Switch to e-invoicing
To receive your TyEL invoices in electronic format, submit your e-invoice address through our eServices.
The basic TyEL contribution is 25.20% of the employees’ wages and salary.
You withhold the employee's pension contribution from the employee's salary and pay the entire earnings-related pension contribution to the pension insurance company.
As of 1 January 2019 there are two ways to pay insurance contributions: immediate invoice and consolidated invoice.
|Immediate invoice||Consolidated invoice|
We will send the insurance invoice immediately when we receive the payroll information. See example.
We will send the insurance invoice once a month for payroll information reported during a one-month period. See example.
This is a good option if salaries are paid once a month.
This is the most sensible option if salaries are paid several times during one month.
You can view and change the default invoicing method chosen for the company in our eServices. We recommend selecting the invoicing method according to the number of times salaries are paid within a one-month period. We also recommend e-invoicing.
Additional information about TyEL insurance contributions during the Incomes Register period is also presented in a video (16 min, in Finnish).
When necessary you can make a payment plan request in our eServices. Penalty interest (8%) will be added to late payments. There is a collection charge (40€) when we send a reminder invoice that is more than 400 euros.
The final contribution for year 2018 is calculated in the spring of 2019, once we have received the actual earnings information on all employees.
If the provisional contributions are lower than the final contribution, the difference will be charged from the employer as an adjustment contribution. If the provisional contributions exceed the final contribution, the amount to be credited will be used for future contributions or unpaid contributions.
The premium interest rate is a fixed part of the TyEL contribution used to bring the contribution from the theoretical due date of 1 July to the the interest date in the calculation. The interest has influence on the payments, in the beginning of the year by reducing and in the end of the year by increasing payments due.
The premium interest rate is based on the 12-month TyEL benchmark rate quoted by Garantia, but it is always at least 2 percent.
Varma is the most solvent earnings-related pension company in Finland. At the moment, Varma is financially the strongest it has ever been. What does that mean for our customers? In addition to lower insurance contributions, our large and smaller client companies alike have benefited for years from the best client bonuses in the sector.
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