Majority of BBA students are working at some point of their studies. When you start working and update your membership to Black level, you are insured against unemployment in The Unemployment fund for highly educated KOKO. The membership of the fund entitles you to earnings-related unemployment benefit after graduation, if you become unemployed. You have to be currently employed in order to join the fund.
Why it makes sense to join the fund?
In case you become unemployed and do not belong to an insurance fund, you receice basic allowance from Kela. The amount of basic allowance is 33,60 €/day. As a member of the fund you receive earnings-related unemployment allowance. If you have been paid 2000 €/month, for example, the amount of allowance you receive from the fund is approximately 58 €/day. The difference is prominent.
How do I qualify for the unemployment allowance?
To qualify for the allowance, you must be in employment for a minimum of 26 calendar weeks during your membership of the unemployment fund. Employment does not have to be consecutive weeks; in other words, it can be the cumulative total of several shorter employment relationships or part-time work. Qualifying weeks are calendar weeks during which you have worked at least 18 hours per week after the start date of your membership of the unemployment fund.
The wages must be paid according to the applicable collective agreement or, if no collective agreement applies, the full-time pay equivalent must be a minimum of €1,1236/month (in 2020).
Many BBA students work during their studies and qualify for the allowance already when graduating. This helps, if you do not find a job immediately after graduation. Joining the fund is a smart investment in your future and that is why we recommed you to update to black level immediately when you start working.