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.
The average TyEL contribution will remain almost the same as this year. The average pension insurance contribution is important as it illustrates the general contribution level and offers an overview of differences between years.
Read more about the employer’s TyEL contribution
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 62, and 8.65 per cent for those aged 53–62.
For small contract employers, the earnings-related pension insurance contribution will be a maximum of about 25.32 per cent of the payroll at Ilmarinen, when the expense loading is taken into account.
Next year, the TyEL contribution by temporary employers will be 26.12 per cent of the payroll. A temporary employer’s contribution is the same size in all pension companies.
You can check your insurance contribution percentage in our online service.
Ilmarinen’s administrative cost will decrease 20% in 2024
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.
Read more about Ilmarinen’s administrative cost
The contribution for self-employed persons
The contribution for self-employed persons will remain the same as in 2023, i.e. 24.10 per cent for those aged under 53 and over 62 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 5.07 per cent next year.
Insurance contribution interest rate 2024
The insurance contribution interest is part of the insurance contribution. The interest rate on earnings-related pension insurance will rise at the start of 2024 to 4.10 per cent (this year 3.85 per cent). The TyEL insurance contribution will fall due on the last day of the month following the date on which the salaries or wages were paid. If you defer the TyEL contribution due date, insurance contribution interest will be added to it.
Read more about TyEL contribution due dates
The insurance contribution interest rate also impacts the YEL contribution depending on the date of payment and instalment months. The YEL contribution can be paid in several instalments. The contribution is either credited or debited with interest according to whether you pay early or late in the year. The least expensive option is to pay the YEL contribution on 20 January.
Read more about YEL contribution due dates
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Read about next year’s TyEL and YEL earnings limits in the news article on pension indices.
Current topics
Earnings-related pension insurance contributions for 2026 confirmed
The Ministry for Social Affairs and Health has confirmed the earnings-related pension insurance contributions for 2026. The average contribution for employer’s pension insurance (TyEL) is 24.4 per cent of the payroll in 2026.
The increased pension contribution and the higher accrual rate for employees aged 53–62 will be eliminated in 2026. From the beginning of the year, the contribution will be the same for employees of all ages: 7.30 per cent of the wage, regardless of age.
The upper age limits for TyEL and YEL insurance will change in 2026
The 2017 pension reform set an upper age limit for TyEL and YEL insurance based on the year of birth. The change will have an impact from the beginning of 2026, when those born in 1958 and younger are insured and will continue to accrue pensions in 2026.