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TyEL payments 2021

The TyEL basic contribution rate for 2021 is 24.80 % of the paid wages/salaries.

As an employer, you ensure the pension security of your employee(s) by paying the required TyEL contributions to a pension provider. The amount of the contributions is always determined in accordance with the calculation bases confirmed annually by the Ministry of Social Affairs and Health and is a designated percentage of the employee’s gross earnings.

The contribution percentage also includes the employee’s share of the contribution, which you will withhold from the salary or wages paid to the employee.

The employee’s share of the TyEL contribution varies in accordance with the employee’s age:

  • 7.15% for those aged 17–52
  • 8.65% for those aged 53–62
  • 7.15% for those who are 63 and older

For a contract employer, the amount of contribution is also affected by, for example, Elo’s client bonus and group discount.

For occasional employers, the final TyEL contribution for 2021 is 24.80 % of the paid wages/salaries. 

Read more about occasional employers > 

Do you need a TyEL certificate?

The TyEL certficate shows that you have a valid insurance policy and that your contributions have been paid. You can print out a certificate from Elo’s Online Service. A certificate may be requested, for example, as an attachment to an offer to show that the employer has insured its employees under TyEL insurance.

Payment methods

TyEL contribution payments can be paid in one of three ways. Note! Customers whose TyEL insurance contribution is shown under the ‘Maksut’ (Payments) tab in the Palkka.fi service do not have the option to choose an alternative payment method.

 

Elo sends an invoice for the TyEL insurance contributions once per month. If you have, for example, two salary payment days each month, the relevant TyEL contributions will be compiled into a single invoice. This is the primary payment method for everyone.
  • The invoice lists the overall earnings for each payment date, the TyEL contribution rate and the TyEL contribution amount in euro. From Elo’s Online Service, you can see more detailed information about the reports submitted to the Incomes Register, the contributions based on the reports and the resulting invoices.
  • Any possible refunds are taken into account in the invoice.
  • If the payroll report is submitted late to the Incomes Register, the TyEL contribution rate will include insurance contribution interest.

If you wish, you can receive a separate invoice for each reported payment date as soon as Elo has received the reported information.

 

You can also choose to pay the TyEL insurance contributions in advance on the basis of the payroll sum notified by you to Elo.
Please note that if you are using Palkka.fi service you cannot choose this payment method. Please note that the payment of insurance contributions in advance will not, however, provide any interest benefit for you. An advance payment must be made before you report any earnings to the Incomes Register.

 

You can easily change your payment method by contacting our Customer Service.

Take the electronic invoice service into use

We recommend that you take online invoices into use in order to facilitate the payment of your insurance contributions.

Once you have taken online invoices into use, you will receive your invoices directly to your company’s invoice processing system or online banking service. All electronic invoices dispatched by Elo are compatible with Finvoice standards, and our e-invoice operator is OpusCapita.

 

It’s easy to take online invoices into use for your business via the Customer information section of Elo's Online Service. If you do not have access to Elo’s Online Service, you can submit the recipient details for electronic invoices using the relevant form (in Finnish).

 

If you would like e-invoices to come to your own personal online banking service, you need to sign an agreement for eInvoicing with your own bank. into use, you will receive your invoices directly to your company’s invoice processing system or online banking service. All electronic invoices dispatched by Elo are compatible with Finvoice standards, and our e-invoice operator is OpusCapita.

 

If you would like e-invoices to come to your own personal online banking service, you need to sign an agreement for e-invoices with your own bank.