About Yel insurance

The self-employed person's pension insurance (YEL) is the foundation of an entrepreneur's pension and social security. YEL insurance protects your livelihood if you fall ill, lose your ability to work, or take family leave.

What is YEL insurance?

YEL insurance is a social security insurance designed for sole traders and self-employed individuals.

YEL insurance:

• Provides pension security for entrepreneurs
• Entitles you to social security benefits such as sickness allowance and parental allowance
• Affects your future pension
• Is based on your work income, not on taxable income or the salary paid to you

When do I need YEL insurance?

You are required to take out YEL insurance when all of the following conditions are met:

• You estimate that your work income as a light entrepreneur will exceed €9,423.09 in 2026 over a 12-month period
• You are between 18 and 67 years old
• You live in Finland
• Your light entrepreneurship continues for more than 4 months or is recurring seasonal activity

Also note:

• If you are also employed, you still need to take out YEL insurance if the above conditions are met
• If you don't take out YEL insurance straight away, Omapaja's invoicing system will notify you in advance before your annual income exceeds the threshold

We recommend taking out YEL insurance as soon as you register as a light entrepreneur, if you estimate that the YEL threshold will be exceeded in the next 12 months.

When should YEL insurance be taken out?

YEL insurance must be taken out within 6 months of the date when the conditions for YEL coverage were first met.

Important:

• The start date is always set as the date when the conditions were first met — even if the insurance is taken out retroactively
• The six-month arrangement period does not exempt you from YEL contributions for that period
• If the insurance is taken out retroactively, YEL contributions are also paid retroactively from the start date

Monthly perspective

The annual income threshold of €9,423.09 (2026) is approximately €786 per month.

In practice, this means YEL insurance is relevant when the value of your work input exceeds approximately €786 per month and the other conditions are met.

Example

You start entrepreneurial activity in September. In December, you realise that — from a work input perspective — your activity has exceeded the threshold from the beginning of October. The other conditions are also met.

In this case, you must take out insurance in December retroactively from 1 October, and pay YEL contributions from October onwards.

Can Omapaja handle my YEL payments?

Yes! You can authorise Omapaja to manage your YEL payments on your behalf.

Log in to our service, fill in the power of attorney under your profile details, and send it to us — we'll handle everything related to the insurance on your behalf.

Once the insurance is active and you have authorised Omapaja, we deduct the insurance contribution from your compensation once a month, based on your estimated work income. You don't need to worry about any invoices — nothing will be sent to your home.

How to change your YEL work income

You can change your YEL work income by notifying us by email at asiakaspalvelu[at]omapaja.fi. We will pass the information on to the pension insurance company Elo.

Estimating your work income

You can use Elo's YEL calculator to estimate your work income. When estimating, keep in mind:

• Your YEL work income should reflect the monetary value of your work input
• It is not your taxable income, nor the salary paid to you
• Ask yourself: what would you pay another person to do the same work?
• Your estimated YEL income determines your pension accumulation, YEL contributions, Kela daily allowances (sickness and parental), and unemployment benefit level

YEL insurance while on pension

If you engage in entrepreneurial activity while receiving partial early old-age pension, disability pension, or partial disability pension, it is insured normally under YEL if the other requirements are met.

As a light entrepreneur, you can deduct YEL contributions in your personal tax return.

For more information, visit Elo's website

Here, you can conveniently estimate your potential annual income https://yel-laskuri.elo.fi/en

You can take out self-employed person’s pension insurance (YEL) via Omapaja by using a power of attorney under the ‘Insurance’ section.