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International Internet Magazine. Baltic States news & analytics Friday, 29.03.2024, 09:12

Estonian Unemployment Insurance Fund reserves reached 529.1 mln euros in 2012

BC, Tallinn, 24.04.2014.Print version
The net asset value of Estonian Unemployment Insurance Fund (EUIF) grew fast in 2013 and reached 529.1 million euros in 2012, the economic year report approved buy the fund's council on Wednesday indicates, LETA/Public Broadcasting reports.

The net asset volume has increased very fast since 2010 and will continue to grow this year. At the end of 2009, the asset volume was 132.3 million euros, at the end of 2010 it was 213.4 million, in 2011, 346.7 million and in 2012, 469.4 million euros.

 

EUIF estimated that this year, the volume will grow by nearly 55 mln euros and should reach 584 mln euros at the end of the year.

 

Both employers and trade unions have said that EUIF has too much reserves and instead, the unemployment insurance tax rate should be cut. Currently the tax amounts to 3% (2% of wages of employees plus 1% paid by employers) but the new government supports cutting it to 2.4%.

 

The EUIF council meeting elected Estonian Trade Union Confederation chairman Peep Peterson as the new council chairman for the next year.






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