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Number of underinsured self-employed persons continues to grow

207 000 self-employed persons were insured under the Self-employed Persons’ Pensions Act in 2018. Every fourth of them set their confirmed income, which forms the basis of their future pension and other social insurance, at or near the minimum requirement. Of the newly self-employed, two out of five underinsured themselves, statistics of the Finnish Centre […]

Research seminar in May: German pension reforms in a changing society

The generous German pension reforms have raised extensive discussions about the sustainability of the country’s pension system. Researcher Dina Frommert from Deutsche Rentenversicherung Bund explains the content of the recent reforms and the results of the life cycle research at our research seminar on 23 May.

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.

News

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.

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.

Press releases

Partial old-age pension continues to be popular

The Finnish Centre for Pensions projects that 10,000 new partial old-age pensions will be paid out in 2018. In practice, every tenth person who has turned 61 years will take out this pension early. The majority of those who have drawn the pension are middle-income men who continue working while drawing half of their earned […]

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.