EEC is in charge of the fund. Fund operations are included in the EEC budget. From 1960 to 1969 expenditures amounted to $112 million.

The Great Soviet Encyclopedia, 3rd Edition (1970-1979). © 2010 The Gale Group, Inc. All rights reserved.
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