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Gender gap in pensions paid abroad

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 […]

Working for equality

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.

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.

No easy way to bridge gender gap in pensions

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.

Kuvituskuva: Isoisä ja lapsenlapsi rakentavat yhdessä

More than €630 billion in pension entitlements in Finland

The pension entitlements of the earnings-related pension system were approximately 632 billion euros at year-end 2015.  Pension entitlements means the amount of money that is enough to pay for the pensions that have already accrued.  Slightly less than one third of the pension entitlements in Finland have been funded in advance, according to Statistics Finland.

Effective retirement age slightly higher in 2017

According to statistics of the Finnish Centre for Pensions, people in Finland retired on an old-age pension at age 61.2 years on average in 2017. This is about one month later than in 2016. The number of new retirees was 75,000 persons, of whom three out of four retired on an old-age pension.

News

New booklet for employers who hire workers from abroad

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.

Työntekijät kädet yhdessä

Ilmarinen and Etera to merge

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.

Construction firms – typical customers of the Supervisory Department

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.

Youth unemployment worrisome

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 […]

Labour market situation of the young raises concern at research conference

How do changes in the labour market and workers’ life course affect the pension provision, and how are pension schemes reformed in different parts of the world?  These questions were addressed at the international conference Changing Labour Markets, Life-Course and Pensions arranged at the Finnish Centre for Pensions in Helsinki on 19 May 2017.

Press releases

Finland Ranking High in International Pension Comparison

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.

Pension Financing Not Jeopardized by Weak Employment Outlook

“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.

Agreement with India means savings for companies

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. 

Finland and Estonia: Social Security Contributions Often Paid to Wrong Country

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 […]

Average Monthly Pension EUR 1,549

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.

Fair Pension System – Despite Some Socioeconomic Differences

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.

Average Retirement Age Remains at 60.9 Years

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.