The Finnish Parliament has approved a law amendment, based on which entitlement to labour market subsidy for entrepreneurs alongside ongoing entrepreneurial business will continue. Even with ongoing business, entrepreneurs may be entitled to a labour market subsidy from Kela, in case their business revenue has decreased as a result of the corona virus pandemic. Kela can pay a labour market subsidy to entrepreneurs until November 30, 2021.

The Entrepreneur Fund can nevertheless pay an earnings-related daily allowance only to fund members who have terminated their entrepreneurial business.

In order to be paid a labour market subsidy or an earnings-related daily allowance, applicants must register as jobseekers with the TE Office online. Benefits can be applied for retroactively for as long as three months, but benefits can be paid only for time periods when applicants have been registered with the TE Office.

Under which circumstances can entrepreneurs be paid a labour market subsidy?

Entrepreneurs can be temporarily entitled to a labour market subsidy based on a sudden and unexpected decline in market demand as a result of the corona virus pandemic. Labour market subsidy is a form of employment benefit.

A labour market subsidy can be paid, if

• an entrepreneur’s fulltime work has ended, or
• revenues from entrepreneurial business are below € 1,089,67/month per person working for the company in an entrepreneurial position.

Full-time work must have ended, or revenues must have been reduced as a result of the coronavirus pandemic. Payment of this subsidy does not require entrepreneurial business to be terminated.

In order to be paid a labour market subsidy, applicants must register as jobseekers with the TE Office, and the TE Office must give its labour market policy statement to Kela regarding each applicant’s entitlement to labour market subsidy. Each applicant can then proceed to apply for a labour market subsidy from Kela. More information: https://www.kela.fi/tyottomyysturva-yrittaja

In July, the Entrepreneur Fund arranged its fifth on-line competition to identify the bravest entrepreneur in Finland. Multi-talented Janne Kataja, also known as the funniest guy in Finland, acted as a figurehead for this on-line competition. For Janne Kataja, entrepreneurship is a way of life.

According to Merja Jokinen, Fund Manager, the competition aimed at identifying a persistent toiler – one who does not give up, wear out or listen to depressing opinions expressed by sceptics.
Merja Jokinen thinks there is bit of creative madness and typically Finnish resilience in every entrepreneur.

– This corona time has shown how important entrepreneurs are for our community. As a result of all  whirlwinds of change we have recently experienced globally and in work life, entrepreneurs have been required to show even more courage to take risks and to carry out their own broad-minded business ideas. We collected a record number, almost 300 votes, this year. Today, we have congratulated our winner, village storekeeper Jarno Ankerman from Luhanka, in charge of his store Luhangan Kyläkauppa Oy.

– Jarno has turned his village store into an actual service center, which has had an immense impact on the community of just short of 700 residents, says Merja Jokinen.

Winning the contest came as a surprise for Jarno Ankerman. He was aware of the competition, but never thought he would have a chance to step out as the bravest entrepreneur.

– I thought like who would possibly vote for me, but when I heard I had been selected as a winner, and with a landslide victory, too, it certainly felt great. It is really important that an entrepreneur from a small community can win as well, says Ankerman.

Following the merger with AYT at the turn of the year, SYT has changed its name as of June 18, 2020. Our new name is the Unemployment Fund for Entrepreneurs,

According to Merja Jokinen, Fund Manger, the new name underlines new times ahead for a more powerful fund with focus on standing up for small businesses and sole traders. In terms of speech, it is also a better alternative compared to the previous abbreviation.

– Our official name is now Unemployment Fund for Entrepreneurs, but for marketing purposes we use the short-form Entrepreneur Fund. Our customers will see the change in the form of new logos and a renewed company image. All our activities and services will remain unchanged. We will renew our website and our e-mail addresses in the coming autumn. Until then, our present website will continue operating as usual, Merja Jokinen says.

The Entrepreneur Fund wants to become known as an organisation which understands the everyday challenges its members are facing as entrepreneurs and individuals. Our brand renewal coincides with the 25-year Anniversary of Unemployment Security for Entrepreneurs, and most importantly strives to display the fund’s significant role in the Finnish society.

– The symbol section of our logo – which is composed of arches to mirror turns and movement – reflects this objective. The corona crisis has shown that the future cannot be foreseen. In a global, fast-changing community, business operations may come to an end for reasons beyond one’s own control. Joining the Entrepreneur Fund is one way of controlling risks involved in entrepreneurship and to secure subsistence in case of unemployment, Merja Jokinen says.

The Unemployment Fund for Entrepreneurs (Entrepreneur Fund) is an independent unemployment fund founded by Finnish entrepreneurs in 1995. The fund’s objective is to improve quality of life and security for entrepreneurs by offering optional unemployment insurance. At the moment, the fund has some 30,000 members representing a variety of branches of industry and companies of all sizes. Working as an entrepreneur, trade association or trade organisation membership does not guarantee unemployment security. In order to qualify for earnings-related allowance in case of unemployment, entrepreneurs must join the Entrepreneur Fund. The Entrepreneur Fund pays unemployment benefits to an average of 800 members monthly. The Fund’s general conditions and the level of unemployment security have been defined in the Act on Unemployment Funds and in the Unemployment Security Act. The fund’s operations are subject to oversight by the Financial Supervisory Authority.