Labour market subsidy for entrepreneurs to continue until end November
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