Your YEL income affects the following pensions and benefits:
Pensions and rehabilitation
Employment pension insurance provides you with security when your income changes due to old age, disability or the death of a family provider. A self-employed person’s pension accrues in accordance with the confirmed YEL income reported for the YEL insurance policy. YEL income not only affects the amount of your future old-age pension but also serves as the foundation for other pensions and benefits under employment pension legislation, which you may be entitled to already prior to reaching the pensionable age for old-age pension.
Pension accrues for all ages at an annual rate of 1.5 per cent of the YEL income. However, during the transition period of 2017–2025, pension will accrue at a rate of 1.7 per cent of the YEL income for those aged 53–62. Read more about pension accrual >
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The annual earnings used for voluntary accident insurance policies intended for self-employed persons are bound to their confirmed YEL income. Your YEL income also affects any compensation for loss of earnings and pensions resulting from an occupational accident. In order to be entitled to accident insurance for a self-employed person, you must have a valid YEL insurance policy.