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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. Ilmarinen’s Financial Statements 2023: Return on investments was 5.8 per cent and cost-effectiveness improved further
    Ilmarinen’s return on investments was 5.8 per cent and cost-effectiveness improved further, as premiums written grew 4 per cent and operating expenses financed using loading income fell 5 per cent. Our customers benefit directly from the improvement in our efficiency: we lowered the administrative cost component included in Ilmarinen’s earnings-related pension insurance contribution by 20 per cent as of the start of 2024.
    Ilmarinen’s Financial Statements 2023: Return on investments was 5.8 per cent and cost-effectiveness improved further
  2. We are introducing Suomi.fi e-Identification for employers
    We will start using Suomi.fi e-Identification in the employer’s online service as of 19 December 2023. This means that, starting on that date, you will be able to log in to the service using your personal online banking codes or a mobile certificate. For that purpose, you will need either a register role or a mandate granted in Suomi.fi e-Authorizations.
    We are introducing Suomi.fi e-Identification for employers
  3. Survey: Few companies are at a strategic level in their work ability management – planning and monitoring are the weakest links
    In Finland, sickness absences and disability cost billions of euros. Meanwhile, many companies struggle with a labour shortage. Nevertheless, according to a survey by Ilmarinen, few companies systematically manage their employees’ work ability.
    Survey: Few companies are at a strategic level in their work ability management – planning and monitoring are the weakest links
  4. 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?
  5. 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
  6. 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
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