The employment rate of KOKO members continued to worsen in 2024. During the year, the fund received a total of 161,209 earnings-related daily allowance applications, which is 57% more than in 2023, when around 102,500 applications were received. In 2022, the number of applications was even lower, at around 91,600.
The number of first-time applications from newly unemployed or laid off members was 18,987 in 2024 (2023: 14,336).
In 2024, the average unemployment rate of KOKO members was 3.9% (2023: 2.9%). Unemployment rate climbed to its highest, 4.2%, in November and December, and was lowest in June at 3.6%.
The percentage of laid off employees of all daily allowance recipients increased by 5 percentage points to 37% from 2023. Among KOKO members receiving unemployment security, 17% worked part-time or occasionally or received income from business activities.
Largest year of benefit payments in the fund’s history
Last year saw the largest amount of benefits paid out in the history of KOKO unemployment fund, even as the many changes to unemployment security legislation decreased the monetary amount of many benefits during the year. In total, the fund paid out more than 244 million euros in various benefits, compared to 170 million euros in 2023.
“The unemployment rate of KOKO fund members has continued to increase for two years. Overall, the unemployment rate of highly educated employees has continued to rise in Finland, so the unfortunate situation does not affect our members alone. According to the statistics of the Ministry of Employment and the Economy, the unemployment rate of highly educated employees is reaching levels not seen in the past decade,” says Fund Director Outi Mäki.
Discontinuation of alternation leave increased the number of employees taking alternation leave
The option of taking alternation leave was removed by a legislative change on 1 August 2024. The change caused a clear increase in the number of applicants for job alternation compensation, as many wished to use the option before its discontinuation.
A total of 539 applications for job alternation compensation were received in 2024, an increase of 155% from 2023. During the year, the fund received just 209 applications for mobility assistance (2023: 167) and 597 applications for transition security allowance (2023: 198).