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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. 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.
    YEL in 2024 – what will change?
  2. 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.
    Earnings-related pension insurance contributions for 2024 confirmed
  3. Let’s prepare by saving electricity
    A year ago, saving energy, the ‘Down a degree’ campaign and power system support procedure were acute themes as Europe began preparing for a serious electricity shortage. Saving energy still matters.
    Let’s prepare by saving electricity
  4. 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.
    Employer, self-employed person, pensioner – 2024 earnings-related pension index and wage coefficient confirmed
  5. Ilmarinen’s return on investments 3.3 per cent – employment weakening
    The return on Ilmarinen’s investments in January–September was 3.3 per cent. Measures to improve cost-effectiveness continued. “Last year, we became the most cost-effective company in the industry, measured by the ratio of operating expenses to expense loading components. This year our operating expenses, which are necessary for providing pension security, have decreased further, and we are lowering the price of administrative costs for our customers by 20 per cent,” states President and CEO Jouko Pölönen.
    Ilmarinen’s return on investments 3.3 per cent – employment weakening
  6. Ilmarinen’s administrative cost will decrease 20% in 2024 – As our customer, you benefit right away!
    At the start of next year, Ilmarinen’s administrative cost will decrease by roughly 20 per cent. The administrative cost is part of the TyEL insurance contribution, and in that respect, your TyEL contribution will decrease.
    Ilmarinen’s administrative cost will decrease 20% in 2024 – As our customer, you benefit right away!
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