Paying TyEL contributions

Annual reporters are to agree upon a due date for payment with Veritas

Annual reporters of TyEL contributions note that payments are due on the agreed upon month’s 20th day.

Insurance contributions may mature either all together or in various instalments. Half of the payments are however due to be paid in the first half of the year, and the first payment of the year is to be paid within the first four months.

TyEL contributions are billed according to the information we have regarding the customer’s salaries. The final insurance payment is counted at the end of the calendar year on an annual-report basis. In case TyEL payments that exceed the required amount have been paid, these will be credited back to the customer in future payments. If an insufficient amount of payments have been made, the customer will be required to produce a verification of payments.

Instalment preferences affect TyEL payment amounts

TyEL insurance contributions are assigned a theoretical due date for everybody, around the middle of the year (July 1).

Contributions may however be paid throughout the year, where interest respective of the theoretical due date is charged until the actual payment day.

The earlier the insurance contributions are paid, the larger the interest subsidy.

Monthly reporters are to issue monthly payments to TyEL

Monthly reporters issue TyEL contributions to Veritas every month on the 20th day following the last payment of salaries.

TyEL payment delays

TyEL insurance contributions are to be paid at latest on the agreed upon due date. Otherwise the payment will be charged a delay interest.

Delay interests are checked bi-yearly. During the period July 1 - December 31, 2016 the delay interest charge is 8.0 %.