YTK Transparent: Who owns YTK?

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• Membership
• YTK

We are sometimes asked who actually owns YTK. We also see inaccurate claims in the media suggesting that some interest group, political party, or other entity is behind it. The answer is very simple: YTK is not owned by any single entity. The organization belongs to its members and to them alone.

Owned by members, governed by members

YTK Unemployment Fund is a mutual benefit organization owned by its members. The fund is owned by its members – that is, all Finnish wage earners who have joined the fund. No political party, interest group, company, or private individual owns the fund or exercises control over it.

The fund’s members exercise the highest decision-making authority at the fund’s meeting, where they elect the board of directors. The composition of the board is public and can be found on the fund’s website. The board is responsible for setting the strategic direction and appoints the CEO and the management team, who are responsible for day-to-day operations.

YTK has been in operation since 1992. Its long history has been built solely for the benefit of its members. Today, the fund has over 530 000 Finnish members, who are also its owners.

No profits, but a legally required buffer to protect members

An unemployment insurance fund is not a business, and it does not distribute profits to anyone. The Unemployment Insurance Funds Act requires every fund to maintain an equalization fund. This is a buffer that ensures the payment of benefits and the fund’s financial contribution to benefits even when unemployment rises rapidly. The size of the fund is tied to the benefits paid and the fund’s administrative costs, and minimum and maximum levels have been defined by law. The Financial Supervisory Authority ensures that the fund remains within these limits.

The equalization fund is not surplus money, but a statutory safety net for members and for the reliability of the entire system.

What about YTK Worklife? What is it, and how is it related to the fund?

YTK Worklife is a separate association founded in 2005, which members of the YTK Fund can join. With approximately 270 000 members, it is Finland’s largest association.

The association’s mission is to promote the professional, social, economic, and legal interests of its members. The most important benefits YTK Worklife offers its members are the comprehensive Legal Assistance, comprehensive leisure time accident insurance, and Eduhouse’s online training service. The fund and the association operate side by side for the benefit of their shared members, but are legally and administratively completely separate. The association does not control or own the fund.

The association also operates on the principle of member democracy: each member has one vote, and decisions are made by majority vote.