Estimate the TyEL contribution for 2024 in Varma Online Service

You can now estimate the amount of the TyEL contribution for 2024 in Varma Online Service. For example, you can use the contribution estimation service to budget next year's TyEL contributions. The service always uses the latest estimate of the TyEL contribution percentages. Varma's administrative cost contribution will be even more affordable next year. As the most solvent earnings-related pension company, we also pay excellent client bonuses.

Using the contribution estimation service is easy. All you need is an estimate of the payroll for 2024. If your situation changes, you can always make a new contribution estimate. In the service, you can also estimate the amount of your company's TyEL contribution for the current year.

The Varma Online Service contribution estimate includes:

  • an estimate of the TyEL contribution for the whole year in euros
  • an estimate of the TyEL contribution percentage and the employees' contribution
  • estimates of the client bonus and the administrative cost contribution.

For larger employers, the estimate also takes into account the influence of the contribution category.

The contribution estimation service always has the most accurate estimate of the 2024 TyEL contribution percentages, Varma's administrative cost contribution and client bonuses. The underlying assumption is that the contribution level remains unchanged. We will update the estimated contribution percentages used in the 2024 estimate if they are revised during the autumn. The change will be reflected in the new estimates after the update. The Ministry of Social Affairs and Health will confirm the TyEL contribution percentages for 2024 later in the autumn.

How to make a contribution estimate in Varma Online Service

Making a TyEL contribution estimate is easy.

  1. Log in to Varma Online Service.
  2. Go to the Estimates and reports tab in the Insurance policies section.
  3. Select for which year you wish to make the estimate and click on Make a new estimate.
  4. Write an estimate of the payroll for the estimate year and click on Make an estimate.

Varma's administrative cost contribution will be even more affordable next year

The administrative cost contribution is the part of the TyEL contribution needed for the implementation of earnings-related pensions and the management of insurance policies. Since the beginning of this year, each earnings-related pension company has determined its own administrative cost contribution. The level of the contribution depends on the efficiency of the pension company's operations.

As a result of our further improved efficiency, we will be able to further reduce our current highly competitive administrative cost contribution for next year. As our customer, you will benefit from this in the form of a lower TyEL contribution.

The most solvent Varma pays out the best client bonuses

Client bonuses accruing from 2023 will reduce next year's TyEL contribution. In spring 2024, the amount distributed as client bonuses will for the first time be based solely on the solvency of the earnings-related pension company. Varma is the most solvent earnings-related pension company, and our strong solvency means that we are in an excellent position to continue paying excellent client bonuses in the coming years. The insurance policy-specific estimate of the client bonus is also influenced by the estimated payroll for 2023 and the accrued contribution fund.

What does solvency mean?

Solvency means that the earnings-related pension insurance company has sufficient assets in relation to its pension liabilities. The more solvent an earnings-related pension insurance company is, the higher the client bonuses that it can return to its customers.

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