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 Unemployment Insurance Fund (TVR) finances the earnings-related-component of the adult education allowance, the scholarship for qualified employee and the Education Funds' administrative expenditures. The operations of TVR are financed by investment income and unemployment insurance contributions collected from employers and employees. The basic component of the adult education allowance is financed by the State. State covers also the costs of their employees' scholarships for qualified employee. As of the 1st of August 2017, TVR will finance the whole adult education allowance, whereas otherwise funding will stay the same.
The Education Funds' 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 has about 40 permanent employees.
In 2016, the Education Fund paid out a total of EUR 198.9 million in benefits, of which adult education allowances accounted for EUR 189.2 million and scholarships for qualified employees for EUR 9.7 million.
In 2016, the adult education allowance was granted to 23,480 students and the scholarship to 24,277 people.