YEL insurance is the basis of your social security payments, when you are a self-employed person (light entrepreneur or a business owner). It accrues your pension funds, but also the amount that is set for your YEL confirmed income defines how much sickness and unemployment allowances you get.
YEL confirmed income should be equivalent for the monetary value of your work. We recommend to be in touch with a pension insurance company (e.g. Elo), if you have any questions regarding YEL income.
If your YEL income is under 8 575,45 euros (in 2023) on a 12 month period, taking the insurance is not mandatory.