When is employee pension insurance required?
The employer is responsible for arranging employees’ pension insurance using TyEL insurance. TyEL insurance is mandatory when:
- the employee is aged 17–67
- the employee is in an employment relationship
- the employee earns at least €65.26 per month.
What is TyEL insurance?
TyEL insurance provides employees with protection in the event of old age, incapacity for work and death, and enables vocational rehabilitation. These pension benefits are included in employees’ pension insurance:
- Old-age pension
- Partial early old-age pension
- Disability pension
- Partial disability pension
- Years-of-service pension
- Survivors’ pension
- Vocational rehabilitation
How much does TyEL cost?
The TyEL insurance contribution is calculated and paid monthly. The employee’s salary and the size of your company affect the amount of the contributions.
- The TyEL contribution is determined based on the employee’s earnings information, which Elo receives from the Incomes Register.
- The size of your company and the total amount of salaries paid also affect the TyEL insurance contribution.
Can I take out TyEL insurance through Holvi?
Yes, you can! Holvi works as Elo’s partner and representative for TyEL insurance. The insurance is easy to obtain directly here. Simply click Buy TyEL, after which the page will open in a new tab. Then authenticate yourself using your online banking credentials or a mobile certificate and fill in the requested information on the application. Done!
What is Elo?
Elo is a Finnish pension insurer. One in three companies and approximately 40 per cent of entrepreneurs have chosen Elo as their pension insurance company. Entrepreneurs feel that they receive first-class service from Elo easily and quickly, both by telephone and online.
I already have TyEL insurance. Can I transfer it to Elo through Holvi?
Yes, you can! If you want to transfer your YEL to Elo, you can also do this easily through Holvi here. The insurance can be transferred from the first day of January, April, July or October using Holvi’s transfer application, submitted 3 months before the transfer date. The transfer is possible when your YEL insurance has been valid with the previous company for at least one year. Click Buy TyEL insurance, authenticate yourself using your online banking credentials or a mobile certificate, provide the requested information and
your TyEL insurance will be transferred to Elo on your behalf. Easy!