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For new entrepreneurs

When starting a business, new entrepreneurs have a lot of things to remember and find out. One of the most important things is to take care of their own pension and social security right at the start by taking out self-employed person’s pension insurance, i.e. YEL insurance.

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YEL is a self-employed person’s most important insurance

When you take out YEL insurance, you create the foundation for your pension and other social security. That is why taking out YEL insurance is statutory i.e. mandatory. You cannot replace the insurance with voluntary pension insurance. YEL insurance is always personal, not company-specific.

Read more about YEL insurance

Check out our new video series: YEL insurance made simple

As a new entrepreneur you get a 22% discount on YEL contributions

When you become self-employed for the first time, you will get a 22% reduction on your YEL contributions. You will get the discount during the first 48 months – or four years – of your self-employment. If your self-employment ends earlier, you can use the remaining discount period for another period of entrepreneurship.

The YEL contribution is a percentage of your YEL income. Here you can check your YEL contribution percentage in 2024 with the discount for new entrepreneurs:

  • 18.798 per cent of YEL income when you are aged under 53
  • 19.968 per cent of YEL income when you are aged between 53–62
  • 18.798 per cent of YEL income when you have turned 63

You can deduct the YEL contributions in your personal or your spouse’s taxation or in your company’s taxation. When you deduct the YEL contributions in taxation, there is actually less to pay. Read more about YEL contributions.

What do I get with YEL insurance?

YEL insurance is your security as a self-employed person. With the insurance, you accrue pension for the work you carry out as an entrepreneur. The insurance also has an impact on how large a sickness allowance or parental allowance you receive from Kela and what your unemployment security level is. It also provides you with financial security if you lose your ability to work.

Read more about self-employed person's pension and social security

What is YEL income and what does it impact?

The YEL income should correspond to the monetary value of your work input. The YEL income is used as the basis for calculating the pension that you accrue from your entrepreneurship and your YEL insurance contribution. The allowances paid by Kela, such as the sickness and parental allowances, are also calculated based on your confirmed YEL income. In addition, the YEL income determines the level of your unemployment security.

When you take out YEL insurance, we will confirm your annual YEL income that corresponds to your work input. When we confirm your YEL income, we take into account your company’s estimated turnover, the pay level in your sector, the number of hours you work and the possible seasonal nature of your operations.

Read more about the YEL income and how to estimate it

I’m considering taking out YEL insurance – what should I do?

We have compiled below simple instructions on what you should do if you are considering taking out YEL insurance.

YEL insurance is mandatory for you as a self-employed person, if certain conditions are met. Take out our YEL insurance evaluation to test if you need YEL insurance.

Go to YEL insurance evaluation

Check the YEL insurance conditions

When you take out YEL insurance, we will confirm your annual YEL income that corresponds to your work input. When confirming the YEL income, we will take into account the information you have provided on your entrepreneurial activities, your own estimate of your YEL income and the recommended YEL income according to the instructions of the Finnish Centre for Pensions. The estimation of YEL income is based on the median wage of your field of business, your turnover estimate, and also other information you provide about your business activity, which describes the quantity and value of your work.

More detailed information on YEL income can be found here.

Once you have checked the YEL insurance conditions and estimated your YEL income, take out YEL insurance. You can take out insurance quickly and easily in our online service. Log in to the service using your personal online banking credentials or a mobile certificate and fill in the electronic insurance application. If we need additional information from you, we will contact you.

If you wish, you can also call our insurance sales team at the number +358 10 284 2385 (mobile charge/local network charge) Mon–Fri between 8 a.m.–4 p.m. Our specialists will be happy to help you take out new insurance.

Take out insurance from Ilmarinen >

When your YEL insurance is in force, you can check and update your information conveniently in our online service. In the service, you can, for example, change your YEL income, check your YEL contribution information and report a change in your contact details. Log in to the service using your personal online banking credentials or a mobile certificate.

Read more about what you can do in the online service >

  1. Test if you need YEL insurance

    Using our YEL insurance evaluation, you can test if you need YEL-insurance.

    Go to YEL insurance evaluation

  2. Order guide for new entrepreneurs

    The guide is a compact and free information package that helps you find out what pension insurance is and what it gives you. Order the guide to your email.

    Order the guide

  3. Hiring your first employee

    Your duty as an employer is to take care of the pension cover of your employees.

    Read more about hiring your first employee

Why does it pay off to become Ilmarinen's customer?

Our task is to make sure that you and our other customers receive the pension that you earned from work. We also promote a better working life, helping you and our other customers succeed. We want to be the most attractive earnings-related pension company – responsibly, for you.

With Ilmarinen, handling your pension insurance matters is fast and easy.

  • You have comprehensive online services at your fingertips 24/7.
  • You can reach our specialists by phone and chat.
  • As a new entrepreneur, you get a 22% discount on your YEL contribution. You can also order a guide for new entrepreneurs which will help you take your first steps as an entrepreneur.
  • If your work ability weakens, vocational rehabilitation helps you return to working life.

Become Ilmarinen's customer

Are you unsure about something? Would you like to hear more about becoming self-employed and taking out YEL insurance? Our customer service personnel are happy to help you with any questions you might have by phone or by chat.

Contact us
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