Investing in people: strategies for financing VET

Europe needs higher skills, but its workforce is ageing emphasising the importance of lifelong learning to keep up with globalisation, technological progress and sectoral change. But the number of Europeans in continuing training is low and falls as workers get older. Even if the European Union meets its target, only one in every eight adults will participate in continuing training by 2010.

Vocational education and training (VET) is fundamental for human capital accumulation. It provides citizens with the skills the labour market and more broadly the knowledge-based society needs. However, investment in VET – especially for adults – is not always seen as a priority.

How can this situation be changed? What investment mechanisms are already in place? How efficient, effective and equitable are different financing policies and instruments? What ways of cofinancing have been developed and how are costs and responsibilities shared?

Cedefop’s Agora ‘Investing in people: strategies for financing VET’ will reexamine countries’ efforts to improve public and private investment in VET. It will assess progress and consider future steps. The conference will provide a forum for policy makers, researchers and practitioners to discuss current levels and patterns of VET expenditure, identify challenges and seek solutions.

The conference will look at strategies to use available resources better. It will address ways to stimulate additional private sector investment and ensure balanced and shared funding. The Agora will examine tax incentives, vouchers, learning accounts, training funds, saving schemes and loans. It will also analyse the use of EU funds.

Improving public and private investment in VET must remain high on the political agenda. Securing adequate financial resources and ensuring their efficient allocation, equitable distribution and sustainability is a prerequisite for successful implementation of VET strategies.

At the conference representatives of Member States’ governments, industry, social partners, financial institutions and EU institutions will reflect together on ways to improve current financing arrangements. To strengthen mutual learning, participants from non-EU countries, including candidate and potential candidate countries and EU global partners, will contribute to the event.

At the conference representatives of Member States’ governments, industry, social partners, financial institutions and EU institutions will reflect together on ways to improve current financing arrangements. To strengthen mutual learning, participants from non-EU countries, including (potential) candidate countries and EU global partners, will contribute to the event.

Outcomes of recent European Commission and Cedefop activities, including a study on sectoral training funds in Europe, a seminar on individual learning accounts will feed the debate.