I am receiving a daily allowance and am starting a full-time business. What should I do?

When you go into business as a full-time entrepreneur, payment of your earnings-related daily allowance will stop. Notify the KOKO unemployment fund and the TE Office that you have become an entrepreneur. While you are an entrepreneur, you will not accrue time towards the employment condition for KOKO, and you may remain a member for no more than 18 months after beginning business activities. If you cease your business activities within 18 months of beginning them, you may again receive a daily allowance from KOKO based on the meeting of the employment condition in your earlier employment as a wage earner. In other words, payment of your daily allowance will resume as at the time when you became an entrepreneur.

As an entrepreneur, you should consider becoming a member of an entrepreneurs’ unemployment fund in order to secure your entitlement to earnings-related daily allowance beyond the first 18 months of your entrepreneurship. Entrepreneurs may turn for instance to Yrittäjäkassa (former SYT).

For further information on making the transition from wage earner to entrepreneur, see Instructions for entrepreneurs.