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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. Most frequently asked questions on the YEL reform
    What questions are self-employed persons asking about the Self-Employed Persons’ Pensions Act (YEL) reform currently being deliberated in Parliament? We assembled all of the questions most frequently asked by self-employed persons. We will answer them under the assumption that the government’s legislative proposal will remain unchanged in Parliament. The expert for the article is Ilmarinen’s Director, Insurance Services, Minna Hakkarainen.
    Most frequently asked questions on the YEL reform
  2. YEL in 2023 – Six things for entrepreneurs to remember
    Year 2023 is fast approaching. Below you’ll find six things every entrepreneur needs to know about their YEL insurance at the turn of the year.
    YEL in 2023 – Six things for entrepreneurs to remember
  3. 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
  4. Eleven things an entrepreneur needs to know when retirement approaches
    If you can see retirement on the horizon, it's time to start preparing. As an entrepreneur, it may be necessary to start preparing for pension years in advance. If you’re retiring in Finland, keep the following eleven things in mind when you start planning for retirement.
    Eleven things an entrepreneur needs to know when retirement approaches
  5. Five ways YEL insurance affects social security
    Are you self-employed? Do you want to understand your social security better? You've probably heard that YEL income is the foundation of your basic security – but what does that mean? Below you will find five situations in which YEL insurance offers your security.
    Five ways YEL insurance affects social security
  6. YEL reform – what would change and what would remain the same?
    Entrepreneurs and the media have engaged in a lively debate on the reform of the Self-Employed Persons’ Pensions Act (YEL) that was brought before Parliament before Midsummer. As there are some misconceptions in the public sphere about the planned reform, I would like to summarise a few key highlights of what would remain the same and what would change if Parliament decides to maintain the government proposal in its current form.
    YEL reform – what would change and what would remain the same?
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