If your YEL contribution due date is approaching but your funds are low, no worries! Apply for an extended term of payment. Or change the whole rhythm of your contribution payments.
Applying for an extended term of payment is easy: just let us know. You can do it conveniently online. Just tell us when you wish to pay your next YEL contribution. This also helps to ensure that you don’t omit to pay the invoice.
Even if you act on time, penalty interest also applies to you. Penalty interest is calculated from the original due date until the payment has been made. You can see the interest applicable to you when applying for an extended term of payment.
The penalty interest rate is updated every six months. From the beginning of January 2020, it is 8.0 per cent.
Apply for an extended term of payment
If, on the other hand, your YEL invoices always arrive in months that are awkward for you or if they arrive too frequently or not often enough, you can change the rhythm of your contribution payments entirely.
You can pay your YEL contributions once a year, once a month or anything in between. The earlier you pay, the less you pay. Those who pay their contributions in one instalment in January pay the lowest contributions. Figure out what is easiest for you and reschedule the payments at your convenience.