The Ministry of Social Affairs and Health has confirmed earnings-related pension contributions for 2024

The TyEL contribution collected in 2024 is, on average, 24.81% of wages (24.84% in 2023). The premium loss discount and the contribution components specific to each earnings-related pension company, the client bonus and the administrative cost contribution, have been taken into account in the contribution as averages. The contribution includes 0.41 percentage points of the repayment of the temporary reduction granted to the employers' contribution in 2020. The last repayment of the reduction will take place in 2025.

The employee’s pension contribution remains unchanged in 2024, and it is 7.15% of wages for employees under 53 and over 62 years of age and 8.65% of wages for employees aged 53–62.

The basic TyEL contribution for contract employers, excluding the administrative cost contribution, is 25.12% of wages (25.30% of wages in 2023). Client bonuses are deducted from the basic contribution, and an administrative cost contribution, specific to each earnings-related pension insurance company, is added to it.

The client bonus, which depends on the earnings-related pension insurance company, is estimated to be, on average, 0.4% of wages in 2024 (0.6% in 2023). The amount distributed as client bonuses is from now on based exclusively on the solvency of the earnings-related pension company.

The disability pension component included in the contribution continues to decrease and is, on average, 0.8% of wages in 2024 (0.9% in 2023). If a company’s payroll amount exceeded EUR 2,251,500 in 2022, the impact of the contribution category and the premium loss discount are also taken into account in the contribution.

Next year, the TyEL contribution for temporary employers is 26.12% of wages (26.20% in 2023).

In 2024, the YEL contribution for self-employed persons remains at the same level as this year, that is, 24.1% of the YEL income for those under 53 and over 62 years of age and 25.6% for those between 53 and 62 of age. The temporary reduction in 2020 was not applied to YEL contributions.

 

The Ministry of Social Affairs and Health’s press release about the confirmation of earnings-related pension contributions for 2024 (in Finnish)

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