Why do we need unemployment insurance funds?

Imagine you lose your job. Your account balance is falling and your stress levels are rising. Food and rent must be paid. Then it’s good to be a member of an unemployment insurance fund. 

If you’re a member of an unemployment insurance fund and become unemployed, you can receive up to 80% of your salary as compensation. The idea is to allow you to look for a new job without worrying too much about your finances in the meantime. Which unemployment insurance fund you should join depends on the sector you belong to.

Isn’t it enough to be a trade union member?

No, a union and an unemployment insurance fund are actually two completely different things. Your union works to ensure that you have better conditions at work. An unemployment insurance fund is insurance that entitles you to benefits if you become unemployed. Both are important.

Why you should join an unemployment insurance fund

There are many reasons to join an unemployment insurance fund. In addition to not losing your entire income, it can also be important to be able to prove that you are covered by an unemployment insurance fund if you want to rent or buy a house, for example.

To be eligible to join an unemployment insurance fund, you must have been a member for at least 12 months before you can receive benefits. So you should join an unemployment insurance fund as soon as you can. Then you don’t have to worry.