Finland’s decision to apply for financial support from the EU comes hot on the heels of an announcement last week by networks company Nokia that it was looking to shed 1,300 jobs in Espoo, Tampere and Oulu.
Nokia said that the cuts follow its acquisition of its rival, the French company Alcatel-Lucent. In the wake of the merger Nokia promised shareholders that it would seek savings amounting to 900 million euros.
Finland has previously sought – and received – EU assistance following previous deep personnel cuts by major employers such as Nokia and Microsoft. Most recently, the European Globalisation Fund has also provided funding to cushion the effect of major job losses at shipyard STX Finland, Helsinki University and Aalto University.
It’s expected that the latest application will take some roughly six months to process.