Information for a foreign employer
What is TyEL insurance and when must you take out one?
Under the Finnish Employees Pensions Act (TyEL), as an employer you are obliged to arrange pension provision for the employees you hire. The obligation is the same for foreign companies that operate in Finland.
TyEL insurance provides the employee with pension security. It gives financial security in old age or in the case of disability and the death of a family provider.
As an employer, you must take out a statutory TyEL pension insurance for an employee:
- who is at least 17 years old and
- whose gross salary per month is a minimum of 62.88 euro in 2022.
The upper age limit of the obligation to insure depends on the employee’s year of birth:
- 68 years for those born in 1957 or earlier
- 69 years for those born in 1958–1961 and
- 70 years for those born in 1962 or later.
Take out a TyEL insurance for the new employee, at the latest, after the first salary payment and before reporting the earnings to the Incomes Register.
Any further questions?
Elo´s Online Service
The service provides you with everything you need to manage employment pension insurance matters.