Unemployment Insurance Fund Stock Exchange Release 12 April 2018 at 15:00
Today, the Government proposed a legislative amendment to Parliament that would enable the merger of the Unemployment Insurance Fund and Education Fund to form a new fund. This fund would be called the Employment Fund.
Labour market confederations suggested the merger of the Unemployment Insurance Fund and Education Fund to the Government last summer.
The Employment Fund would handle the statutory tasks of both funds without causing any changes to the financing of unemployment benefits or the fund's solvency and financial position. In practice, this would be achieved by merging the Education Fund into the Unemployment Insurance Fund, with their liabilities and obligations being transferred to the new Employment Fund. The Employment Fund's business ID would be the Unemployment Insurance Fund's current business ID.
The proposed amendment would have no impact on adult education benefits or the position of wage-earners. The position of employers and unemployment funds would also remain unchanged.
The Unemployment Insurance Fund and Education Fund are legally established organisations administered by the social partners of the Finnish labour market. The Unemployment Insurance Fund's primary task is to collect unemployment insurance contributions and channel this income to those paying unemployment benefits. The Education Fund promotes the acquisition of necessary labour skills by granting statutory adult education benefits.
According to the Unemployment Insurance Fund's assessment of the proposal, the merger of the funds' aforementioned functions would have no impact on the new fund's financial standing or debt servicing capacity.
Further information:
Janne Metsämäki, Managing Director, tel. +358 40 522 3614
Tapio Oksanen, Deputy Managing Director, tel. +358 40 539 4651
Helsinki, 12 April 2018
Unemployment Insurance Fund
Tapio Oksanen
Deputy Managing Director
Distribution:
NASDAQ OMX Helsinki
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