Who owns YTK Unemployment Fund?

An unemployment fund is a community which operates on the basis of mutual responsibility. It means that YTK is owned by its members. This can be seen, for example, in that the highest decisive power in the unemployment fund is exercised by the meeting of the fund. The meeting of the fund is a meeting of the members, so ultimately the decisions on the matters of the fund are made by the members.

An unemployment fund is not a business operation. The fund does not generate a profit. The unemployment fund has an equalisation reserve to which any surplus is transferred. So the surplus from membership fees is put in reserve to secure the liquidity of the unemployment fund. The reserve also buffers against the effect of trade cycles on the membership fee. YTK’s membership fee, for example, has always been stable, because we can level the pressure on the membership fee using our well-managed reserve. The primary position of the members is also indicated by the fact that if the unemployment fund were to be dissolved, the assets accumulated in the reserve shall be used for the benefit of the members.

The unemployment fund has a Board of Directors that represents the fund and handles those tasks of the fund which have not been attributed to the other administrative organs by the rules of the fund. In addition, the fund has a responsible official. YTK’s responsible official is acting CEO Antti Jokinen.