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 […]
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.
The central labour market organisations have agreed on the private-sector earnings-related pension contributions for 2019. The average contribution will be 24.4 per cent of the gross monthly wage.
The working lives of men and women are almost equally long, but women still get lower old-age pensions than men. The problem lies in women’s lower wages and their work history. Extending working lives alone will not fix the gender gap in pensions, researchers at the Finnish Centre for Pensions argue.
Our Customer Service answers your questions on pensions from abroad, insuring work abroad and taking out pension insurance, as well as general questions on earnings-related pensions, at one phone number. At the same time, our eService has expanded, and you can also contact us via Suomi.fi Messages.
Pension Indicators offers a concise information package on the status and outlook of earnings-related pensions in Finland. This annually updated report has been compiled for the decision-makers and all interested in the outlook of pensions.
Although more than half of the Finnish and Dutch population who work in their mid-fifties manage to reach their retirement age, there are many trajectories out of the labour market. Reforms in the 2000s have contributed to longer working lives in both countries, but elderly women and low-educated workers continue to run a greater risk […]
Many countries have tried to raise employment rates and extend the working lives of elderly workers with different flexible retirement options. Axel Börsch-Supan argues that the solutions have failed.
The Finnish Centre for Pensions supervises that the self-employed meet their insurance obligation under the Self-employed Persons’ Pensions Act. If the value of the work input of the self-employed person exceeds the limit set in the Self-employed Persons’ Pensions Act (€7,645.25 in 2017), the self-employed has to take out pension insurance under the Act.
As a result of the 2017 pension reform, the part-time pension was replaced by the partial old-age pension. A review of the 30 year history of the part-time pension shows that it was particularly popular among white-collar workers. In 2016, every fifth retiree on a part-time pension worked in education.
The Finnish retirement income system ranked 5th in the international Melbourne Mercer Global Pension Index (MMGPI) comparison published today. For the fourth time in a row, Finland topped the integrity and transparency sub-indexes, but the country’s overall ranking fell by one notch.
Finns are more increasingly interested in working in retirement. As many as every third person aged between 54 and 62 years considers working after they have retired. In particular, the self-employed, the highly educated and those who are worried about their retirement income are interested in working while drawing a pension.
By the end of July, about 9,400 persons had applied for a partial old-age pension. The majority are men working in the private sector. Nearly all take out 50 % of their old-age pension early. The average partial old-age pension is 830 euros per month.
The average disability pension of under-45-year-olds was 905 euros in 2016. A recent study by the Finnish Centre for Pensions reveals that two thirds of the young disability pensioners got only a national pension.
A stagnated growth in wages would, in the long run, increase the pressure to raise the pension contribution amount by 4 percentage points. In addition, it would increase the distress of public finances. Full employment would raise future earnings-related pensions, ease their financing and remove the sustainability gap. The new scenario calculations illustrate the impacts […]
The partial old-age pension, a new pension type introduced at the turn of the year, has turned out to be more popular than expected. A recent questionnaire survey conducted on behalf of the Finnish Centre for Pensions reveals that every third person who gets a partial old-age pension is not working.
The Finnish Centre for Pensions has launched a campaign in which it tells about earnings-related pensions in a simple and easy-to-understand way. The Facebook site includes, among other things, a pension calculator that tells you what your retirement age is and gives you an idea of how much pension you will get.
In 2016, €26 billion were paid in earnings-related pensions in Finland. That is an increase of €700 million compared to the previous year. A record-high 57,000 persons retired on an earnings-related old-age pension last year. Although the gap between men’s and women’s pensions has narrowed, it is still considerable.
The average monthly total pension in 2016 was 1,632 euros. Women’s pensions averaged 79 per cent of men’s. The highest pensions were paid in Uusimaa (€1,942) and the lowest in Southern Ostrobothnia (€1,403).