Board and rules of the fund

The name of the fund is the Entrepreneur’s Unemployment Fund, abbreviated as the Entrepreneur Fund.

It is based in the City of Helsinki and operates throughout the country.

The Fund is a mutually liable body whose purpose is to provide its members with income security under the Unemployment Security Act, benefits under the Public Employment and Business Services Act and other benefits falling within the scope of the Fund’s activities, in accordance with the legislation in force.

The Entrepreneur Fund can support the employment of its members by providing services in accordance with Section 1(2) of the Unemployment Fund Act.

Any self-employed person covered by the Unemployment Insurance Act who has not reached the age of 68 can become a member of the fund. An entrepreneur is a person within the meaning of Chapter 1, Section 6 of the Unemployment Insurance Act whose livelihood is deemed to be based on income from business activities.

The extent of the entrepreneurial activity of a person eligible for membership must be in accordance with the provisions of Chapter 5, Section 7 of the Unemployment Insurance Act.

A member may not be a member of another unemployment fund at the same time.

Membership of the Fund starts from the date on which the membership fee is paid, but not earlier than the date on which the Fund receives the written application for membership.

If a member wishes to withdraw from the Fund, he or she must submit a written notice of withdrawal to the Fund. The resignation takes effect at the earliest on the date of receipt of the resignation or on a later date specified in the notification.

However, membership of the Fund ends at the latest at the end of the calendar month in which the member reaches the age of 68.

A member may, after being heard, be reprimanded or warned or be expelled from membership of the Fund if.

1. he or she has given false or misleading information when becoming a member,
2. he or she has fraudulently misrepresented or concealed any fact relating to the receipt or amount of a daily allowance or other benefit paid by the Fund, and
3. he or she refuses to follow the rules of the Fund or the instructions given by the Fund’s Board,

A member may be expelled from the day on which the membership fee has not been paid, if the membership fee has not been paid in accordance with the rules.

A member who is not unemployed may be dismissed if he or she has permanently ceased to be a member.

If a member who has been expelled from another fund is accepted as a member of the Entrepreneurial Fund or a member who has been expelled from the Entrepreneurial Fund is readmitted as a member of the Entrepreneurial Fund, neither the previous membership period nor the membership fees paid previously will be counted.

If a person who has resigned from another self-employed person’s fund joins the Entrepreneur’s Unemployment Fund within one month, the member’s length of service and membership in the previous fund will be counted.

A member is obliged to pay a membership fee for the duration of his or her membership. The membership fee is paid into the Fund’s account.

The membership fee is a percentage of the insurance level chosen by the member, set annually by the Financial Supervisory Authority on the basis of a proposal made by the Fund. The membership fee is paid in one, four or twelve instalments.

The member can choose the level of insurance and benefit he or she wants, but the income on which the insurance is based, i.e. the level of insurance, cannot be higher than the annual income of the pension scheme for self-employed persons.

The insurance is based on the entrepreneur’s earned income, up to a maximum of his or her combined YEL, MYEL and TyEL income earned in self-employed status.

The insurance level chosen by the member is adjusted annually by the salary factor referred to in Section 96(1) of the Employees’ Pensions Act to the extent that the insurance level is based on YEL and/or MYEL insurance, unless the member declares otherwise.

The membership fee must be paid in the manner determined by the Board of the Fund within three months of the beginning of the period to which the membership fee relates. New members shall pay the contribution from the beginning of the calendar month in which they join the Fund. If a member changes his/her insurance level in the middle of a calendar month, the change shall be taken into account from the beginning of the following calendar month.

A member who has resigned or been expelled is not entitled to a refund of contributions paid to the Fund for the period prior to the date of resignation or expulsion.

Any contributions in arrears can be deducted when paying a daily allowance or other benefit.

If a member has paid membership fees unduly or in an excessive amount, the membership fees already paid may be refunded on request. If the undue or overpayment is due to a member’s misrepresentation of membership facts or failure to notify changes in membership, a refund will be made for a maximum of twelve months preceding the request. Refunds of less than EUR 20 will not be made.

The right to a reduction of the membership fee may be granted to a member upon application for full calendar months. On application, a member of the Fund may obtain a reduction in the membership fee for the period of unemployment and for the period during which he or she does not accumulate a condition of employment in the cases referred to in Chapter 5, Section 7, paragraph 2 of the Unemployment Insurance Act.

Upon application, a member may also be granted the right to a reduction in the membership fee for those full calendar months for which the member’s combined YEL, MYEL and TyEL income earned in self-employed status is less than the minimum amount of income that qualifies an entrepreneur for the employment condition under the Unemployment Insurance Act.

A member whose YEL, MYEL and TyEL insurance referred to above has expired completely may also be granted the right to a reduction of the membership fee.

An unemployed claimant of income support allowance is granted a reduced membership fee without an application.

The amount of the reduced membership fee is a fixed monthly amount in euros, set annually by the Financial Supervisory Authority.

