The pension cover of your employees is your responsibility. When you take care of it, you increase your employees’ pensions. And ensure that future generations will receive theirs.
Pension cover is part of the Finnish social security system. A part of it that is not funded by taxes but by earnings-related pension insurance and the related insurance contributions. That is why you need to insure your employees with employees’ pension insurance, i.e. TyEL insurance. Your employees pay part of the TyEL contribution. You deduct the employee’s contribution from his or her wages or salary and pay us the contribution. This will increase your employee’s pension cover.
At the same time you will ensure that future generations will receive their pensions. This is due to the fact that we use just a small proportion of TyEL contributions to pay current pensions. The rest is put safely away. We invest it productively, securely and responsibly. So that we can pay the pensions of future generations, too.
Entrepreneurs are themselves responsible for their pension cover. And take out self-employed person’s pension insurance for themselves, i.e. YEL insurance. The more an entrepreneur pays YEL contributions, the larger his or her pension will be.
You are in charge of arranging pension cover when your employee is between 17 and 67 years of age. And when his or her earnings exceed a specific amount.
As an employer you can be either a temporary or contract employer. As a temporary employer you do not need to take out TyEL insurance for your employee, just pay the TyEL contribution. And sometimes a few other payments as well. As a contract employer you are always obligated to take out TyEL insurance for your employees. And to take care of other social security for them as well.
The easiest way to take care of TyEL insurance and contributions is online. Choose Ilmarinen’s online services in order to print out the certificates you need and make changes, as well as to submit notifications easily and securely. Whenever you wish to.