IBF agreements include a funding element which requires IMEC Members to make SEP payments of US$10 per month for every seafarer serving on an IBF registered vessel.

Originally entitled the Developed Economy Rating (DER) Fund, it was renamed during the IBF negotiations in 2009 to encompass an expanded purpose for the application of the fund.

The purposes of the fund are to provide for either:

•  funding for non-mandatory training, education, seminars, skills enhancement, advertising the attractiveness of working at sea, recruitment; or

• compensation for additional expenses incurred by employers in employing DER (developed economy ratings) compared with employing ratings from developing economy countries.

Applications can be made to receive a grant of up to 90% of the money paid into the fund.

Applications are evaluated by a Fund Management Committee, consisting of equal representation from the ITF and IMEC.