Unemployment Cover for Entrepreneurs
Entrepreneurs may voluntarily join the entrepreneurs' unemployment fund (Suomen Yrittäjäin Työttömyyskassa SYT or the AYT Fund), if they wish to provide themselves with earnings-related unemployment benefits.
Membership of the entrepreneurs' unemployment fund is open to permanent residents of Finland aged less than 65 years who hold a statutory pension insurance policy based on an annual income of at least 8,520 euro (YEL, MYEL or TyEL).
As far as unemployment cover is concerned, an entrepreneur refers to
- those obliged to take out YEL or MYEL insurance or
- anyone within the scope of other pension insurance who
- personally holds at least 15%, or together with family members holds 30% or whose family holds at least 30%, of a company in which he/she works in a leading position
- personally or together with family members or his/her family holds at least 50% of a company that he/she works for.
Family members are considered to refer to the entrepreneur's spouse (including common-law partner) living in the same household, children and parents.
Leading positions include the post of Managing Director, Chairman or Member of the Board, and similar positions.
From an Employee to an Entrepreneur
Any member of an employees' unemployment fund who joins the Entrepreneurs' Unemployment Fund within one month of starting operations as an entrepreneur receives a maximum of 6 months' allowance regarding the minimum term of employment. In this case, the precondition for a minimum term of employment may be fulfilled after no more than 12 months of membership (otherwise 18 months of membership).
A person directly transferring from an employees' unemployment fund retains his/her existing right to a daily allowance if the maximum period of 500 days is not used up.
Suomen Yrittäjäin Työttömyyskassa SYT (pages in Finnish)
The AYT Fund
Amount of Daily Allowance
When Can You Receive Daily Allowance?
Membership Fee