The new Social Funds will have a budget of 88 billion euros and will integrate the former European Social Fund, the Youth Employment Initiative (YEI), the Fund for European Aid to the most Deprived (FEAD) and the EU programme for Employment and Social Innovation (EaSI) into one fund.
On Tuesday, Parliament gave its final green light to the EU’s main instrument for investing in people and tackling inequalities for the next seven years. The European Social Fund+, with a total budget of €88 billion, will play an important role in the implementation of the action plan on the European Pillar of Social Rights and in countering the socio-economic effects of the pandemic.
During the negotiations, Parliament secured more ambitious funding for investing in youth employment and combating child poverty, addressing two groups of people that have been particularly hard hit by the crisis.
Following Parliament’s approval, the regulation will enter into force on the twentieth day following its publication in the Official Journal. The Employment and Social Innovation strand will apply retroactively.
