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Unemployment Insurance Fund (TVR): Unemployment Insurance Fund (TVR) and Education fund are planning to merge their operations

Unemployment Insurance Fund     Stock Exchange Release     21 June 2017 at
17:15

Unemployment Insurance Fund (TVR) and Education fund are planning to merge their
operations


The social partners have have reported today about the following:

"Unemployment Insurance Fund (TVR) and Education fund should merge their
operations

The social partners are proposing to the government, that Unemployment Insurance
Fund (TVR) and Education fund should merge their operations. The proposal for
this merger is a negotiation result which is to be dealt with by decision-making
bodies of the social partners.

The operating enviroment of both funds in question has changed and is developing
markedly.
The quality and efficiency requirements are emphasized even more. Therefore
there is a need for both funds to reform their practices to be able to withstand
the increasing needs in the fields of digitalization, IT security and
procurement legislation, it is stated mutually by social partners.

Also the investment activities and securing of liquidity brings more challenges
to both of these funds. The financial reform of adult education aid changed the
financing of TVR and Education fund. The number of personnel has grown in both
funds. The social partners all agree that the challenges in the future are best
met by centralizing the operations of both funds into a single fund. The merger
requires changes in legislation. The new fund could start its operations at the
beginning of 2019.

The proposed reorganization of the operations of TVR and Education fund will
have no effects on adult education benefits nor the stance of wage earners. Also
the position of employers and sectoral unemployment insurance funds will remain
unchanged.

Unemployment Insurance Fund (TVR) and Education fund are established by law and
managed by the social partners. The main task of TVR is to collect unemployment
isurance contributions and to pay the proceeds to the relevant organisations in
charge of the unemployment insurance benefits.  Education fund promotes the
skills needed at work by granting statutory adult education benefits."

TVR estimates that the previously mentioned objective to merge the operations of
TVR and Education fund does not have any material impact in the financial
position or the ability to pay debt of  Unemployment Insurance Fund.



Additional  information:

Janne Metsämäki, Managing Director. tel. +358 40 522 3614
Tapio Oksanen, Deputy Managing Director, CFO tel. +358 40 539 4651



Helsinki, 21 June 2017

Unemployment Insurance Fund (TVR)

Tapio Oksanen
Deputy Managing Director



Distribution:
NASDAQ OMX Helsinki
Media
www.tvr.fi




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