YEL insurance is governed by the Self-Employed Persons' Pensions Act, i.e. it is mandatory for a self-employed person. Upon retirement, you can apply for pension cover from Finland.
What do you get in exchange for your YEL premium? YEL insurance helps to secure your income after retirement and in case of disability. If you live permanently in Finland or you are working here for a period of at least four months, your other social security will also be based on your YEL confirmed income. Sick leave, parental leave, unemployment – during these periods your income will be based on YEL insurance. Or to be more precise, on your YEL income, as determined by you.
Frequently asked questions
What does YEL insurance cover?
What constitutes self-employment requiring insurance under YEL?
What if I am a freelancer?
Do I need YEL insurance during retirement?
If my share of ownership grows, do I need to take out YEL insurance instead of TyEL insurance?
What about indirect ownership in a limited liability company?
Do the family members of a self-employed person need YEL?
Company form, family members and YEL?
Employment relationship or self-employment?
Self-employed person’s family members – YEL or TyEL?