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2015-08-28

Työttömyysvakuutusrahasto: Unemployment Insurance Fund Company Release 28 August 2015

Unemployment Insurance Fund Company Release 28 August 2015 at 12:00
a.m.

TVR budget and proposal for unemployment contribution rates for year 2016

The Supervisory Board of the Unemployment Insurance Fund (TVR) has today
approved the budget for year 2016 and decided to propose to the Ministry of
Social Affairs and Health an increase of 0,5 %-points in the Unemployment
Insurance Contributions (UIC). This increase will apply to both the employers
average UIC and employees UIC. The level of UIC percentages for the next
calendar year are set by the Finnish Parliament by amending the Finnish Act
on Financing of Unemployment Benefits.

The unemployment rate in Finland is according to the budget estimated to be
9,5 percent in 2015 and 10,1 percent in 2016. The befits paid by TVR will
increase by 10 percent in 2016 from 2015. A substantial increase in UIC's is
needed to facilitate the financing of the growing benefits. The debt position
in the Business cycle buffer will increase notwithstanding the increase in
UIC's. According to the budget, the Business cycle buffer deficit will stand
at 1.300 EURm at the end of year 2016.

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| TVR budget for year 2016 (source: TVR, Statistics Finland) |
| |
| Amounts % 2 014 2015 e 2016 e |
| |
| Unemployment rate 8,7 9,5 10,1 |
| Wage sum growth 0,6 0,5 0,7 |
| UIC, employers (average) 2,19 2,33 2,85 |
| UIC, employees 0,50 0,65 1,15 |
| |
| Finacial figures, 2 014 2015 e 2016 e |
|EURm |
| |
| Employer contribution 1 598 1 680 1 998 |
| Employee contribution 378 470 876 |
| Benefits paid, total - 2 651 - 3 015 - 3 339 |
| Surplus / deficit - 669 - 870 - 419 |
| |
| Business cycle buffer - 9 - 879 - 1 297 |
| Max.limit for buffer * 1 507 1 587 1 653 |
| |
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* According to legislation, the Business cycle buffer can be either positive
or negative equaling this amount

Helsinki, 28 August 2015

Unemployment Insurance Fund (TVR)

Additional information: Janne Metsämäki, Managing Director. tel. +358
40 522 3614
Tapio Oksanen, Deputy Managing Director, CFO tel. +358 40 539 4651

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Source: Työttömyysvakuutusrahasto via Globenewswire

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