YEL insurance is a statutory requirement for self-employed individuals in Finland. It provides the foundation for pension and social security benefits.
It applies to all entrepreneurs aged 18–68 whose annual income from work (YEL income) is at least €9,010.28 (in 2024) and whose business activities last at least 4 continuous months.
Key Highlights:
- Income and Contributions: YEL income reflects the value of your own work input and determines the level of your pension and social security. The contribution rates for 2024 are 24.10% for those under 53 and over 63 and 25.60% for those aged 53–62.
- Discount for New Entrepreneurs: First-time YEL policyholders receive a 22% discount on contributions for the first 48 months.
- Tax Deductibility: YEL contributions are fully tax-deductible in personal or business taxation.
- Mandatory Timing: The insurance must be taken within six months of meeting the legal requirements to avoid penalties.
- Digital Services: Elo’s online portal allows users to manage their YEL insurance, payment details, and related documents efficiently.
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.