Elo customers are granted flexibility for the payment of their insurance contributions in the current coronavirus situation
For example, TyEL contributions for salary payments in February would normally fall due on 31 March 2020 and it is possible to request an extension of 1 month to the payment period. Now, we can extend the payment period by an additional 3 months, whereby the invoice would fall due on 31 July 2020. Correspondingly for YEL insurance contributions, the payment period for an invoice with a due date on 20 March 2020 can be extended until 22 June 2020.
Go to Elo’s Online Service
The easiest way to handle the payment extension is through Elo’s Online Service. You can submit a request for all those insurance contributions of your company that fall due within the stated period. You can submit the request within 28 days after the due date. Once we have processed the request, we will send you a new invoice with a new due date.
If the coronavirus situation has resulted in changes in your entrepreneurial activities or your work has diminished, you can adjust your YEL income accordingly or, if necessary, terminate your YEL insurance policy. You can easily make these changes through Elo’s Online Service.
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. The exceptional provision is temporary and only concerns those contributions that fall due between 20 March 2020 and 30 June 2020. Normally, a penalty interest (8%) is always added to the total amount of the invoice when the payment is made after the due date stated on the invoice. The insurance contribution interest (2%), however, is always taken into consideration in the calculation of a pension insurance contribution.