The average monthly pension of Finns exceeded 1,700 euros for the first time. In real terms, it has risen by nearly 200 euros in one decade. For nearly 40 per cent of the retirees, the monthly pension was less than 1,250 euros. The number of pension recipients increased in all provinces except Uusimaa, where the highest pensions in the country were paid. The smallest pensions were paid in Southern Ostrobothnia.
The average monthly pension in 2019 in Finland was 1,716 euros, which is 40 euros more than in 2018. The median pension was 1,497 euros per month, or 40 euros more than in 2018.
Men got an average monthly pension of 1,937 euros and women 1,533 euros (20% less).
Average pension grew by more than 10 per cent in a decade
The monthly pension of Finns has grown in rel-terms by more than 10 per cent, or nearly 200 euros, in one decade. The monthly pension in 2009, converted to today’s money, was 1,530 euros on average. The median pension was 1,308 euros.
Despite the increase, nearly 40 per cent of the retirees received a monthly pension of less than 1,250 euros. Two out of three of them were women. Six per cent of the pensioners received a monthly pension of more than 3,000 euros. A clear majority of them were men.
“The average growth of pensions is a result of extended working life, an increase in wages, annual index increases and the fact that, on average, starting pensions are considerably higher than pensions that have ended,” says statistics manager Tiina Palotie-Heino (Finnish Centre for Pensions).
The data is per year-end 2019 and based on joint statistics of the Finnish Centre for Pensions and Kela.
One third of all aged 16 or above receive a pension
In Finland, already 1.5 million persons receive a pension in their own right. In one decade, the number of pension recipients has grown by 200,000 persons (14%).
Of all persons aged 16 or above, one third receive a pension. In every second region, more than 40 per cent and in nearly one fifth of all regions, more than half of all persons aged 16 or above receive a pension.
Total pension expenditure in 2019
The pension expenditure in Finland in 2019 was 32 billion euros, of which 28,9 billion euros were earnings-related pensions and 2.3 billion Kela pensions.
The pension income is in gross amounts.
What does the average pension depict?
The average monthly pension of people who live in Finland and who get an earnings-related or a national pension.
The review excludes persons who get a part-time pension, a partial old-age pension or only a survivors’ pension.
- Statistics on Pensioners in Finland (Etk.fi statistics site and tables)
- Total expenditure on pensions (Etk.fi statistics site)
- Pension calculator (Työeläke.fi, includes development of earnings)