The retirement age will gradually rise as of 2017. The new age limits apply to those born in or after 1955.
People born before 1955 can transfer to old-age pension in accordance with current legislation at the age of 63–68 years.
You can also continue working while on old-age pension. Working while receiving pension accrues new pension at a rate of 1.5 % a year. You must apply separately for the new accrued pension.
Partial old-age pension
Years-of service pension
Pension for the self-employed
YEL insurance is the basis of a self-employed person’s pension cover.Correctly dimensioned self-employed persons’ pension insurance secures your income during retirement.
YEL insurance also provides security in the event of a decrease in income due to disability, unemployment or the death of a family provider. As a self-employed person, you are also entitled to vocational rehabilitation if you are at risk of becoming incapacitated for work due to illness or injury. YEL insurance offers self-employed persons the same comprehensive cover and guarantees the same rights as TyEL insurance does for employees.
A self-employed person’s pension is calculated from their YEL confirmed income. Earnings-related pension accrues for a self-employed person for work carried out between the ages of 18 and 67 according to the same percentages as for an employee.
Read more about YEL insurance