Earnings-related pension insurance is part of the Finnish social security system. All employees and self-employed people are covered by the statutory earnings-related pension scheme.
Etera provides insured employees and the self-employed with old-age and disability pension security. Survivors' pension provides income security for the insured's next of kin.
Employers are responsible for arranging pension insurance for their employees, and both parties pay a share of the pension contributions. Domestic employers also look after the pension insurance matters of their employees.
Entrepreneurs take out insurance for the self-employed (YEL insurance) for themselves. The pension insurance paid by entrepreneurs also affects other social benefits, such as sickness and parental allowance.
The TyEL (Employees Pensions Act) and YEL (Self-Employed Persons' Pensions Act) insurance contribution percentages are confirmed annually by the Ministry of Social Affairs and Health and are the same for all employment pension companies in Finland.
Besides pension security management, earnings-related pension companies also offer their clients various wellbeing-at-work services and vocational rehabilitation services. Companies are also offered financial services.