When your last employee stops working for you, terminate your TyEL insurance.
Employees can exit your payroll gradually or suddenly, for example, if you sell your business and your employees transfer to a new employer or if you are forced to give them notice. Your employees can also be transferred to another insurance policy belonging to you or another employer. If this is the case and you do not think you will hire new employees in the foreseeable future, terminate your TyEL insurance.
The easiest way to terminate the insurance is to notify us online of
Submit your last employee-specific earnings payment data reports to the Incomes Register. Report to the Incomes Register all wages and salaries, holiday compensation and the end dates of employment relationships for each employee within five days of payment.
Once we receive the reports we will terminate your TyEL insurance on the date on which your last employee stopped working.
And things can always change. If you establish a new company or if your activities begin to revive, take out new TyEL insurance. We would be glad to welcome you back as our customer.