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Unemployment fund membership fees

Financial supervisory authority confirms the sum of the membership fees of the unemployment funds according to what they have suggested. The membership fee has to be big enough to consider it sufficient to cover the funds administrative expenses and the benefit costs they are responsible for. When the membership fee is confirmed, also regulations concerning balancing funds are taken into account.

The Financial Supervisory Authority oversees the unemployment funds and confirms the sum of the membership fees of the unemployment funds according to what they have suggested. The membership fees of the employees’ fund must be enough, so that the membership fee payments together with the state subsidy and the unemployment insurance fund can be considered enough to cover the fund’s commitments. As the Financial Supervisory Authority confirms the membership fee, it also takes into account that the balancing fund is adequate according to the Financial Supervisory Authority’s regulations.

The law states that all unemployment funds must have a balancing fund. The balancing fund consists of the yearly surplus. To ensure the finances and liquidity of the fund, The Insurance Supervisory Authority confirms the minimum levels (100%) of the balancing fund, which means that the fund can manage the benefits paid out by the fund, and its administrative costs for a year without new membership fee income. To balance the fluctuations in the membership fees that are caused by the changes in the economic situation, the unemployment fund can gather a maximum of 400% balancing fund. Thus the changes in the membership fees can be viewed to reflect the fund’s financial soundness and its members’ unemployment rate.

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