News and Press releases
Shortages in earnings-related pension insurance exist in all fields. Yet the construction field shows more insurance irregularities than other fields. This is evident from the customer classification made by the Grey Economy Information Unit of the Tax Administration.
Low birth rates pose a threat for the earnings-related pension system in Finland. This is evident in the recently published long-term projections of the Finnish Centre for Pensions. The full report will be published in English later this year.
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 […]
Immigrants who have moved to the capital are served by International House Helsinki (IHH) in new locations in Sörnäinen.
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.
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.
As of April, the conditions for getting Kela benefits will change for persons coming to work in Finland or going abroad from Finland to work in another country. The change in law also affects posted employees and self-employed persons who go abroad to work in a third country.
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 […]
Director Mikko Kautto, 53, has been appointed the new managing director of the Finnish Centre for Pensions as of 1 June 2019. He will succeed the current managing director Jukka Rantala, 67, who will retire at the beginning of June.
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 […]
If you have worked or lived abroad, you may be entitled to a pension from that country. The booklet “How to Claim Your Pension from Abroad” guides you when you want to apply for your foreign pension.
Etk.fi will be temporarily out of use for approximately half an hour on Wednesday the 20th of February from 1 p.m. We are sorry for the inconvenience.
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.
Many of your questions can be solved easily and smoothly online. Our Customer Service serves you online through several different channels.
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.
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.
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.
Great Britain and the European Union are negotiating on terms relating to Great Britain’s withdraw from the EU. We keep an eye on the situation. As soon as more information about the negotiations is available, we will inform our customers of how Brexit may affect them.
The share of rejected applications for a disability pension by unemployed applicants has risen in one decade from 24 to 38 per cent. The share of rejections has grown more rapidly among the unemployed than the rest of the disability pension applicants.
The Ministry of Social Affairs and Health has set the life expectancy coefficient for 2019 at 0.95722.
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 […]
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.
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.
Some of the pensioners reveal that they have had to cut down on necessities such as medication and health care. Approximately half of the pensioners struggle to some degree to cover regular expenses. On the other hand, half of the pensioners are fairly content with their income level.
According to a recent questionnaire survey, pensioners trust the pension system the most while the self-employed trust it the least. Finnish citizens know more about pensions now than before.
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 […]
Machine learning has been tested at the Finnish Centre for Pensions with encouraging results. Artificial intelligence (AI) managed to identify four out of five retirees on a disability pension already two years before they retired on a disability pension.
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.
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.
The majority of 54-62-year-olds know that you get a higher pension if you work longer. Yet only half of them can estimate how much pension they will get. Even fewer know how the life expectancy coefficient will reduce their pension.