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Retirement of an employee

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It is a good idea to openly discuss the retirement of an employee within the workplace, thus avoiding a situation in which a key employee surprises everyone by suddenly leaving the business to enjoy his or her retirement. Retiring employees must always apply for pension independently, but the retirement process also involves tasks for the employer.

The guide for employers provides useful information about the steps that employers should take when their employees are retiring. Take the guide into use >

 

Pension application phases

 

The employee finds out about the amount of the future pension and submits a pension application.
Both matters are easily handled through Elo’s Online Pension Service. Tell your employees about the service! 

 

Employers report all payroll information to the Incomes Register.
Employers must report all payroll information directly to the Incomes Register, also at the time when an employee retires. If an employee is about to retire on old-age pension, report the ending date of the employment relationship to the Incomes Register along with the earnings information. If the final salary/wages are paid after the end of the employment relationship, report the ending date of the employment relationship in the same report with the final salary/wage information. If you report earnings multiple times during the first month of retirement, remember to include the ending date of the employment relationship in each report. Although the ending date of the employment relationship is considered voluntary information in the Incomes Register, it is necessary in order to grant an old-age pension.

Elo issues a pension decision.
The pension decision is only given to the employee. Upon receipt of the decision, the employee must submit a current tax card to Elo for the payment of the pension.

Please also note the following issues

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Submitting an employer’s description to Elo

Send the employer’s description through a secured connection to elakeasiakirjat@elo.fi. The form can also be submitted as an attachment to the employee’s application.

Elo is here to help and support you

Elo's Online Service is always available for you to use whenever it's most convenient for you. For TyEL and YEL insurance matters, please call us at +358 (0)20 694 730 (weekdays 8 a.m.-4:30 p.m)