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Proposal for Content of Pension Reform Completed

The central labour market organisations – the Central Organisation of Finnish Trade Unions (SAK), the Confederation of Finnish Industries (EK), the Local Government Employees (KT), the Finnish Confederation of Professionals STTK  – which have negotiated the content of the forthcoming pension reform, have reached an agreement for a proposal for amendments to the earnings-related pension […]

Finland Ranking High in International Pension Comparison

The Finnish pension system came fourth in the international Melbourne Mercer Global Pension Index comparison published today. The Finnish pension system was included in this comparison for the first time. Finland did particularly well in the sub-index of integrity, in which the overall governance of the system and its transparency were assessed.

Pension Financing Not Jeopardized by Weak Employment Outlook

“In 2013, employment fell while the pension expenditure rose relative to the income from work. Pension financing was not jeopardized, however, as pension contributions rose, pension assets increased and the investment returns were positive,” states Mikko Kautto, Director at the Finnish Centre for Pensions.

Agreement with India means savings for companies

Starting this August, it will no longer be necessary for Finnish companies to pay the 24 per cent pension contribution for every Finnish employee posted to India. The social security agreement between Finland and India eliminates the need for double pension insurance. 

Research Exceeding the National Average

The research conducted at the Finnish Centre for Pensions exceeds the national average. In general, the scientific quality of the research is impressive and the research achieves the set goals. The external assessment was commissioned in order to improve operations before the beginning of the next research period.

Finland and Estonia: Social Security Contributions Often Paid to Wrong Country

It is estimated that the social insurance contributions for thousands of persons working in both Finland and Estonia are incorrectly paid to two countries. According to EU regulations, an individual can be insured in only one country at a time. It is the duty of the employer to pay the insurance contributions to the correct […]

Average Monthly Pension EUR 1,549

The average total monthly pension in 2013 was EUR 1,549. The data is based on statistics for year-end 2013 compiled by the Finnish Centre for Pensions and Kela.

Fair Pension System – Despite Some Socioeconomic Differences

On the whole, the various groups of wage earners receive pension at the same ratio of working lives to earnings. Time spent in retirement also accumulates at virtually the same level for wage earners and clerical employees when comparing men and women separately. Gender differences are greater than the differences between socioeconomic groups.

Average Retirement Age Remains at 60.9 Years

According to statistics published by the Finnish Centre for Pensions, the expected effective retirement age remained on the same level in 2013 as in 2012. On average, the Finns retired on an earnings-related pension at age 60.9.

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