News and Press releases
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 […]
At year-end 2015, a total of 2.3 million people were working under an employment contract or as self-employed workers. The public sector continues to be dominated by female workers and by older employers than the private sector. The share of women of all employed persons has grown.
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.
The social security agreement between Finland and South Korea will come into force on 1.2.2017. The agreement concerns the applicable social security legislation and pensions and affects people who are mobile between the countries.
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.
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.
The Ministry of Social Affairs and Health has confirmed the life expectancy coefficient for 2017 to be 0.96344.
Working retirees on an old-age pension receive a clearly higher earnings-related pension than do others of their age. It would seem that work engagement and social relations rather than economic necessity entice retirees to work.
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 […]
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.
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.
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.
Joakim Palme, professor in political science at the University of Uppsala and son of late Swedish Prime Minister Olof Palme, argues against a pension ceiling. He points out that, rather than leading to equality, a pension ceiling will widen the gap between different social groups.
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.
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 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.
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.
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 […]
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. […]
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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