The VR Contingency Fund combines members’ rights in different funds into one fund that they can use with greater freedom and flexibility than before. The Fund receives funds that were previously used for various types of grants from the Sick Pay Fund and a specified portion of contributions to the Holiday Fund. Members continue to have the option of using their Contingency Fund for these purposes, but now also could build up a fund to use for larger projects or to respond to setbacks in life.
Article 1. Management and Operation of the Fund
1.1 The provisions of the regulations for the VR Sick Pay Fund apply as far as applicable to the VR Contingency Fund, except where explicitly stated otherwise in these regulations, including regarding management, executive operations, and administration.
Article 2. Purpose
2.1 The VR Contingency Fund is an information system regarding the specific entitlements of members. This includes encouraging members to build up a contingency fund to respond to possible setbacks, help them maintain their position in the labour market, for preventive measures, and to make it easier for people to enjoy holidays. The Contingency Fund may be used for the benefit of members’ children. The system stores members’ specific entitlement balance, which they can use for:
- study leave and the purchase of educational services
- support alongside unemployment benefits and payments
- retirement after reaching the age of 60
- health impairment
- the purchase of life, accident, and illness insurance
- the purchase of fitness, rehabilitation, psychology, medical, and dental services
- the purchase of training fees, rehabilitation, psychology, medical, and dental
- services for children:
- the purchase of assistive devices such as glasses and hearing aids
- the purchase of holiday-related services
The minimum amount for a grant application is ISK 1,000.
2.2 The VR board shall set more detailed rules regarding withdrawals from the fund and other operational arrangements. The board is authorized to set a fee schedule and charge costs for individual withdrawals according to the current fee schedule at the time. The board must submit any changes to the fee schedule to the Consultative Council.
Article 3. Income and Accrual of Rights
3.1 Contributions to the VR Contingency Fund are determined by the VR Annual General Meeting in accordance with the regulations for the VR Sick Pay Fund and the VR Holiday Fund.
3.2 Employers are required to remit withheld contributions to VR. In the case of late payments, default interest will be charged from the due date until the payment date. Rights are only accrued for contributions that are paid, and rights are based on the rate of the month to which the payment pertains.
3.3 Members have access to their balance and transactions in the VR Contingency Fund on My Pages at vr.is. Members who leave the union are sent a letter reminding them of their balance in the VR Contingency Fund and how long they have to use their balance in the Fund.
Article 4. Expiry of Rights
If VR membership is terminated, the entitlement balance will be reduced by 25% after 24 months from the date the last contributions were made and will continue to be reduced by the same amount annually until the entitlements are fully expired. However, entitlements amounting to less than ISK 1,000 expire immediately.
Article 5. Effective Date
These provisions are effective as of 24 April 2006. Changes to these regulations can only be made at the VR AGM. Amendments to Articles 2.1 and 3.3 were approved at VR’s Annual General Meeting on 26 March 2026.