Annual Report
1 Jan–31 Dec 2022
2022
2Annual report 2022 Contents
Contents
ANNUAL REPORT 2022
3 The year of Employment Fund in
brief
4 Managing Director’s review
7
8 Strategy, mission, vision and
values
11 REPORT OF THE BOARD OF
DIRECTORS
12 Duties of Employment Fund
14 Cooperation with stakeholders
15 Customer service at Employment Fund
17 Unemployment insurance
contributions
24
34 Finance
37 Investment activities
41 Risk management
42 Personnel
45 A glimpse into 2023
47 Corporate governance
60 Remuneration report
65 FINANCIAL STATEMENTS
66 Financial Statements (IFRS) 2022
69
110 Auditor’s Report
3Annual report 2022
The year of Employment Fund in brief
were again accumulating in the business cycle buffer.
We focused on ensuring
a better customer
experience and managed
to improve customer
We provided EUR
2,832
million for the funding
of unemployment and
We prepared for the
implementation of the
restructuring protection
reform, which entered into
force on 1 January 2023.
Key matters in 2022
4Annual report 2022
Managing Director’s review
Managing Director’s review
At the start of 2022, the outlook for the
Finnish economy was still reasonably
bright but the situation changed quickly
after the Russian invasion of Ukraine.
environment, the employment situation in
Finland improved during 2022.
The changed outlook prompted us to revise
our estimates of Employment Fund’s 2022
results downwards in March. The improving
employment situation was, however,
late summer. In the end, the result for 2022
accumulated in the business cycle buffer.
Our liquidity remained at good level and
secured. We renewed our revolving credit
facility (RCF) in early 2022, which helped to
boost our liquidity still further.
There was growing uncertainty about
reports to the Financial Supervisory
Authority. We also raised our cyber
security preparedness level and focused on
wellbeing at work and measures ensuring
that our personnel can cope with their
work in the challenging new situation.
Despite exceptional times, we were able to
manage all our statutory tasks as set out in
our objectives.
Customer satisfaction with Employment
from the previous year. The competent and
professional personnel of Employment
Fund deserve thanks for their good work.
5Annual report 2022
HYBRID WORK IN NEW PREMISES
In early January, we moved to a
Ruoholahti district of Helsinki. The
premises were designed and renovated
for us on the basis of the needs of our
personnel now and in the future. In May,
we switched from full-time remote work
introduced at the start of the coronavirus
pandemic to a hybrid model. In the same
connection, we launched a trial in which, in
addition to using the extensive and well-
tried remote work model, we also worked
principles. The trial was a success and
we adopted the arrangement as our new
operating model in October.
During the year, in accordance with our
action plan, we improved our information
security and data protection, built and
strengthened competencies essential for
digitalisation, put our customer strategy
developed our customer communications
by, for example, launching a new website
for our adult education allowance
customers.
The seminar Nordiskt
Arbetslöshetsförsäkringsmöte held in
September marked the culmination of our
stakeholder cooperation. The event was
jointly organised by Employment Fund and
the Federation of Unemployment Funds in
Finland (TYJ). The seminar was attended
by 79 unemployment security experts from
Nordic unemployment funds, government
agencies responsible for labour matters
and relevant ministries. The functioning
security systems during crises was the
theme of the seminar.
Managing Director’s review
We switched from full-time
remote work introduced at
the start of the coronavirus
pandemic to a hybrid model.
6Annual report 2022
PREPARING AND PREPARATIONS
FOR LEGISLATIVE CHANGES
In June, Finnish Parliament adopted
a legislative proposal on restructuring
protection and additional days of
unemployment security under which
the additional days will be gradually
phased out and replaced with a
by Employment Fund. As in 2021, we
continued our preparations for the new
task by constructing a processing system
and an information system supporting
it, which was made operational in early
2023. The system development work will
continue during 2023.
During the spring, the working group on
continuous learning appointed by the
Ministry of Social Affairs and Health
assessed the need to revise the system
and training compensation paid by
Employment Fund. The working group,
which completed its work in April, did not
make any concrete proposals for legislative
changes. The Ministry of Education and
Culture also launched an evaluation of the
The results will be published in spring
2023 and any decisions on changing the
system will only be made during the next
parliamentary term.
NO NEED TO RAISE UNEMPLOYMENT
INSURANCE CONTRIBUTIONS
Unemployment insurance contributions
were increased moderately in 2021 and
2022. Due to the positive development
we proposed that the contributions
would be kept at 2022 levels in 2023.
Current contribution levels will safeguard
assets will accumulate in our business
cycle buffer.
JANNE METSÄMÄKI
Managing Director
Managing Director’s review
The additional days of unemployment security are replaced by the