Allocation for Youth Guarantee scheme up at EUR 515 bn

Budapest, September 30 (MTI) – Funding for the Youth Guarantee scheme under the Economic Development and Innovation Operative Programme (GINOP) has been increased from the earlier 36 billion forints (EUR 117m) to 160 billion forints, the economy ministry state secretary for the utilisation of EU funds said on Friday.

The youth scheme was launched in Hungary in October 2014, and it was among the first programmes launched from EU funds available for the 2014-2020 period, Balázs Rákossy said.

Some 15 billion forints available in supplementary funding in the youth employment initiative in four regions including northern Hungary, eastern Hungary, southeast Hungary and southwest Hungary, will also be used by the Hungarian government in this programme, he added.

In addition to individual counselling, the scheme offers subsidised education opportunities, and help for starting a business and acquiring marketable vocational skills.

The EU set up the Youth Guarantee scheme in 2013 to support young people entering the job market.

Rákossy said that as part of the scheme, an apprenticeship programme was launched in the first half of this year which offers support to SMEs if they employ career starters with vocational skills aged under 25.

Source: MTI