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Article 28.4.2022

Finnish pension system in a nutshell

Finland has one of the best pension systems in the world - and that’s a fact. But if you’re starting a business in Finland, you might be wondering why it’s mandatory for entrepreneurs to take out pension insurance. Or for employers to get pension insurance for their employees? We are here to help you!

Finnish pension system in a nutshell
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  1. Ilmarinen will not make new investments in Russia
    Ilmarinen Mutual Pension Insurance Company has decided that it will not make new direct investments in Russia or in Russian companies.
    Ilmarinen will not make new investments in Russia
  2. How to deduct YEL contributions in taxation
    Entrepreneurs can deduct YEL contributions in taxation – either in their own, their spouse’s, or their company’s taxation. Which method should self-employed persons who are sole traders use and when? What about entrepreneurs running a company? Do you know what the best method for you is?
    How to deduct YEL contributions in taxation
  3. Ilmarinen’s financial statements 2021: Investment assets and solvency capital rose to record levels and strong development continued in customer acquisition and in improving cost effectiveness
    Ilmarinen’s return on investments was 15.3 per cent, or EUR 8.1 billion. The value of investment assets rose to an all-time high, at EUR 60,8 billion, and solvency strengthened.
    Ilmarinen’s financial statements 2021: Investment assets and solvency capital rose to record levels and strong development continued in customer acquisition and in improving cost effectiveness
  4. Which insurances are mandatory for an entrepreneur?
    Becoming self-employed means learning a lot of new things — such as figuring out which insurances you need to take out. Find out below which insurances are mandatory for you and which ones you can take out voluntarily.
    Which insurances are mandatory for an entrepreneur?
  5. Ilmarinen will increase contacts with new entrepreneurs when processing YEL applications to set the right level of YEL income
    Ilmarinen’s goal is to improve the pension security of its self-employed customers. Self-employed persons deserve the same level of pension and social security as employees right from the start of their career as entrepreneurs. The best way for self-employed persons to ensure their continuous security is to maintain the right level of income under their YEL insurance. YEL insurance is a self-employed person’s most important insurance, because the YEL income is the basis for an entrepreneur’s pension and social security.
    Ilmarinen will increase contacts with new entrepreneurs when processing YEL applications to set the right level of YEL income
  6. Earnings-related pension insurance contributions for 2022 confirmed
    The Ministry for Social Affairs and Health has confirmed the earnings-related pension insurance contributions for 2022. The TyEL basic contribution will be 25.85 per cent of the payroll in 2022. For the majority of customers, this is an important percentage as Ilmarinen uses it to invoice customers each month based on the salaries they have reported.
    Earnings-related pension insurance contributions for 2022 confirmed
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