Managing Directors review
The Employment Fund provides security for changes in working life
The Employment Fund began operations at the beginning of 2019. The new fund carries out the statutory tasks that used to belong to the Unemployment Insurance Fund and the Education Fund.
Our main tasks are the funding of unemployment security, i.e. the calculation and collection of unemployment insurance premiums, as well as the financing of unemployment funds. By granting adult education benefits, we facilitate changes in working life and help the workforce develop their expertise. We also finance pay security and employment pensions for periods of unemployment and adult education. As a result of the last few years’ favourable economic and employment situation, the Employment Fund begins its operations in a good financial position. At the turn of the year, the fund’s countercyclical capital buffer amounted to almost a billion euros. Indeed, the overall level of unemployment insurance premiums has been reduced in recent years. The 2019 budget shows that more funds will continue to be collected in the buffer, which increases the fund’s capacity for a steady development of payments.
Constant Development
The importance of life-long learning is emphasised amidst the changes in working life. Our customers have also noticed this, which is evident in the recent growing number of applications for adult education benefits. Adult education benefits will undergo a number of changes in the near future: legislative amendments will enter into force in 2020, and the incomes register will expand to include benefits in the same year. It is important to us to develop ourselves and to help others develop. We aim to improve the quality of all our customer services even further. We want our operations to be effective and able to reap practical gains from digitalisation. Our success is founded on our competent personnel, whose professional competence we want to keep up to date. The role of the Employment Fund as a provider of support and security amidst the changes in working life give our work meaning. Our strategic objectives, mission and vision adopted by the fund’s Board of Directors will steer us forward. Our vision is to be a superior implementing force in social security. We have just taken our first steps as the Employment Fund. The journey continues.
Janne Metsämäki
Managing Director
Download our annual reports 2018
Highlights of 2018
The Employment Fund was built by its entire personnel
The Unemployment Insurance Fund and the Education Fund have merged to form the Employment Fund. The objective of this merger is to create an even more pleasant service experience for both individual and employer customers.
All the personnel were invited to take part in the building of the Employment Fund, which was of crucial importance for the smooth implementation of the merger. The personnel of both funds were involved in the merger process right from the start, including the formulation of our new strategy.
The recognition and management of expertise have grown in importance. A larger working community also provides more opportunities for work rotation and diversification of skills, among other things. If our personnel are happy and feel well, they will also provide better customer service. We want our customers to find interaction with us delightful. Read more
Stakeholder collaboration strategically important to the Employment Fund
Stakeholder collaboration permeates all operations of the Employment Fund and is part of its daily business. The fund's new strategy also includes the objective of improving stakeholder collaboration even further. Dialogue with our stakeholders enables us to understand their views and expectations better.
Our operations directly impact beneficiaries of the benefits we grant, including members of unemployment funds and recipients of adult education allowance. Unemployment insurance premiums are paid by employers, and companies are also an important customer group and stakeholder for us.
Dialogue, regular communication and customer feedback, as well as strong cooperation, are our means to promote collaboration with our stakeholders. Read more
The Incomes Register makes life smoother for customers and the Employment Fund
We were among the first to start using the Incomes Register at the beginning of the year. The Incomes Register has also meant large-scale development of the Employment Fund’s own processes and data systems.
2018 was a time of many major changes for the Employment Fund – and was hectic as a result. While the then Unemployment Insurance Fund was producing information for the preparation of the Incomes Register Act, we reformed many of our own information systems and prepared our merger with the Education Fund, which resulted in the creation of the new Employment Fund. This was a period of constant learning for our personnel.
The Incomes Register will make transactions smoother for our customers, i.e. employers and recipients of benefits. Wage information will be entered only in the Incomes Register, where various parties will be able to utilise it. Read more
Year 2018 in figures
Unemployment insurance
contributions collected
3,027
EUR million
Paid adult
education benefits
186
EUR million
Contributions to Kela
for persons who are not members of unemployment funds
178
EUR million
Contributions
to
unemployment
funds
1,068
EUR million
Contributions from
the pension cover of
persons receiving
earnings-related benefits
632
EUR million
Mission, vision, values and strategy
Mission
Providing security for changes in working life
Vision
Superior executor of social security
Values
Our customers come first
We renew
We evolve
We act
We are a united team
Strategic ambitions/objectives
A pioneer in customer-oriented development of efficiency and
effectiveness of services and operations
Creating added value through information and anticipatory measures
An active and respected actor in the fund’s network
Personnel well-being and an attractive employer
Steady development of unemployment insurance contributions
Operating environment
