European Social Fund (ESF) Business Definition 2008/2009

DEFINITION

1. The European Social Fund (ESF) is one of four structural funds available in the European Union with the specific purpose of supporting the UK Employment Action Plan.

DETAILED DESCRIPTION

2. The ESF was set up to improve employment opportunities in the European Union (EU), thus reducing differences in wealth across the EU and improving economic and social inequality. ESF funding is spread across the EU, but most money is allocated to less economically developed countries and regions.

3. The ESF has two priorities;

1. Priority 1 is 'Extending Employment Opportunities', with a funding allocation of approximately 1.2 billion for 2007 to 2013.
2. Priority 2 is 'Developing a skilled and adaptable workforce'. with a funding allocation of approximately 670 million for 2007 to 2013.

4. The LSC manages ESF funds at a regional level. Co-financing is the process by which a public body combines mainstream public resources and ESF resources to strategically commission projects for the benefit of ESF target groups. As a co-financing organisation, the LSC co-finances approximately £300 million of ESF activities annually.

LINKS

5. The New ESF Aim data definition gives further information on the derivation of the New ESF Aim derived variable along with a list of the values.

6. For further information, visit the ESF website.

Last date modified: 7th November 2008