Information about the YEL income reviews that are scheduled for 2024 between June and October

The Self-Employed Persons’ Pensions Act (YEL) requires earnings-related pension companies to keep track of the development of YEL income and to review entrepreneurs’ YEL income every three years. This year, Varma will review the YEL incomes confirmed for insurance policies that began before 1 January 2023 and where the income is under EUR 25,000 and at least three years have elapsed since it was last confirmed or substantially changed. In this news article, you can find information about when and how the YEL income reviews will take place.

Last year was the first time when Varma, like other earnings-related pension companies, reviewed YEL incomes as required by the reformed YEL Act. Based on the experience gained from the reviews, the process has now been improved within Varma, and the background information received for the reviews is of a higher quality. The YEL income recommendation service provided by the Finnish Centre for Pensions has also been developed to better account for an entrepreneur’s holding in the company when calculating the turnover on which the recommendation will be based.

“Our in-house development efforts and more accurate background information will make for a smoother review process. If the customer is required to take some action during the review process, they can easily do so using the Varma Online Service. Nevertheless, we will continue to use the staggered schedule for the reviews, which proved successful last year, as it ensures that our customer service agents have time to provide assistance to those who need it,” says Insurance Services Director Riikka Nivus.

Now in April we are sending an info letter to our around 8,000 YEL customers whose YEL income is due to be reviewed this year. In the letter, we explain the review process and its schedule in more detail. The letter requires no action from you. If, based on the review, your YEL income needs to be adjusted, we will send you a proposal for a new YEL income during June–October.

This is how we review the YEL income of Varma’s YEL customers

1. If, based on the information available to us, your YEL income is at the legal level, in other words corresponds to the wages or compensation that would have to be paid to an outside person for performing your work, or if it would change by no more than five per cent from its current level, we will inform you that a review has been carried out and that your confirmed income will not be changed.

2. Alternatively, we will propose to increase your YEL income by no more than EUR 4,000 if your current YEL income is not at the legal level.

  • If you accept the proposed YEL income, no action will be required from you.
  • If you disagree with our proposal or notice a mistake in the review’s background information, you can find more detailed instructions attached to the proposal on what to do in the Varma Online Service.

Unfortunately, we are unable to give a more specific schedule for each customer. Any decision we make concerning possible YEL income is always appealable. If your YEL income is raised, the increase will take effect at the start of the second calendar month after the month in which the review was started. For example: If the income review begins in June, the YEL income level can be changed as of 1 August 2024.

Something you can do beforehand is to ensure that your company’s main business sector in the Trade Register is correct.

Note the following if you voluntarily want to apply for a change in your YEL income

If you apply for a change in your YEL income this year before the review begins, your confirmed YEL income may deviate from the level of YEL income you are applying for, and your YEL income may be increased by more than EUR 4,000. Varma is obligated to immediately adjust your YEL income to the legal level.

To read more, visit our instructions page What if I apply for a change in my YEL income before the review?

Submit additional information easily in the Varma Online Service

All of Varma’s YEL insurance customers can take care of any actions related to the income review in the Varma Online Service. That is why it is a good idea to log in to the online service well ahead of time to make sure your address and other contact details are up to date.

If you have opted for electronic service in the Varma Online Service, you will receive documents related to the income review electronically. Otherwise, we will send you a letter by post.

The Varma Online Service is easy to use and guarantees information security. You can access the service on a PC, tablet or smart phone when it is most convenient for you. All you need to log in is your online banking codes or a Mobile ID.


Read more about the YEL income review on our YEL income review page.

Do you have questions about the review, or do you need more information?

Please see the answers to frequently asked questions on the topic. Open the page YEL income review

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