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.
1. The wage coefficient will increase your YEL income
Your YEL income is adjusted each year using a wage coefficient. This is a way to ensure that your YEL income follows the general pay and price level and to maintain the same relative level as in the previous year.
Next year, the wage coefficient will raise your YEL income by 5.07 per cent.
Read more about the wage coefficient and the earnings-related pension index »
2. YEL income limits will rise
At the turn of the year, the lower and upper limits for YEL income will rise. Next year, the lower limit for YEL income will be EUR 9,010.28 and the upper limit will be EUR 204,625.
If your work input is below the lower limit for YEL income, you do not need to take out YEL insurance. If your work input exceeds the upper limit for YEL income, the portion in excess does not affect your YEL insurance.
Read more about the YEL income »
3. The lower limit for unemployment security will rise
The lower limit for unemployment security will rise to EUR 14,803 next year. If your YEL income is at least that amount, you can accumulate earnings-related unemployment security by belonging to Yrittäjäkassa, the unemployment fund for self-employed persons. If you are not a member of Yrittäjäkassa but your YEL income is at least that amount, you can receive the basic allowance from Kela if you become unemployed. If your YEL income is below the lower limit, you can apply for means-tested labour market subsidy from Kela if you become unemployed.
Remember that you should round up your YEL income so that it is slightly higher than the lower limit for unemployment security. The lower limit rises each year, and this way you can be sure that you do not accidentally miss out on this benefit.
Read more about unemployment security for the self-employed »
4. The insurance contribution interest rate will rise
The insurance contribution interest rate will rise to 4.1 per cent in the beginning of the year. The insurance contribution interest rate impacts the YEL contribution depending on the date of payment and instalment months. The contribution will be credited or debited with interest depending on the number of instalments and the month of payment. The most advantageous option is to pay the contributions in a single instalment in January if possible.
Read more about YEL contributions »
5. The YEL contribution percentage will remain on the same level
The pension contribution for self-employed persons will remain on the same level in 2024 as this year. It will be 24.10 per cent of the confirmed YEL income for those aged under 53 and over 62 and 25.60 per cent for those aged 53–62.
Read more about YEL contributions »
Check your payment information online
You can see the amount of your YEL income and contribution for 2024 in our online service.
Log in to our online service »
YEL insurance in 2024
| YEL contribution for those aged under 53 and over 62 | 24.10 % |
| YEL contribution for new entrepreneurs aged under 53 and over 62 | 18.798 % |
| YEL contribution for those aged 53–62 | 25.60 % |
| YEL contribution for new entrepreneurs aged 53–62 | 19.968 % |
| Lower limit for YEL income | 9 010.28 € |
| Upper limit for YEL income | 204 625 € |
| Lower limit for unemployment security | 14 803 € |
| Insurance contribution interest rate | 4.1 % |
| The wage coefficient will raise the YEL income at the start of the year by | 5.07 % |
TIP: December is the most popular month to save extra pension
If you wish to have a bigger pension and make the most out of the tax deduction right, try the YEL contribution flexibility option.
With the YEL contribution flexibility option, you can change your YEL contribution temporarily. That means you can pay a higher YEL contribution and accrue more pension. The contributions you pay are tax-deductible. The last weeks of December are the most popular weeks for using the flexibility option and paying higher contributions, once the business result for the year is available. Read more about flexibility »
You can make a flexibility notification easily in our online service.
Current topics
Ilmarinen’s return on investments 3.2 per cent and efficiency improved further
The return on Ilmarinen’s investments in January–March was 3.2 per cent. The company’s cost-effectiveness improved further as premiums written grew and the operating expenses necessary for providing pension security fell. “We have successfully continued implementing Ilmarinen’s strategy and improved our productivity significantly over the past six years,” says Ilmarinen’s CEO Jouko Pölönen.
Coming this year: electronic YEL invoices to be sent automatically
In future, we will be sending electronic YEL invoices automatically if the payer of the invoice is a company that receives online invoices.
Employer, you can see the client bonuses online
We have calculated the final client bonuses reducing the TyEL contribution and they are available in the online service as of March 5th. Our further improved cost-effectiveness is directly reflected in smaller pension contributions for our employer customers.