News and Press releases
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.
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.
The European Commission aims to improve the situation of people who, due to their employment status, are not sufficiently covered by social security schemes.
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.
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.
The A1 certificate attests that your worker’s pension and other social security contributions are paid to Finland. The quickest way to get the A1 certificate is to apply for it online.
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 […]
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.
Dr Anna d’Addio, Senior Pension Policy Analyst, will arrive in Helsinki on the 19th of May to speak at the conference “Changing Labour Markets, Life-Course and Pensions”. Earlier this spring, Dr d’Addio gave an interview in which she outlines how societies can extend working lives and how parental leaves and wage gaps affect pensions.
Professor Lyle Scruggs (University of Connecticut) will lecture on the US public pension system on Tuesday 23 May at the Finnish Centre for Pensions. All welcome!
Pocket Statistic is published by the Finnish Centre for Pensions. It includes central statistical data, time series and info-graphics on pensions. The most recent figures date back to year-end 2016.
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.