Entitlement to a reduced membership fee may be granted at any one time up to the end of the current calendar year, but only to the extent and for no longer than the period during which the conditions for the reduction of the membership fee are met.

If the conditions for a reduced membership fee are no longer met, the member must immediately inform the Fund in writing.

In addition, Article 6(6) to (9) of these Statutes shall apply to the reduced membership fee.

The Fund grants its members the daily allowance under the Unemployment Insurance Act, the reimbursement of expenses under the Unemployment Insurance Act and the Act on Public Employment and Business Services, and other benefits within the scope of the Fund’s activities, in accordance with the legislation in force at the time.

You must apply to the unemployment fund within three months of the date on which you wish to receive the benefit.

The governing bodies of the Unemployment Fund are the Board of Directors and the Unemployment Fund Assembly.

The highest decision-making power of the Unemployment Fund is exercised by the Unemployment Fund Assembly, which meets annually by the end of May at the latest.

The Treasury meeting is convened by the Treasury Board, which decides the exact time and place of the Treasury meeting. The notice of the Treasury meeting must be published on the Treasury’s website www.yrittajakassa.fi at least two weeks before the meeting.

You can participate in the meeting of the Fund by means of a telecommunication connection or other technical aid in the manner determined by the Board and in accordance with Section 7a of the Unemployment Fund Act.

The financial statements and the auditor’s report must be kept available for inspection by the members of the fund at the office of the Entrepreneurial Fund for at least one week before the fund’s regular meeting.

At a meeting of the Treasury, each member present has one vote. Proxy voting is not permitted. Decisions are taken by majority vote. In the event of a tie, the election shall be decided by lot, but in all other cases the decision shall be taken by the opinion of the chairman of the meeting.

At the Fund’s meeting there are:

1. present the report of the Board of Directors for the previous term of office and the auditors’ opinion,
2. certify the previous year’s accounts,
3. decide on the measures to be taken in the light of the management and accounts,
4. decide on the discharge to be given to the accounting officers,
5. determine the remuneration of the members of the board of directors and the administrative organs and of the auditors,
6. decide on the size of the board,
7. submit the election of the outgoing Chairman of the Board, the members and their personal deputies. At least two auditors and their alternates shall be elected each year. If an audit firm approved by the Chamber of Commerce or the Central Chamber of Commerce is chosen as auditor, no deputy auditor need be elected.
8. determine the basis for the membership fee,
9. decide on the principles of investment; and
10. deal with any other business announced in the notice of meeting

No other matters than those mentioned above may be put to final decision at the meeting.

An extraordinary meeting of the treasury must be held,

1. when the Board of the Fund considers it necessary,
2. when required by the Financial Supervisory Authority or the auditors, if their audit so warrants, or
3. when at least one-tenth of the members request it in writing to deal with a specific matter

If the number of members of the fund has fallen below the limit specified in the Unemployment Fund Act, an extraordinary meeting of the fund must be convened without delay to decide whether or not the fund should continue to operate and what measures should be taken in such cases.

If the board of the fund refuses to convene a meeting of the fund without a legitimate reason, the Financial Supervisory Authority must issue an invitation.

The notice of the meeting must state the business to be discussed. Items other than those specified in the notice of meeting may not be put to the final decision.

At an extraordinary meeting of the Treasury, each member present has one vote. Proxy voting is not permitted.

You may participate in an extraordinary meeting of the Fund by means of a telecommunication connection or other technical aid in the manner determined by the Board of Directors and in accordance with Section 7a of the Unemployment Fund Act.

The Board of the Fund consists of six or seven (6-7) members, one of whom is the Chairman, and an equal number of personal deputies, all of whom must be members of the Fund over 18 years of age. In addition, the members of the Board of Directors must meet the eligibility requirements specified in Article 11a of the Unemployment Fund Act.

The Board elects a Vice-Chair from among its members.

The term of office of the Chairman, member and personal deputy of the Board of Directors is three years. The personal deputy shall be elected for the same term as the member of the Board.

However, the outgoing chairman or member may be re-elected, subject to a maximum of three full terms for a director and a maximum of two full terms for the chairman. The term of office of the Chairperson shall not be counted towards his or her term of office as a member of the Board of Directors. The term of office of a member shall include any years he has served as Chairman.

The term of office of a member of the Board of Directors and of the Chairperson shall not include his or her term of office as an alternate member of the Board of Directors.

If a member of the Board resigns or loses the conditions defined in paragraph 1 above, or loses his/her eligibility under Section 11a of the Unemployment Fund Act to continue in office during his/her term of office, the Board shall be completed at the next meeting of the Fund in an election in which the term of office of the member to be elected shall last for the unexpired term of office. Until the meeting of the Fund, the alternate members shall participate in the activities of the Fund’s Board. A member of the Board of Directors and the Chairman must resign at the end of the maximum number of years in office.

