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News and articles

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!

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  1. News 13.12.2022
    YEL reform enters into force at the start of next year
    The Self-Employed Persons’ Pensions Act will change at the start of the year: YEL income will be determined in more detail and adjusted more often. “Self-employed persons deserve the same level of pension and social security as employees. The reform will help achieve this,” says Minna Hakkarainen, Ilmarinen’s Director, Insurance Services.
  2. Article 23.11.2022
    Most frequently asked questions on the YEL reform
    What questions are self-employed persons asking about the Self-Employed Persons’ Pensions Act (YEL) reform? We assembled all of the questions most frequently asked by self-employed persons. The expert for the article is Ilmarinen’s Director, Insurance Services, Minna Hakkarainen.
  3. Article 22.11.2022
    YEL in 2023 – Six things for entrepreneurs to remember
    Year 2023 is fast approaching. Below you’ll find six things every entrepreneur needs to know about their YEL insurance at the turn of the year.
  4. News 10.11.2022
    Earnings-related pension insurance contributions for 2023 confirmed
    The Ministry for Social Affairs and Health has confirmed the earnings-related pension insurance contributions for 2023. The average contribution for employer’s pension insurance (TyEL) is 24.84 per cent of the payroll in 2023.
  5. Press release 28.10.2022
    Ilmarinen’s Interim Report 1 January to 30 September 2022: Premiums written growing strongly, return on investments negative, solvency remained good
    The return on Ilmarinen’s investment portfolio was -8.0 (10.5) per cent, i.e. EUR 4.9 billion negative due to falling stock prices and rising interest rates. The market value of investments fell to EUR 55.8 (60.8) billion. The long-term average return on investments was 5.7 per cent. This corresponds to an annual real return of 3.9 per cent.
  6. News 21.10.2022
    Employer, self-employed person, pensioner – 2023 earnings-related pension index and wage coefficient confirmed
    The Ministry for Social Affairs and Health has confirmed the indices for earnings-related pension insurance for 2023. Next year, the earnings-related pension index is 2,874, which means an exceptionally large, approximately 6.8 per cent increase on pensions at the start of the year. The confirmed wage coefficient is 1.558. Compared to 2022, the wage coefficient will rise some 3.8 per cent.
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