What is YEL Insurance?
YEL (Yrittäjän Eläkevakuutus), is the entrepreneur's pension insurance. In addition to the pension itself, YEL insurance also provides cover for you in other situations. The following are also determined based on your YEL contribution:
- Parental allowance
- Unemployment benefit
- Sickness allowance
- Survivors' pension
- Disability pension
- Partial early old-age pension
Who needs YEL Insurance?
As an entrepreneur, you need YEL insurance because you are personally responsible for your own employment pension cover. You are subject to the YEL requirement when:
- The value of your work input (income) is €9,423.09 per year, or approximately €715 per month.
- You work as an entrepreneur continuously for at least 4 months.
- You are aged between 18 and 68 and work as an entrepreneur in Finland.
- You work in your own company.
How much does YEL Insurance cost?
The price of YEL insurance is always specific to the entrepreneur, as the size of the YEL contribution depends on your confirmed income (työtulo). YEL confirmed income refers to the value of your work input measured in money - it does not mean the amount of salary drawn from the company, but rather estimates the overall value of your work contribution. The following are taken into account when defining the confirmed income:
- Number of working hours
- Company turnover
- Any seasonal nature of the operation
- Number of other employees
When starting a business for the first time, you receive a 22% discount on the insurance premiums for the first 48 months. Premiums can also be paid in instalments: 1, 2, 3, 4, 6, or 12 times a year and they are tax deductible.
Can I take out YEL Insurance through Holvi?
Yes, you can! Holvi acts as a partner and representative of Elo in providing YEL insurance. It is easy to purchase the insurance directly here. Just click Buy YEL, after which the page will open in a new tab. Then, authenticate yourself using your bank credentials or mobile certificate and fill in the requested information on the application. Done!
Elo is a reliable partner for YEL Insurance
Elo is a major Finnish employment pension company. Approximately 40 per cent of Finnish entrepreneurs and one-third of Finnish companies have chosen Elo as their employment pension partner. Elo ensures that customers receive the pensions they have earned now and in the future, supports its customers in work ability management and invests pension funds responsibly.
I already have YEL Insurance. Can I transfer it to Elo through Holvi?
Yes, you can! If you wish to transfer your YEL to Elo, you can also easily do so through Holvi here. The insurance can be transferred on the first day of January, April, July, or October using Holvi's transfer application, 3 months before the transfer date. The transfer is possible if your YEL insurance has been in force with the previous company for at least one year. Click Buy YEL Insurance, authenticate with bank credentials or a mobile certificate, provide the requested information and your YEL insurance will be transferred to Elo on your behalf. Easy!