THE EDUCATION FUND

The Education Fund is a fund administered by the social partners of the Finnish labour market. Its purpose is to support employees’ vocational studies by granting them financial assistance (Adult Education Allowance) and to support the development of the vocational qualification system by granting scholarships for competence-based qualifications (Scholarship for Qualified Employee). The Fund also provides information and advice on benefits and makes proposals for the development of legislation within its field.

The Education Fund is financed by the Unemployment Insurance Fund and the state, and its operations are supervised by the Financial Supervisory Authority (FIN-FSA).

The office of the Education Fund is located in the centre of Helsinki and it employs 17 people.

In 2009, the Education Fund paid out a total of EUR 37 million in benefits, of which adult education allowances accounted for EUR 28.7 million and scholarships for qualified employees for EUR 8.3 million. The Fund’s expenses totalled EUR 38.4 million.

In 2009, allowance was granted to 7,319 students and the scholarship to 23,660 people.