Owners
YTK Unemployment Fund is owned by its 535 408 members.
The Unemployment Funds Act defines unemployment funds as corporations operating in accordance with the principle of mutual responsibility. This means that the members of YTK Unemployment Fund are also the owners of the fund, which is evidenced, for example, by the fact that the fund’s highest decision-making body is the annual meeting of our members. It is therefore ultimately the members who decide how the fund is run.
A meeting is called once a year to which all members are invited. The agenda of the meeting consists of the following items:
- reviewing the previous year’s annual report
- reviewing the auditors’ report
- adopting the financial statements
- deciding on steps to be taken based on the management’s report and accounts
- releasing those who are answerable for the accounts from liability
- deciding on the remuneration of the members of the governing bodies and the auditors
- voting on the election of new governing bodies and auditors
- setting the membership fee
- dealing with any other business as identified in the invitation to the meeting
Overview of our operations
An unemployment fund is not a business. The fund does not generate profits for its owners. Instead, we have an equalisation reserve to which any surplus is transferred. Any surplus from membership fees is put in this reserve and used to secure the fund’s liquidity.
The reserve also acts as a buffer against the effect of economic ups and downs on the membership fee. YTK’s membership fee has fluctuated remarkably little over the years, which is all thanks to our well-managed reserve.
If the fund were to be dissolved, the assets accumulated in the reserve will be transferred to the Employment Fund.
YTK has a Board of Directors, which represents the fund and attends to those tasks that have not been assigned to other administrative organs by law or the rules of the fund. The fund also has an executive officer. YTK’s current executive officer is Managing Director Auli Hänninen.