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News - 31.03.2023

VR‘s Contingency Fund

At VR‘s Annual General Meeting, which was held 29 March, it was agreed that the contribution to the VR Contingency Fund fund will be a total of ISK 905 million for the year 2022.

The Contingency Fund can be used for various exercise fees such as gym, swimming and golf clubs and for the purchase of aids related to fitness such as running shoes, golf clubs and more. The fund can then be used for various medical-related services such as dentist, psychological expenses, laser surgery and more. Payments from the fund are generally taxable and the taxes are deducted from the amount prior to payment.

There are three exceptions to this:

Physical exercise and rehabilitation comparable to other sports are maximum 71.500 IKR pr. year (based on the year 2023).
Payment for cost of accommodations is maximum 67.000 IKR pr. year. This only applies to accommodations such as vacation houses, hotels or hostels.
Vocational training, grants from the fund due to vocational studies.

More information about the reserve fund can be found here.

Please note that reimbursement from the VR Contingency Fund depends on each member’s credit rights.

Status and applications for the VR Contingency Fund can be found on My pages.