EC proposes 1 bln euros funding for unemployed young

The European Commission (EC) on Wednesday proposed mobilizing 1 billion euros (about 1.14 billion U.S. dollars) for the Youth Employment Initiative as early as this year.

The EC hoped that this would boost youth employment in European member states and reach up to 650,000 young people to help them get into work placements.

Member states would be expected to immediately make this funding available to project beneficiaries through advance payments for projects, and this would be closely monitored, said the EC.

"It is unacceptable that today more than one young person out of five on the labor market cannot find a job. By making more funding available sooner, we can get more young people back to work: I am determined to make this happen," said Marianne Thyssen, EU Commissioner for Employment, Social Affairs, Skills and Labor Mobility.

The proposal is to be discussed by the European Parliament and the Council for approval before it can enter into force.