The Board meets at the invitation of the Chairman of the Board or, in his absence, the Vice-Chairman. The Board of Directors may also meet remotely, as agreed by the Board of Directors. A quorum shall exist when the Chairman or the Vice-Chairman and at least half of the other members are present or participate remotely.

The opinion supported by the majority shall be the decision of the Board. In the event of a tie, the election shall be decided by lot, but in other matters the opinion supported by the chairman shall prevail. By way of derogation from the above, a two-thirds majority of the Board of Directors shall be required to take a decision on the investment of funds.

The minutes of the Board meeting must be kept and reviewed no later than the next Board meeting.

The Board of Directors is responsible for

1. supervise that the affairs of the Fund are managed in accordance with the law, the Fund’s rules and the decisions and operating instructions adopted by the Fund’s Assembly.
2. organise the internal control and risk management of the treasury
3. decides how to invest the assets of the treasury in a productive and secure way
4. admit and dismiss members and issue a reprimand or warning in the absence of the treasurer
5. at least twice a year, check loan documents, securities, cash and cash equivalents and generally supervise the management of the treasury.
6. lay down the principles for the payment of daily subsistence allowances
7. recruit, dismiss and determine the terms and conditions of employment of the treasurer and other members of staff and closely supervise the performance of their duties, and, if necessary, appoint a deputy treasurer.
8. supervise that the accounts of the Fund comply with the law, good accounting practice and the Fund’s activities
9. give a written opinion to the meeting on proposals that the auditor or the members of the Fund wish to submit to the meeting.
10. draw up the annual accounts and the activity report and submit them to the auditors at least one month before the meeting of the Fund at which the accounts are to be approved. In its activity report, the Board of Directors must propose measures to deal with the surplus or deficit of the Fund.
11. draw up an action plan and budget for the following year
12. submit to the Financial Supervisory Authority, by May each year at the latest, a statistical report on the activities of the Fund, drawn up on a form approved by the Financial Supervisory Authority.
13. authorise the writing of the name of the Entrepreneur Fund, if necessary
14. make an annual proposal to the Financial Supervisory Authority on the amount of membership fees
15. representing the treasury and speaking before the courts and other authorities

and

16. decide on all other matters not otherwise provided for by law, regulation or these rules.

The Board of the Fund is authorised to take out loans to pay unemployment benefits when the Fund’s resources are not available or are inappropriate. The Board has the right to pledge the assets of the Fund as security for the loan.

The treasurer is the person in charge of the cash desk. The treasurer must meet the eligibility requirements specified in Section 11a of the Unemployment Fund Act.

The role of the treasurer is to

1. supervise the payment of unemployment benefits
2. managing financial and other operational matters
3. recruit and dismiss the staff of the treasury, with the exception of the junior staff, and decide on the terms and conditions of their employment
4. prepare matters to be discussed at Board meetings and implement Board decisions
5. to become a member of the Treasury; if the Treasurer is prevented from doing so, the decision is taken by the Board of Directors
6. issue a reprimand or warning to a member or expel members of the treasury. If the treasurer is unable to attend, the decision is taken by the board.
7. organise the internal control and risk management of the treasury in the manner prescribed by the Board of Directors, and
8. perform any other duties assigned to him/her by the Board of Directors.

The name of the Treasury may be signed by the Chairman of the Board or the Treasurer or any other person authorised by the Board.

However, the names of the chairman or treasurer of the board and one other member of the board together are required on the debentures.

When an unemployment fund decision is issued using data processing, the signature can be entered by machine.

Members are informed about changes in the Fund’s activities and the legislation relating to benefits via the Fund’s website, through the media and channels available to members or by letter.

The accounting period of the Unemployment Fund is the calendar year.

The financial statements, which include the profit and loss account, balance sheet and report of operations, must be ready before 1 April.

The fund of the unemployment fund is the equalisation fund. The annual surplus is transferred to the equalisation fund. If the accounts show a shortfall, the equalisation fund is used to cover it.

In addition to these rules, the Unemployment Fund Act and other laws and regulations in force are also applicable.

The supervisory authority for the Unemployment Fund is the Financial Supervisory Authority.

If the Unemployment Insurance Act, the Unemployment Fund Act or other legislation within the scope of the Fund’s activities is amended, the Fund’s Board of Directors has the right to make corresponding amendments to these rules.

Any amendment of these rules other than those referred to in paragraph 1, or the dissolution of the Fund, shall require a decision by a majority of at least two-thirds of the votes cast at a meeting of the Fund. However, a simple majority of votes shall be sufficient for a decision to dissolve the Fund where the number of members of the Fund has been permanently reduced below the number of members entitled to State aid.

If it is decided to dissolve the Fund or to wind it up, the funds remaining after the debts have been paid and other obligations fulfilled shall be made available for the support of the educational activities of the members of the Fund at the date of dissolution, as decided by the Assembly of the Fund.

For this purpose, a foundation or a separate fund within an existing foundation must be set up, the rules of which will be determined by the meeting of the treasury deciding on the dissolution of the treasury.