TyEL insurance contributions are counted as a percentage of total salary. The Ministry of Social Affairs and Health enforces TyEL insurance payment percentages annually; in 2020 this percentage is on the average 24.4. This includes the employee’s payable portion of the TyEL contribution as well.
Employee pension payments
All 17-67 aged employees pay an employment pension insurance payment.
The payment is variable depending on age. In 2020 the payments are as follows:
- under 53 years 7,15 % and
- ages 53 to 62 years 8.65 %
- age 63 and up 7,15 % employment pension as a percentage of salary.
Further information regarding pension payments is found in our brochure below.
Contracted employer TyEL payments
The basic TyEL contribution rate for contract employers is 25.3 % until 30.4 and 22,7% 1.5-31.12.2020 of wages paid to employees. This includes the employee's portion of the contribution. The final amount of the insurance contribution may vary according to possible client bonus and the company’s contribution class when the total payroll exceeds 2.086 million Euros.