TyEL insurance

Remember to take out insurance also for your summer employees. The lower age limit for TyEL insurance is 17 years. Insurance starts at the beginning of the month following the employee’s 17th birthday.

If an employee’s monthly salary is at least EUR 59.36, they must be insured under TyEL.

Please note that all earnings are now reported to the Incomes Register within five days of the payment of salary. The earnings of persons under 17 years or over 67 years of age are also reported to the Incomes Register although they are not covered by TyEL insurance. This also applies to monthly earnings below EUR 59.36.

Report the 2018 earnings information and the last day of employment of a person who is retiring in a pension information request in Varma’s eServices. As of 1 January 2019, we will receive the earnings information of an employee who is retiring directly from the Incomes Register.

The employer must also remember to notify the Incomes Register of the date when the employee’s employment relationship ends. Even though the date when an employment relationship ends is voluntary information in the Incomes Register, we are always required to know this information in order to grant old-age pension.

The earnings payment report to the Incomes Register should contain the pension policy number and the pension provider code. The pension policy number is your TyEL insurance number, which for Varma's insurances is in the form of 55-xxxxxxxx. The pension provider code for Varma is 55. The pension policy number is 11 digits long. If your insurance number is shorter than that, add zeros after the dash.

You can find your insurance number (pension policy number) for example in your TyEL invoice, in our eServices or in your insurance policy document.

• Each time wages are paid, report the earnings information electronically only to the Incomes Register within five days (including holidays) of wages being paid.
• If necessary, file an employer’s separate report by the 5th day of the month after the month when salaries were paid.
• Pension group data and divisions by department are no longer be possible in the report to the Incomes Register.
• Earnings adjustments will take place only in the Incomes Register. Varma will still be notified of adjustments that concern wages earned before 2019.
• Varma will receive earnings data for the calculations of insurance contributions and pensions directly from the Incomes Register.

The employer  must correct any errors in their reports to the Incomes register  without delay after becoming aware of the error. Income earners who notice an error in their information must ask the employer to correct it. Please note, that neither the Incomes Register nor Varma has no right to correct the reports the employer has made to the Incomes Register.

The data reported to the Incomes Register can be maintained and corrected as long as it is retained in the Incomes Register. Data is stored in the Incomes Register for 10 years from the beginning of the year following the year in which the data was registered.

Report to Varma only corrections to salaries paid prior to 1 January 2019. If you recover earnings paid to an employee in or before 2018, notify both Varma and the Incomes Register.

Read more about correcting earnings payment data reported to the Incomes Register.

If you sell your company’s entire business, your company’s TyEL insurance ends. Your employees will be transferred to the insurance policy of the buyer of the business.

If you sell only part of the business and some employees remain with your company, your company’s TyEL insurance will remain valid. The employees who are part of the sold business will be transferred to the buyer’s insurance.

The business transaction might also affect the insurance of the company’s owners. Read about YEL insurance for the self-employed here.

If you have a business name and you change it to a limited liability company, a general partnership or a limited partnership, terminate your old TyEL insurance and take out new TyEL insurance for your employees under the name of the new company.

When you change a limited partnership or general partnership to a limited liability company, the TyEL insurance continues as before.

The change in company form might also affect the insurance of the company’s owners. Read about YEL insurance for the self-employed here.

When one or more companies merge, it must be determined which of the companies is the acquirer and which are the acquirees. The TyEL insurance policies of the acquirees must be terminated and the employees transferred to the insurance of the acquirer. The acquirer must take out new TyEL insurance if the company previously did not have insurance.

If two or more companies merge to form an entirely new company, the old insurance policies of the acquirees must be terminated and new TyEL insurance must be taken out for the new company.

The pension fund of the acquirees is transferred to the insurance of the acquirer.

The insurance of the companies’ owners might also change as a result of a merger. Read about YEL insurance for the self-employed here.

If a limited liability company is demerged into two or more companies, the TyEL insurance of the demerging company must be terminated and new insurance must be taken out for the new companies.

 A limited liability company may also demerge only in part. In this case, the TyEL insurance for the remaining portion of the company remains the same and if employees are transferred to the new company, new insurance is taken out for them.

The transfer of the employee pension fund of a demerging company is agreed on separately.

The insurance of the companies’ owners might also change as a result of a demerger. Read about YEL insurance for the self-employed here.