TVR budget and proposal for Unemployment Insurance Contribution rates for year 2018

TVR budget and proposal for Unemployment Insurance Contribution rates for year 2018

TVR proposes Unemployment contribution rates to be lowered

Unemployment Insurance Fund     Stock Exchange Release     30 August 2017 at 12:30 p.m.

 The Supervisory Board of the Unemployment Insurance Fund (TVR) has approved on 30 August 2017 the budget for year 2018 and decided to propose to the Ministry of Social Affairs and Health, that the following changes would be applied to the Unemployment Insurance Contributions (UIC) for the year 2018:

TVR proposes, that the average UIC for employers will be decreased by 0,50 percentage points and the UIC for employees to be raised by 0,30 percentage points. UIC rates will be the same for both the employers and employees on year 2018. TVR states, that the declining unemployment gives room for lower UIC rates and simultaneously provides for the financing of unemployment benefit payments and debt repayments.

The unemployment rate in Finland is according to the budget estimated to be 8,6 percent in 2017 and 8,3 percent in the next year. The benefit payments paid by TVR will decrease by three percent in 2018 from 2017. TVR estimates the change in net position will be markedly positive in 2018 and the net position to return to positive territory.

The level of UIC percentages for the next calendar year are set by the Finnish Parliament by amending the Finnish Act on Financing of Unemployment Benefits.

Helsinki, 30 August 2017

Unemployment Insurance Fund (TVR)
Tapio Oksanen
Deputy Managing Director

Additional  information:
Janne Metsämäki, Managing Director. tel. +358 40 522 3614
Tapio Oksanen, Deputy Managing Director, CFO tel. +358 40 539 4651

Distribution:
NASDAQ OMX Helsinki
Media
www.tvr.fi