The insurance contribution is due on the month that earnings are paid or the following month, unless otherwise agreed. The insurance contribution may fall due no later than the second month after the month during which the earnings were paid.
Invoice interval and changes to it for employers with a contract
When an insurance policy enters into effect, the TyEL insurance contribution is invoiced once a month. The insurance contribution for one month's earnings payments is compiled in an invoice. The invoice falls due on the last day of the month that follows the month during which the earnings were paid. If you would like to change the invoicing interval at a later point in time, you may contact us.
Insurance contributions can also fall due:
Separate invoice for each earnings payment - same due date
An invoice is made for each earnings payment. The invoice falls due on the last day of the month that follows the month during which the earnings were paid.
Separate invoice for each earnings payment - 14 days net
An invoice is made for each earnings payment. The invoice falls due 14 days after Veritas receives notification of the earnings payment.
Invoicing when earnings are reported via the Palkka.fi service
Please note that, if you report earnings via the Palkka.fi service, the insurance company will not send an invoice. You will be required to retrieve it yourself from the Palkka.fi service.
This also applies to Veritas customers.
If payment of the TyEL insurance contribution is late
TyEL insurance contributions must be paid no later than the agreed due date. Failure to do so will result in penalty interest. Penalty interests is adjusted on a semi-annual basis. You can find the applicable penalty interest here.