Elo customers are granted flexibility for the payment of their insurance contributions if needed
Upon the application of the pension insurance companies, the Ministry of Social Affairs and Health has confirmed an exceptional provision to the terms and conditions of TyEL and YEL insurance policies which gives pension insurance companies the possibility to extend, upon request, the payment period for insurance contributions by an additional 3 months without any penalty interest.
Updated 31 March 2020 at 12:46.
Elo’s corporate and self-employed customers have the possibility to apply for this penalty interest-free payment period for insurance contribution invoices (YEL and TyEL policies) with a due date falling between 20 March 2020 and 30 June 2020. The insurance contribution interest (2%), however, is always taken into consideration in the calculation of your pension insurance contribution. The payment period for the invoices will not be extended automatically - the customer must always request the extension. Please ask for an extension only if you need it.
For example, the TyEL insurance contributions for salaries paid during February would normally fall due on 31 March 2020 but, due to the new provision regarding the penalty interest-free payment period, we can extend the payment period of this invoice for up to 4 months, whereby it would fall due no later than 31 July 2020.
Correspondingly for YEL insurance contributions, the payment period for an invoice that falls due on 20 March 2020, for example, can be extended until 22 June 2020.
Request for payment time on Elo’s Online Service
If you need payment time for TyEL or and YEL invoices, you can make a request for payment time on Elo’s Online Service.
If changes occur to your entrepreneurial activities or the work has decreased due to the coronavirus situation, you can adjust your YEL income or, if necessary, terminate your YEL insurance policy. Many social security benefits, such as sickness allowance and sickness allowance on account of an infectious disease, are based on the YEL insurance.
Changes can be done easily using Elo’s Online Service.
Go to Elo’s Online Service >
For problematic situations, call Elo’s Customer Services at +358 (0)20 694 730 on weekdays 8 a.m.–4:30 p.m. Please be aware that our Customer Services may be difficult to reach at times due to overloads in the system from the current coronavirus situation. Therefore, the easiest way to handle matters is through Elo’s Online Service.
Corona-related payment time for Palkka.fi invoices
Did you know that when you use the Palkka.fi service to manage your company’s payroll calculations, the service enables you to select an invoice from Elo as the payment method for your TyEL insurance contributions? To change your payment method in the Palkka.fi service, go to the ‘Vakuutuksiin liittyvät tiedot’ (Insurance information) section under ‘Työnantajatiedot’ (Employer information).
You will then receive your invoice from Elo which will enable you to request a payment extension directly via Elo’s Online Service.
If you are not yet using Elo’s Online Service, you can start using it here >