YTK membership invoicing 2021
The membership fee of General Unemployment Fund YTK for 2021 is 119 euros a year i.e. just under 10 euros per month.
We will send the membership invoices for the next year on 4 January 2021. Depending on the invoicing method you will receive your membership invoice either as an e-invoice directly to your online bank or to your home address by post. The due date is in January and it may vary depending on your month of birth.
In spring, when society was shut down and the economy halted, we estimated that we would have to raise the membership fee for 2021 considerably. The situation has stabilised compared to the spring, and we did not have to raise the membership fee as much as the unemployment figures suggested in the spring. Nevertheless we need to prepare for the uncertain outlook for the next year by increasing the membership fee from 92 euros to 119 euros.
We use the membership fees to finance the unemployment fund’s share of the benefit expenditure. Thus the membership fee depends directly on the unemployment rate of the members. Due to the coronavirus epidemic the benefit expenditure has increased considerably, because many people have unfortunately lost their job or been laid off. Our current estimate is that we will pay out a record-high sum of 839 million euros in benefits. Last year we paid out 466 million euros in benefits. We anticipate the unemployment rate and benefit expenditure to remain at a high level also next year.
Nevertheless, YTK’s financial standing is strong and our operations are efficient. As a result of the high unemployment rate we have, however, nearly doubled the number of our employees. At the same time the number of members has grown to nearly half a million, so the operating costs are divided between a larger number of members. Thus the share of increase in operating costs of the raised membership fee is small.