News - 25.03.2024
VR’s Contingency Fund
Deposits have been made to the VR Contingency Fund following VR's Annual General Meeting on 21 March. On My pages you can see your standing in the fund. Please note that the reimbursement of each VR member depends on his rights credit.
At VR‘s Annual General Meeting it was agreed that the total contribution to the VR Contingency Fund fund will be a total of ISK 1.050 million for the year 2023.
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 77.000 IKR pr. year (based on the year 2024).
- Payment for cost of accommodations is maximum 72.000 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 Contingency Fund can be found here.
Status and applications for the VR Contingency Fund can be found on My pages.
