The most prominent group in the age structure of KOKO’s allowance recipients have been persons aged over 50. The COVID-19 situation temporarily changed the age distribution in 2020, as pandemic-related lay-offs targeted the members of the unemployment fund more evenly. Now the employment situation of members has improved and returned almost to the pre-pandemic level.
However, the average age of people who receive allowance from KOKO has changed from before. In February, up to 37.1% of the recipients of earnings-related unemployment allowance were aged 60 to 67. When you add persons aged over 50, this age group accounts for 58.2% of all allowance recipients.
Before the COVID-19 pandemic, persons aged 60 to 67 accounted for 31% of allowance recipients on average. This figure also includes people who receive an allowance from the MMA unemployment fund.
As the people who receive unemployment allowance get older, the number of unemployment fund members who are on extended unemployment allowance also increases. In February, KOKO paid earnings-related unemployment allowance to 675 members entitled to extended unemployment allowance. This means 9% of all recipients of daily allowance. In the last six months, the number of members on extended unemployment allowance has increased by 93.
Number of allowance applications decreased from January
In February, the number of first applications submitted to KOKO fell to the level of the summer of 2021, after an increase in January. KOKO received a total of 638 first applications, which is 27% fewer than in January.
The number of people who received allowance in February also decreased from January. Earnings-related unemployment allowance was paid to a total of 7,291 members (January: 7,556). The calculated unemployment rate of the unemployment fund’s members was 3.1%, which is at the same level as in early 2020. See KOKO’s latest statistics here (available in Finnish only).