In education and training, mechanism set up to fund learning of workers – employed or unemployed – after initial education and training or after entering working life, to:
- improve or update their knowledge, know-how, skills or competences (upskilling);
- acquire new skills for a career move (retraining / reskilling);
- ensure personal or professional development.
Comment
- Financing of education and training can be implemented through different mechanisms:
- training fund;
- tax incentive for companies or workers;
- grant for companies or workers;
- loan;
- training leave;
- payback clause;
- financing of adult education and training can be:
- demand-driven: the fund covers all or part of the cost of a training at company or individual worker level;
- supply-driven: the fund finances training providers (public institutions, organisations run by employer associations or/and trade-unions) or specific training programmes; companies or individual workers profit from the training provision at no cost or with low fees.
Source
Cedefop.