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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. Employer, self-employed person, pensioner – 2023 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 2023. Next year, the earnings-related pension index is 2,874, which means an exceptionally large, approximately 6.8 per cent increase on pensions at the start of the year. The confirmed wage coefficient is 1.558. Compared to 2022, the wage coefficient will rise some 3.8 per cent.
    Employer, self-employed person, pensioner – 2023 earnings-related pension index and wage coefficient confirmed
  2. Pricing of the expense loading in earnings-related pension contributions will change next year – as our customer you benefit from our efficiency
    In the future, you will be able to compare pension companies in terms of their expense loading. Our excellent efficiency benefits our TyEL customers as lower insurance contributions.
    Pricing of the expense loading in earnings-related pension contributions will change next year – as our customer you benefit from our efficiency
  3. Employer contributions – How well do you know the additional employer costs?
    Hiring an employee entails additional employer costs. What are they? How much do they come out to? Read on to get an overview of employer contributions in 2022.
    Employer contributions – How well do you know the additional employer costs?
  4. Insure summer and seasonal employees in time
    With summer approaching, summer employees are ready to start their work. But when should summer employees be insured? What else should you consider when hiring a summer employee?
    Insure summer and seasonal employees in time
  5. 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
  6. Employer, see your client bonus and contribution reductions online
    We have calculated your final client bonuses and other reductions to your contribution. You can see them from March 3rd onward by logging in to our employer’s online service.
    Employer, see your client bonus and contribution reductions online
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