EUIF income to reach €465 million, costs €455 million in 2018 ({{commentsTotal}})

An EUIF branch office.
An EUIF branch office. Source: (Postimees/Scanpix)

The supervisory board of the Estonian Unemployment Insurance Fund (EUIF) endorsed the fund's 2018 budget, which projects expenditures to increase 42 percent to €454.8 million and income 35 percent to €465.4 million.

Premiums paid by employees are estimated to amount to €119.1 million and employer contributions €64.1 million euros, the EUIF said.

This year, the EUIF's budget income totaled €345 million, while expenses amounted to €321 million.

The 2018 budget earmarks €58.4 million for unemployment insurance benefits, €14.7 million for layoff benefits, and €3.9 million for payouts in the event of the insolvency of the employer. The total amount of social tax to be paid on the benefits is €13.7 million. Operating expenses of the EUIF are budgeted at €45.4 million.

Outlays on labor market services are projected to reach €67.1 million, €26.4 million of which will be money from the European Social Fund and €250,000 of which will come from the European Globalization Adjustment Fund and the Interreg Estonian-Latvian cross-border cooperation program financed from the European Regional Development Fund.

Expenditures on benefits, support and labor market services combined will total €409.4 million, marking an increase in expenses of €127.7 compared to the outgoing year.

"This year, the 'Work and Learn' program aimed at working people and employers was launched successfully in Ida-Viru County," said EUIF supervisory board chairman Peep Peterson. "I hope that next year, employees and employers of other counties will also take better advantage of the possibilities on offer. One important thing that could be highlighted is a greater contribution to developing the services of an e-EUIF and adoption of big data, which will make services easier to use and help more efficient."

In addition to the budget, the EUIF's annual plan for 2018 and changes to the fund's development plan were also approved.

Editor: Aili Vahtla

Source: BNS

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