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Pension reform takes effect at turn of the year

Finnish earnings-related pensions have been reformed. The reform will take effect on 1.1.2017. Pension accrual rates will change immediately.  The first new partial old-age pensions can be granted as of February 2017.  In practice, the retirement age will rise in 2018. It will be possible to apply for the new years-of-service pension at the end […]

Soft methods to extend working lives

Improving management practices and work engagement, as well as offering personnel training, significantly affect the stability and length of working lives. These soft methods are just as effective as preventing various threats and obstacles, as concluded in a new collection of studies titled Working conditions and working lives.

How much is enough?

Two years’ wage sum, or seven years’ pension expenditure – that is how much pension funds amount to right now in the world’s #4 pension system (MMGPI). Sounds like much, but relative to the future need it isn’t.

Finnish pension contributions on an average European level

Relative to GDP, the pension contribution level is the highest in Denmark and the lowest in Sweden. Finland stands out with high employer contributions and lower-than-average employee’s contributions. This is evident from the Finnish Centre for Pensions’ comparison.

Survivors’ pension to a quarter of a million in Finland

Survivors’ pensions were paid from the earnings-related and national pension systems to an amount of 1.7 billion euros in 2015. This accounts for six per cent of the pension expenditure of 27.7 billion euros. Only a small portion of survivors’ pensions is paid as orphan’s pensions to children; the main part is paid as surviving […]

Earnings-related pension index adjustments for 2017

The Ministry of Social Affairs and Health has confirmed the indexes for earnings-related pension provision for the year 2017. The earnings-related pension index will rise by approximately 0.6 per cent and the wage coefficient  by 1.2 per cent from the 2016 level.

News

Successful Senior Programme Meets the Challenge Posed by Rising Retirement Ages

The retirement ages will rise considerably in the near future. Most EU Member States have linked the retirement age to life expectancy. As people will have to work longer, increasing attention has to be paid to the working capacity of elderly employees. Oras Group is a forerunner in this area with its senior programme.

Solvency Rules of Earnings-related Pension Providers to be Reformed

The regulations about the calculation of the solvency limit of earnings-related pension providers and the decentralisation of investments will be reformed. The acts will come into force as of the beginning of 2017. In the calculation of the solvency, essential investment risks will be taken into account more comprehensively than currently.

Working Does Not Extend Periods of Study

Working while studying does not affect the employment of young people after graduation. In general, young graduates attach to the labour markets well. In addition, working while studying does not significantly extend the period of study.

Pension Provision: Practical Information and Understanding

The growing number of pension recipients and the earnings-related pension reform in 2017 increase the need for knowledge about pension provision. The research programme of the Finnish Centre for Pensions emphasises assessments of the effects of past and future pension reforms and the supporting of decision-making.

Working Conditions Affect Extension of Working Lives

Working conditions may act as a motivator to extend working life or they may increase the fear of an early exit from working life. Blue-collar employees are more prone to continue working if they can influence their own work, while white-collar employees are motivated by the content of their work tasks and training at work.

Socioeconomic Differences in Mortality Levelled Out in Disability Retirement

The disability retirement process leads to smaller socioeconomic differences in mortality compared to those generally found in the population. However, Finnish researchers found differences between manual and non-manual workers in some disease groups. The article is published in the Scandinavian Journal of Public Health. 

Pension Indicators 2014 Published

In the report of the working career group appointed by the government and the labour market organisations, the key pension policy objectives have been presented as follows: It is necessary to secure a sufficient level of earnings-related pension benefits under conditions where future pensions are lowered by the life expectancy coefficient to a greater extent than […]

Justice to the Young through Win-Win-Win Pension Reform

Although the forthcoming pension reform has received some criticism, both Lasse Laatunen, Director at the Confederation of Finnish Industries, and Jukka Rantala, Managing Director of the Finnish Centre for Pensions, point out that it has many good points. One of the most significant aspects of the reform is that it does justice to the young. […]

Internet Entrepreneurs Need Pension Insurance When Hobby Becomes Business

An Internet business often begins as a hobby. Gradually the operations grow and become a business. It is exciting to publish one’s own writings or products, and when they are of high quality, advertisers become interested. From the point of view of insurance under the Self-employed Pensions Acts (YEL), Internet entrepreneurship is one form of […]

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