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Home BUSINESSEarning related unemployment benefit period to shorten
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Thu, 30 Jun, 2016 01:44:00 AM
FTimes-STT Report, June 30
File Photo Lehtikuva.
The duration of unemployment benefits will be shortened from beginning of next year.
The government presented possible changes to the Unemployment Benefits Act on Wednesday, according to which the duration of earnings-related unemployment allowance would be reduced from 500 days to 400 days.
If anyone has a work history of more than three years, the unemployment allowance would be cut to 300 days.
For those over 58 years old who have met the employment condition, the maximum duration of daily unemployment allowance would remain 500 days.
The government decided on the main lines of change in unemployment benefits as early as last autumn. The law amendments are scheduled to enter into force at the beginning of next year.
Unemployment security also faces more cutbacks. For example, the waiting period will be stretched from five to seven days.
The changes are expected to increase employment by about 9000 employment man-years, while cutting unemployment benefit expenditures by 200 million euros per year.
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