KOKO is the unemployment fund for engineers, architects and business school graduates, among others. Members who meet the employment criteria are entitled to earnings-based unemployment allowance when unemployed.
Why should I join the KOKO fund already while studying?
- You can join the KOKO fund already while studying if you are employed at the time of joining.
- According to the Unemployment Protection Act the minimum employment duration is 26 weeks (at least 18 hours/week) during the last 28-month period. The pay has to correspond to the level defined by the collective agreement, and if no collective agreement is applied, at least 1 236€/month (2020).
- Studying lengthens the 28-month reference period. This means that you can accrue the required employment duration already while studying.
- You’ll meet the employment criteria by, for example:
- Two full-time summer jobs of 3 months
- One full-time summer job of 3 months and 3 months of part-time work (more than 18 hours/week)
- Six months full-time temporary post
- Even apprenticeship can be taken into account, if working hours and pay are as defined above
- Earnings-based allowance is much higher than Kela’s unemployment benefit. The premium pays for itself very quickly, even in just two weeks, if you lose your job.
How to join?
You can join the unemployment fund via the member service channel of The Finnish Business School Graduates, by completing your personal details by your employment information, and by adding membership in the fund to your services. At the time of joining, you must be employed (summer job or part-time job will do). Also, it’s important to keep all your employment contracts, salary statements and other supporting documents.
The annual tax-deductible membership fee of the fund is 66 EUR in 2020.
Årsavgiften till kassan 2020 är 66 euro och detta belopp är avdragsgillt.