Information about YEL insurance

Insurance taken in accordance with the Self-employed Persons’ Pensions Act (YEL insurance) serves as the foundation for the pension and social security of entrepreneurs. YEL insurance is a statutory insurance and cannot be replaced by voluntary pension insurance. The insurance must be taken from the date on which the entrepreneurial activities meet with the conditions prescribed in the law. The insurance can also be taken retroactively, however within six months from the date on which the entrepreneurial activities began.

• You are a self-employed person between the ages of 18–68.
• You work in your own company.
• Your entrepreneurial activities have lasted at least four (4) months.
• Your income in 2020 is at least 7 958,99 euro.

The YEL income is an estimate of the value of your work input in your own company. The YEL income should correspond to such wages that would be reasonable to pay to an equally competent employee who was hired to do the same work, or that is otherwise comparable to the work input.

As a self-employed person who is initiating entrepreneurial activities for the first time, you are entitled to a 22 per cent discount on your YEL insurance contributions for the first 48 months of your business activities.