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Depression leads increasingly more often to disability

In 2018, nearly 1,300 persons retired on an earnings-related disability pension (up by 7% since 2017). The growth was evident in particular in the number of granted disability pensions due to depression. Two out of three new retirees on a disability pension due to depression were women. Three out of five of them were aged […]

Average monthly pension 1,680 euros

The monthly pension of more than half of the pensioners is below 1,500 euros. Seven per cent get a monthly pension that is higher than 3,000 euros. One in three over-16-year-old in Finland is a pensioner.

Updated pension calculator takes earnings growth into account

The updated pension calculator takes into account the general growth in earnings in Finland, that is, the change in the average earnings of wage earners. Taking into account the growth in earnings makes the result more realistic. The pension calculator is available at Työeläke.fi, a website for the general public.

Low birth rates complicate future pension financing

The pension financing outlook is stable for the next few decades. The insurance contribution under the Employees Pensions Act (TyEL contribution) can be kept below 25 per cent of the wages until the 2050s. However, in the long run, the low birth rates will cause a pronounced pressure to raise the contribution rate. The required […]

Every tenth 61-year old chose the partial old-age pension

During its first two years, 23,000 persons (10,300 in 2018) chose to take payment of the partial old-pension. Nearly 90 per cent selected to take out the maximum amount, or half of their earned pension pot. On average, they were paid 790 euros per month. Recent statistics of the Finnish Centre for Pensions reveals that […]

News

2018 Pro Gradu Award up for grabs

Each year, the Finnish Centre for Pensions grants a Pro Gradu Award of €2,000 to a quality Master’s thesis accepted at a Finnish university in the previous calendar year.

Slightly fewer rejected disability pension applications

According to statistics of the Finnish Centre for Pensions, the number of new disability pension decisions grew considerably in 2018. At the same time, the share of rejected disability pension applications dropped for the first time in a decade.

EU lippuja

Brexit may affect social security

The British MPs rejected Prime Minister Theresa May’s Brexit deal in a vote on 15 January 2019. This does not mean, however, that Britain will exit from the bloc immediately, with no deal. Together with the Ministry of Social Affairs and Health and other authorities, the Finnish Centre for Pensions monitors the situation.

Growing number of working retirees

One in ten 63-67-year-old retirees works.  The number has grown slightly year-on-year. The majority of work done in retirement is irregular and part-time work. The working retirees have, on average, higher earnings-related pensions than others of the same age.

Press releases

Flexible pension reforms inefficient

Most of Eu­ro­pe’s flexible pen­sion so­lu­tions have failed, argued Prof. Börsch-Su­pan at a research seminar at the Finnish Centre for Pensions in early September. Alt­hough the pen­sion re­forms car­ried out in nine OECD count­ries have rai­sed the emplo­y­ment rates of 55–64-year-olds, the num­ber of wor­king hours has gone down or stayed at the same level […]

Pension rights to one million for degree studies

Graduates this spring have taken the total number of people who have accrued pension rights for degree studies in Finland to more than one million. Pension has been accrued for studies leading to a degree since 2005. However the greatest benefit in terms of building up the pension pot comes through job opportunities.

New old-age pensions clearly higher than old ones

Earnings-related pension payments in 2017 came to 27 billion euros, one billion more than in 2016. The increase is explained by the growing number of pensioners and the size of new old-age pensions. The average pension of new old-age pensioners was almost 1,800 euros, with the mean around 1,600 euros.

Newly self-employed underinsure themselves

Two out of five newly self-employed set their confirmed income from self-employment (YEL income) at the lowest or nearly the lowest possible level. This is nearly twice as many compared to three years ago. Statistics from the Finnish Centre for Pensions shows that every fifth of all self-employed persons set their YEL income at the […]

Twice as many partial disability pension retirees in one decade

A growing number of earnings-related disability pensions are partial disability pensions. In 2017, nearly one third of all new retirees on a disability pension got a partial disability pension. A typical retiree on a partial disability pension is a middle-aged woman who works in the public sector.

Average Monthly Pension EUR 1,656

The average monthly pension in 2017 in Finland was 1,656 euros, which is 20 euros more than in 2016. The median pension was 1,434 euros per month, or 30 euros more than in 2016.