Fund membership provides security and support

Topics

• Income security
• Membership
• YTK

Every employee benefits significantly from membership in an unemployment fund. Why? This and other important questions are answered by Petja Eklund, a specialist at the YTK Unemployment Fund.

What are the benefits of unemployment fund membership? 

“If you are in paid employment, you should definitely join the YTK Unemployment Fund. If unemployment hits, the unemployment benefit we pay is typically twice as much as the basic benefit without membership. So with a low membership fee, you can provide for yourself in the event of unemployment or lay-offs.

We also help our members find new jobs by offering a wide range of services and tools. Our aim is to make finding a new job as easy as possible for each of our members.”

How do I know how much income support I can get?

“The amount of the earnings-related daily allowance paid by the fund depends on the salary you received before you became unemployed or laid off. Often, the amount of the earnings-related daily allowance is up to twice as much as the basic allowance. You can easily estimate the amount of your own daily allowance with our calculator.”

How quickly can you get income support if you become unemployed or are laid off?

“As a rule, you can get the earnings-related daily allowance at the same rythm as your salary. The first application can be made after only two weeks of unemployment, as the processing time is a little longer, about a week or two. After that, the daily allowance is claimed monthly and, in the best case, the daily allowance will arrive in your account after two working days.”

Is membership of the unemployment fund useful even if there is no risk of becoming unemployed?

“It is useful. We can all face unexpected twists and turns in our working lives. Knowing that you have your back gives you the confidence to make more courageous choices and decisions. The YTK also offers services to help you progress in your career and find a new job. By taking advantage of these, you can reduce your risk of unemployment.

It is worth remembering that to qualify for income support, you must have been a member of the unemployment fund for at least a year and have worked enough during that time.

Nor can you join the unemployment fund while unemployed. It is therefore important to anticipate and join an unemployment fund from the very beginning of your career.

You should also make sure that you keep your membership, even if the job situation looks good at the moment. If you give up your membership, you will lose the right to income support that you have already accumulated.”

What financial risks does membership of the unemployment fund help you manage?

“It’s about financial support during unemployment and lay-offs. Income support makes it easier to get one’s finances and daily life in order in changing situations, while at the same time securing opportunities for a more productive job search.”

What are common misconceptions about unemployment funds?

“Perhaps the most common misunderstanding is the relationship between an unemployment fund and a trade union. Many people are under the impression that the trade union is the source of income support. This is not the case. Earnings protection can only be obtained from the unemployment fund.

The YTK Unemployment Fund is not a trade union, but an independent unemployment fund open to all employees.”

What would you say to someone who is just thinking about joining a fund?

“Four out of five employees are insured with an unemployment fund. Joining the fund is smart! Don’t wait too long before deciding to join, but start accumulating daily allowance rights as soon as you can.”

Read more: The earnings-related daily allowance protects you from the twists and turns of your working life