News and Press releases
Nearly one hundred experts gathered at the international research conference of the Finnish Centre for Pensions on 18 May 2018 to look for solutions to narrow the gap between men’s and women’s pensions. The solutions to improved pensions for women lie in working lives, wage levels and family policy.
The largest gender gaps are found on Cyprus and in the Netherlands, where women’s pensions are about half of men’s. The gap is the narrowest in Estonia. Finland is clearly more equal than the average EU countries: women’s pensions are 24 per cent lower than men’s in Finland. The data is from the European Commissions’ […]
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 […]
According to the customer classification made by the Grey Economy Information Unit of the Tax Administration, approximately one fifth of supervision cases relates to insurance unclarities in construction firms that operate in Uusimaa.
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.
Female retirees who live abroad get much smaller pensions from Finland than male retirees. For example, male retirees living in Portugal got €4,890 per month on average, while female retirees got €1,750. Women’s lower pensions are partly explained by the fact that many of the women have moved abroad at a young age and have […]
The gender gap in pensions in the EU countries is alarmingly wide, says Italian researcher Francesca Bettio. The attempts to solve this problem come with downsides.
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 Nordic countries are famous for their gender equality. Nevertheless, women’s pensions lag behind men’s even here. A research conference to be held in May at the Finnish Centre for Pensions in Helsinki seeks for solutions to this problem. Senior Researcher Kati Kuitto tells us not to expect easy solutions.
Early retirement is particularly popular in Norway, where one third of those who have a right to take out an old-age pension do it early. Nine out of ten draw the pension in full as soon as it is possible. In Sweden, early retirement is popular because retired people have a right to get various […]
Pension Freedom, introduced in 2015, gives all British citizens aged 55 or more the freedom to do what they want with their pension savings. How well have the British managed this freedom?
A report that compares the long-term projections of the Finnish Centre for Pensions with the actual outcomes shows that the projections perform as intended. The projections for earnings-related pension expenditure have reflected the real outcome the most. The long recession following the financial crisis has been underestimated in the projections.
We have launched a live chat service trial on the websites etk.fi and tyoelake.fi from 4 September to 31 December. During the trial period, our customer service staff will answer your questions about earnings-related pensions, in particular how to insure work abroad and how to apply for an insurance from abroad, as well as questions […]
If you employ workers from outside the EU to work in Finland, you have to take out earnings-related pension insurance for them. How you arrange their insurance depends on, for example, if your workers are posted to Finland or if they sign an employment contract with a Finnish employer.
Earnings-related pension insurance companies Ilmarinen Mutual Pension Insurance Company and Etera Mutual Pension Insurance Company are to merge at the beginning of 2018. The companies’ boards of directors have approved the contract of merger by which Etera will merge into Ilmarinen.
Are you working as a summer employee in Finland this summer? Your employer must take out pension insurance for you even if you are working for a short time and regardless of your nationality.
According to the customer classification made by the Grey Economy Information Unit of the Tax Administration, every fourth case of supervision relates to insurance unclarities in construction firms that operate in Uusimaa. The following most common employer groups operate in trade and the hotel and restaurant business.
The pension assets of the earnings-related pension scheme grew in 2016 by 9.4 billion euros, amounting to 190.2 billion euros at year-end. Examine the money flow with the new visualisation of the earnings-related pension money flows.
The international conference on Changing Labour Markets, Life-Course and Pensions, arranged by the Finnish Centre for Pensions on 19 May, drew nearly 130 experts to discuss issues of growing inequality, rising employment rates among the elderly, the low future pensions of EU immigrants and the importance of investing in education. The keynotes were particularly concerned […]
According to statistics of the Finnish Centre for Pensions, the effective retirement age rose significantly in 2014. On average, the Finns retired on an earnings-related pension at age 61.2 years. The equivalent figure in 2013 was 60.9 years.
The weak economic outlook of the Finnish economy and the large domestic portfolio weighed down the returns of Finnish earnings-related pension investments in the OECD comparison of the top six countries.
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.
“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.
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.
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 […]
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.
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.
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.