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YEL legislative reform

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The reform of the Self-Employed Persons’ Pensions Act (YEL) entered into force on 1 January 2023. The purpose of the reform was to specify the factors to be considered in determining the YEL income of self-employed persons. As a result of the reform, pension companies will review and possibly adjust the YEL income of those insured under YEL every three years in the future. 

On this page, you will find some frequently asked questions and our responses concerning the YEL legislative reform. New information and guidelines will be added continually.

The YEL income is the basis for calculating your insurance contribution and future pension

The YEL income serves as the basis for calculating your YEL insurance contribution and, in the future, your pension. The YEL income also affects the level of various social benefits, such as sickness allowances paid by Kela.

More information about the pension and social security of self-employed persons >

YEL income refers to the monetary value of your work input as a self-employed person. It is not necessarily equal to your salary or wages drawn from the business but, instead, it reflects the value of your work input within your entrepreneurial activities as a whole. 

Read more about YEL income >

You can view your current YEL-income from our online service and update it at any time. You can also see your income on the YEL insurance invoice.

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YEL income reviews and adjustments in 2024

Your YEL income will be reviewed this year if all of these conditions are met:

  • your YEL income currently falls under 25,000 euro,
  • your YEL policy has been valid for a minimum of three years
  • you have not made changes to your YEL income or it has not been reviewed in the past three years.
Elo will start reviewing YEL incomes that meet the above conditions in June and the reviewing will continue until the end of the year. We will contact you if the review applies to you and we will propose a new YEL income. You can influence the size of your new YEL income by responding to our proposal within two weeks in our Online Service.
In the future, your work income will be reviewed every time three years have passed since the work income was updated. The review will not cause any changes to your YEL income if it is up-to-date in relation to your company's situation and the value of your work input.

Questions and answers concerning YEL income reviews

Keeping the YEL income at the correct level provides security for the self-employed

The YEL policy is the most important insurance for a self-employed person. The level of YEL income has an impact on your future pension, social security benefits and YEL contributions. Therefore, it is essential that your YEL income matches the value of your actual work input as closely as possible. 

Elo will provide you assistance in determining the correct amount for your YEL income. Try out Elo’s YEL calculator to obtain a recommendation for a proper YEL income. The recommendation is based on the median salary of your field of business and your estimated turnover. The common YEL income calculation service shared by all pension companies is used for the calculation of the recommended YEL income. The YEL calculator will also show the impacts of the amount of YEL income on your future earnings-related pension and different social benefits.

Try our YEL calculator

We are happy to assist you

Elo’s Customer Service has expertise on matters related to the reformed YEL legislation. If you have any questions, please call us at +358 20 694 730 and let us help you.
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