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PES welcomes European Commission proposal to increase Youth Guarantee pre-financing

Today the European Commission presented its proposal to increase the pre-financing rate of projects financed through the Youth Employment Initiative (YEI) from around 1% to 30%. The new pre-financing rules would apply to a specific youth employment budget, which amounts to 3.2 bn Euro. The YEI supports programs to implement the European Youth Guarantee for countries with highest youth unemployment rates.

PES President Sergei Stanishev welcomes this proposal: “The fight against youth unemployment is the top priority of the Party of European Socialists. It was on the PES’ initiative that the European Union adopted the YEI and the Youth Guarantee Recommendation. Early-on the Party of European Socialists has been calling for a speedy implementation of the Youth Guarantee. Youth Guarantees have shown great successes in tackling youth unemployment in countries where they have been implemented. Yet progress in setting up Youth Guarantee schemes is slow. Many Member States of the EU still face difficulties in mobilizing the European funding for these schemes, notably due to budgetary constraints. Increasing the pre-financing rate to 30% will facilitate an easier access to the funding and will accelerate action on the ground. Our call was heard.

7.5 million young people between 14 and 24 in the EU are neither in employment, education or training. This is unacceptable. That is why our political family will ensure that the increase in the pre-financing is confirmed by the Parliament and the Council and made available without delay. We will show that the Youth Guarantee works, that it creates opportunities for young people to successfully step into the labour market.”

Through the Youth Guarantee, every young person under 25 shall receive a good-quality offer of employment, continued education, an apprenticeship or a traineeship within a period of four months of becoming unemployed or leaving formal education. Young people thereby shall gain job-related skills and keep or establish connections to their respective industries. The PES supports the extension of the Youth Guarantee to everyone under the age of 30 and a substantial increase of its budget.

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