The Unemployment fund for highly educated KOKO (previously IAET-kassa) was founded in 1969, and is the second largest unemployment fund in Finland. We have about 200 000 highly educated members, who are working as senior officers or in a similar position.
KOKO pays out earnings-related allowance for unemployment, temporary lay-off or labour market measures and alternation compensation for the duration of alternation leave to its members. In addition, KOKO pays mobility allowance, which is meant to support receiving a job from a longer distance.
The benefits paid by the unemployment fund are financed partly by the state, unemployment insurance premiums, employers’ qualification period payments, and fund membership fees.
As a general rule:
- state contribution in the form of a basic allowance (€33,66 per day in 2020)
- unemployment fund contribution 5.5 %
- remainder from the unemployment insurance fund
The contributions from the unemployment insurance fund accumulate from the premiums paid yearly by employers and employees.
Control and supervision
The highest authorities for managing, controlling, supervising and developing implementation of unemployment security are the Ministry of Social Affairs and Health for matters relating to subsistence security and the Ministry of Employment and the Economy in matters relating to labour policy.
The Financial Supervisory Authority (FSA) supervises implementation of benefits in unemployment funds. It ensures and checks that unemployment funds comply with the law and good insurance practice and adhere to the proper procedures. The FSA monitors and assesses the financial status of those it supervises, their management, control and risk management systems, their viability, and changes to their operating environment.
More information about the FSA: www.finanssivalvonta.fi
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