Below Are Questions and Answers About Members’ Rights in the Vocational Education Fund
Rights of the Individual
1
How are my rights to the fund formed?
Individuals' rights are based on the payment of premiums for 12 months.
2
When am I entitled to the fund?
Payments must be made to the fund for 3 months, including 1 of the last 6 months to apply for a grant from the fund.
3
What are proportional rights?
Those who do not earn the minimum wage in the last 12 months have proportional rights to the fund.
4
How are my rights to the fund renewed?
The rights are renewed at the end of each year. Those who fully exercise their rights in 2025 will be eligible again at the beginning of the next year.
5
If I haven't exercised my rights this year, what does that mean?
Those who do not exercise their rights in 2025 will continue with a ISK 180,000 entitlement in 2026.
6
When am I entitled to a cumulative grant?
Those who do not exercise their rights to the fund for 36 consecutive months are entitled to a cumulative grant (up to ISK 540,000) for one continuous period of study - which is applied for in one payment.
7
When do the rights to the fund expire?
If premiums are not received by the fund for 6 consecutive months, the member's rights will expire.
8
What happens if I miss payments for a few months?
If a member has proportional rights, unpaid months may affect the member's percentage rights.
Entitlement may change from month to month in such cases.