The European Commission has approved funding of €7.4 million to help retrain 850 workers made redundant by aircraft maintenance firm SR Technics.
It confirmed today it had approved Ireland’s application for assistance submitted after 1,135 employees were made redundant when the company pulled out of Ireland in 2009.
Some 850 of the workers described as the most disadvantaged will be aided through guidance, on- and off-the-job training, third level education and the promotion of entrepreneurship and self-employment.
“The fall in air transport activity following the financial and economic crisis has placed enormous cost strain on airlines and subsequently reduced the volume of maintenance, repair and overhaul (MRO) activities worldwide,” said EU Commissioner for Employment Laszlo Andor.
“This put enormous pressure on companies operating in the aircraft maintenance sector, such as SR Technics.”
Mr Andor said the commission was confident that the planned measures would help these workers to “upgrade their skills and facilitate their transition to a new job with a better future”.
The funding will be provided under the EU Globalisation Adjustment Fund and will now be sent to the European Parliament and EU ministers.
The package of EGF assistance for the former workers of SR Technics will help 850 of the most disadvantaged workers back into employment by offering them:
According to the commission, the total estimated cost of the package is almost €11.5 million, of which the European Union has been asked to provide EGF assistance of €7.4 million.
Most of the SR Technics workers based at Dublin airport live in the Dublin region and Cos Meath, Kildare and Louth.
The commission said that while no redundancies “directly linked” to SR Technics had been reported at suppliers or downstream producers, the loss in revenues due to the redundancies was expected to generate “significant losses in indirect employment caused by loss in workers’ incomes”.