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.
The average level of earnings-related pension contributions will rise 0.45 percentage points in 2022. The need for the increase was agreed on earlier when reductions were made to TyEL contributions due to the COVID-19 pandemic.
The TyEL contribution is divided into the employee’s and the employer’s share. The employee’s share will remain on the same level as this year, i.e. 7.15 per cent for those aged under 53 and over 63, and 8.65 per cent for those aged 53–62.
The average pension insurance contribution proposed by the labour market organisations (24.85 per cent) that was publicised earlier, is also important for employers as it illustrates the general contribution level and offers an overview of differences between years.
The contribution for self-employed persons will remain the same as in 2021, i.e. 24.10 per cent for those aged under 53 and over 63 and 25.60 per cent for those aged 53–62. The YEL income is automatically adjusted annually with the wage coefficient. The wage coefficient will raise the YEL income by 2.45 per cent next year.
YEL in 2024 – what will change?
YEL insurance is the most important insurance for you as an entrepreneur, as it is the basis for your pension and social security. Keep reading to see what you should know about your YEL insurance as the year changes.
Earnings-related pension insurance contributions for 2024 confirmed
The Ministry for Social Affairs and Health has confirmed the earnings-related pension insurance contributions for 2024. The average contribution for employer’s pension insurance (TyEL) is 24.81 per cent of the payroll in 2024.
Employer, self-employed person, pensioner – 2024 earnings-related pension index and wage coefficient confirmed
The Ministry for Social Affairs and Health has confirmed the indices for earnings-related pension insurance for 2024. Next year, the earnings-related pension index is 3037, which means an approximately 5.7 per cent increase on pensions at the start of the year. The confirmed wage coefficient is 1.637. Compared to 2023, the wage coefficient will rise some 5.1 per cent.