EU Wants To Make Money For Redundant Bank Employees

EU Wants To Make Money For Redundant Bank Employees

EU Wants to make Money for Redundant bank Employees in the Netherlands. The European Commission wants to release over 1 million pounds to help 450 redundant employees from the Dutch financial sector to transition to a new job.


This concerns redundancy in Friesland, Drenthe and Overijssel, three regions that suffer from a lot of unemployment. The money comes from the European Globalization Adjustment Fund (EGF).

The aid still has to be approved by the European Parliament and the European Council.

The Netherlands applied for EU support itself, after the dismissal of 1,324 employees at twenty banks in the northeast of the country, as a result of the financial crisis.

The European Commission emphasises that with the money the former employees are helped and not the banks.

The money would go to the 450 employees who need it the most: over-50s and administrative staff who need additional training.

“The transition to a new job can be difficult, and the employees in the financial services sector in these specific regions in the Netherlands have stricken,”

 says European Commissioner Marianne Thyssen (Employment and Social Affairs).

Less offices
The financial sector in the Netherlands has been striving for years. Not only because of the financial crisis, but also because of digitisation.

Many bank branches are disappearing: in the period 2004-2014, 1,501 bank branches were lost at ABN AMRO, ING, Rabobank and SNS Reaal, according to previous research.

At the beginning of this year, ABN AMRO declared that it would move three hundred jobs from the customer contact centre in Zwolle to Nijmegen, Breda or Amsterdam.

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