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The Unemployment Fund for Entrepreneurs and the Self-Employed
If you transfer to AYT from an employee fund in the initial stages of your entrepreneurial activities, you can transfer your previously accumulated entitlement to daily allowance with you. If you become unemployed before you have been able to fulfil the employment condition as a member of AYT and you have been self-employed for less than 18 months, you would receive unemployment allowance based on your income from wages or salaries before becoming self-employed.
If you transfer your membership from an employee fund to AYT within three months of starting your own business, there will be no interruption in your income security. Make sure you join the new fund within one month of leaving the previous one. As an entrepreneur you should not stay on in an employee fund, as it does not count towards your daily allowance rights and the rights you have already earned will end after over 18 months of self-employment.
If you have not managed to join straight away, do it now to ensure as short an interruption in your unemployment security as possible. Your right to an allowance based on your salary as an employee will remain in effect for a maximum of 18 months after becoming self-employed, while your entitlement to an allowance based on your income as an entrepreneur will begin after at least 15 months as an AYT member.
If you are embarking on self-employment and you are a member of an employee fund, you should contact AYT. Our experts will advise you on how to get the most of your membership and ensure that your unemployment security remains uninterrupted.
If, shortly after joining AYT, you decide to return to paid employment, you can transfer back to an employee fund without losing entitlement to unemployment allowance previously accumulated as an employee. In this case, membership of AYT should be retained until you have joined an employee fund.