Press releases

In 2024, employees’ median monthly earnings were 3,208 euros, an increase of 3.3 per cent from 2023. Despite this positive development in earnings, concerns remain over the difficulties young people are facing when trying to access the labour market. According to earnings statistics of the Finnish Centre for Pensions, the number of new employees covered by earnings-reated pension insurance has decreased around 10 per cent annually.

This year, Finland ranked eighth in the international Mercer CFA Institute Global Pension Index comparison. Finland dropped one notch compared to 2024. Finland continues to be rated as having the most reliable pension system governance in the world.

Around 55 per cent of Finns consider the pension reform proposal agreed in January to be good or very good. According to the Pension Barometer, around half of Finns have confidence in the pension system, although this has declined compared to previous surveys. Responses to the Barometer reflect an increase in general uncertainty.

Private savings for retirement have increased significantly over the past decade. According to a comprehensive survey by the Finnish Centre for Pensions, more than half of people aged 25–67 are saving or have saved for retirement in 2024.

The investment year 2024 was surprisingly good for pension funds worldwide. In the international performance comparison conducted by the Finnish Centre for Pensions, the average real return exceeded long-term figures. Finnish pension funds were among the best in their category.

The popularity of early partial retirement has grown significantly in recent years. Among those born in 1956, about 20 per cent of those entitled to this benefit opted to retire before their retirement age, while among those born in 1959, the figure rose to 40 per cent, according to a new study by the Finnish Centre for Pensions.

The average monthly pension for Finns continued to grow last year. In 2024, earnings-related pensions and pensions paid by Kela amounted to 39.1 billion euros.

The 2025 pension reform in Finland introduces significant changes aimed at ensuring the financial sustainability of the country’s earnings-related pension system. Pensions will continue to accrue as usual, and age limits remain unchanged, but investors in pension assets can now expect better investment returns.

Finnish people extend their working lives faster than estimated. In 2024, people retired on an earnings-related pension at an average age of 63.1 years. The target set for 2025 has already been reached and passed by more than half a year.

According to the calculations of the Finnish Centre for Pensions, the reform strengthens pension financing. Estimated at the contribution level, the overall reform would reduce the pension contributions under the Employees Pensions Act (TyEL) by, on average, 1.5 percentage points. The equity weight will rise which will increase the pension assets. Pensions will be determined as before, and there will be no change to age limits up to 2030.