!!!Insolvenz-Ausfallsgeld-Fonds

Insolvenz-Ausfallsgeld-Fonds, Insolvency Compensation Fund, 1978 
established to protect employees of insolvent companies. The fund 
takes over the payment of wages and social security contributions for 
3 months as soon as insolvency proceedings are instituted. If staff 
members are dismissed during that time, the fund takes over payments 
during the period of notice and is also responsible for compensation 
payments. Contributions to the fund are made by the employers, who at 
present (1996) pay in 0.7% of the payroll total (up to the maximum 
basis of contribution). In 1995 contributions amounted to 2.7 
billion schillings with another 1.3 billion schillings of 
refluxes, whereas expenses totalled 7 billion schillings, which had to 
be covered by credits.


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