Earnings-related pension provides lifelong security. The amount of pension or benefits you receive depends on your life situation:
1. Decreased work ability
2. Aging
3. Family security in case of entrepreneur’s death
Information about pension accrual
Earnings-related pension accrues from work: for entrepreneurs based on YEL income and for employees based on annual earnings.
Learn more about pension accrual
Pension estimate of your own pension security
In the online service for private customers, you can check your earnings-related pension record and calculate pension estimates.
If your health or work ability declines and you can no longer continue as an entrepreneur as before, help is available. Elo’s vocational rehabilitation can support you if illness or injury prevents you from managing your work tasks and you are at risk of disability.
Elo’s vocational rehabilitation also supports your return to work from a fixed-term disability pension, i.e. rehabilitation allowance.
If you fall ill, Kela’s sickness allowance secures your livelihood. For entrepreneurs, the amount is based on YEL income. The waiting period is the day of falling ill.
Entrepreneurs can also take family leave. If you do not work during your family leave, your YEL insurance can be terminated on your last working day. Kela’s family benefits are determined based on your YEL income.
You can receive unemployment benefit as an entrepreneur if your business activity ends. The benefit is applied for either from Kela or the entrepreneurs’ unemployment fund.
To get accident insurance as an entrepreneur, you must have a valid YEL insurance. The annual earnings for voluntary accident insurance are tied to your YEL income, meaning they must be the same. If you update your YEL income, remember to inform your accident insurance company as well. Your YEL income also affects compensation and pensions for loss of earnings due to an occupational accident.
It is also important to note that when your YEL insurance ends, your voluntary accident insurance must also be terminated, as the insurances are linked to each other.
Read more about accident insurance on our partners’ websites
You can update your income by logging in to Elo’s online service. There, you can view your current YEL income and see a recommended new amount. You can also use the YEL calculator to help estimate the appropriate income level.
It’s advisable to make the change as soon as possible, as YEL income cannot be changed retroactively.
Entrepreneurs’ pension insurance is mandatory for all entrepreneurs who meet the YEL insurance criteria. However, you can take out YEL insurance voluntarily if your YEL income is below the mandatory insurance threshold or if you are already receiving an old-age pension under the earnings-related pension laws.
Our customer service will assist you in taking out voluntary insurance.
YEL insurance for part-time entrepreneurs
How YEL income affects your pension
Earnings-related pension accrual
Transition from early partial pension to old-age pension