Light entrepreneur - Do you need YEL insurance?

As a light entrepreneur you employ yourself and don't necessarily have your own company or business ID. And as a light entrepreneur you need to take care of your own pension security.

As a light entrepreneur you need YEL insurance if:

your YEL income exceeds 751 € per month for at least four months (or your YEL income is at least 9,010.28 € per year in 2024)
your light entrepreneurship continues at least four months
you employ yourself and work without employer
you are between the ages of 18–68 years
you live in Finland.

Do you work as a light entrepreneur as well as for another employer?

Even if you are working as an employee alongside your entrepreneurial activities, you will need YEL insurance if the conditions for insuring are otherwise fulfilled. As a starting light entrepreneur, you are entitled to a 22 per cent discount on your YEL insurance contributions for the first 48 months of your business activities.

One third of all companies and more than 40% of self-employed persons in Finland have chosen Elo to manage their pension insurance needs. We welcome you to become a customer of Elo, a service-oriented employment pension company with a positive approach!

Easy way to get YEL insurance

You can take YEL insurance easily using our online insurance application. If you need help with the details, you can also ask for help in taking the insurance. You can request to be contacted at a time that is suitable for you or you can call to our sales service directly. We are happy to assist you either way.

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Take out YEL insurance

Schedule a contact call at a time that is best for you

Schedule a contact call

Call sales service

We are available weekdays 8 a.m.–3 p.m

Call 020 703 5515.

What is the cost of YEL insurance?

As a starting entrepreneur, you are entitled to a 22 per cent discount on your YEL contributions for the initial 48 months of business. Your own YEL contribution depends on the amount of your YEL income. The price and content of YEL insurance are the same for all pension providers.

Did you know that your YEL insurance contributions are entirely tax-deductible?

Use our calculator and find out the price of YEL insurance

Who should take YEL insurance?

You are a self-employed person between the ages of 18-68

The obligation to take YEL insurance starts at the beginning of the calendar month after the self-employed person turns 18 and continues until the end of the month in which the person turns 68. The upper age limit for insuring rises gradually according to one's year of birth as follows:

68 years for those born in 1957 or before
69 years for those born between 1958-1961
70 years for those born in or after 1962

Your annual income is a minimum of 9,010.28 euro

The income amount is your own estimate of the value of your work input in the company, and it should correspond to such wages that would be reasonable to pay for the same or similar work.

YEL income refers to the monetary value of your work input and should correspond to such wages that would be paid if your work was done by an equally competent employee. YEL income is not the same as the company’s turnover, the salary of the self-employed person or the taxable income.

You work in your own company

YEL insurance is not required if you simply own a company, you must also be employed within the company. Entrepreneurial activities that are carried out part-time must also be insured under YEL, if the other conditions for insuring are met. If you simultaneously work as an employee for another company, your employer will also pay the statutory contributions, as prescribed by the Employees' Pensions Act.

A family member who is working in the business may also need YEL insurance

Under the Self-Employed Persons’ Pensions Act, the following are considered as family members:

The spouse or common-law spouse of the self-employed person
The self-employed person's children, parents and their spouses and registered partners who reside in the same household
Siblings are not considered family members under YEL, even if they reside in the same household.

More information about, e.g., insuring family members >

When is YEL insurance necessary?

Minimum annual income 9,010.28 € / 12 = monthly income of 751 €

• The figures depict the monthly income of a starting entrepreneur.
• If the income exceeds 751 € per month, YEL insurance is necessary.

Would you like to discuss with our expert as to whether you need to take YEL insurance? We can be reached weekdays 8 a.m.–3 p.m. at 020 703 5515. You can also request that we contact you at a time that is convenient for you.