TyEL contributions and payments

TyEL contributions are based on paid wages. We get earnings data from the Incomes Register and calculate the TyEL contributions accordingly. Varma offers competitive client bonuses because we are a solvent and efficient pension company. The client bonus reduces the TyEL contribution.

TyEL contribution 2021

In 2021 the basic TyEL contribution is 24.80% of the employees' wages.

Part of the TyEL contribution is paid by the employee. Withhold the employee’s contribution from their wages. The employee’s contribution is:

  • 17–52 years of age: 7.15% of wages and salary
  • 53–62 years of age: 8.65% of wages and salary
  • 63–69 years of age: 7.15% of wages and salary

Take a look at the table that shows the insurance contribution percentages and limits for 2021

Payment methods

Our TyEL insurance contribution payment methods are the immediate invoice and the consolidated invoice. We recommend selecting the payment method according to the number of times wages are paid within a one-month period.

The immediate invoice is a good option if wages are paid once a month. We will send the invoice right away when we receive the earnings data from the Incomes Register. The due date of the invoice is 21 days from the date that the invoice was sent.

The consolidated invoice is the most sensible invoicing method if wages are paid several times during one month. We send the invoice once a month for earnings data reported during a one-month period. For example, for wages paid during January, we send an invoice in early February. The due date of the invoice is 21 days from the date that the invoice was sent.

You can check your current payment method in Varma Online Service. You can also change the payment method there.

Log in to Varma Online Service

Extended term of payment for TyEL invoice

We support you in navigating the twists and turns of your life and business. If you require flexible payment arrangements, you can ask for an extended term of payment for your invoice in Varma Online Service. The term of payment is subject to interest for late payment (8%). Varma’s own collection advisors will work with you to find the best solution for your payment situation. Don’t hesitate to contact us! We charge a EUR 40 collection fee for sending a payment reminder, if the invoice amount is more than EUR 400.

Ask for an extended term of payment in Varma Online Service

The client bonus reduces the TyEL contribution

We can give a discount on TyEL insurance contributions in the form of client bonuses. Every single one of our TyEL customers receives client bonuses due to our efficient operations. Varma is a solvent and by far the most efficient pension insurance company. Varma’s client bonuses are therefore one of the best in the sector. Varma provides affordable TyEL insurance.

In 2021, we paid the client bonuses for TyEL insurance contributions on 16 March 2021. Client bonuses are usually applied to your future TyEL contributions. Check Varma Online Service to see your client bonus amount and how it has been used.

Read more about client bonuses

Check your client bonuses in Varma Online Service

Take advantage of the payment tools in Varma Online Service

Varma Online Service, our clear and easy-to-use online service, is always open. Using the tools in our online service, you can estimate your future TyEL contributions and stay up to date on paid contributions to support your accounting.

The TyEL contributions for financial statements tool available in Varma Online Service supports accounting by allowing you to easily retrieve information on TyEL contributions and invoicing. You can use the service for monthly reconciliations or interim accounts, for example. In the service, you can see the TyEL contribution information for the previous and current year. You can also see the total of invoiced TyEL contributions and payments made.

With the TyEL contributions and estimates tool, you can follow the realisation of your budget and make an end-of-year estimate for your financial statements. You can see your TyEL payroll and contributions for the current year. You can make an estimate of the TyEL contributions and contribution percentages for the entire year. The service also shows your client bonuses.

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Help with using our services

Take care of your TyEL matters online

In our online service, you can, for instance

  • view your TyEL insurance invoices and invoice specifications
  • view earnings by employee
  • send us messages and attachments through a secure connection
  • calculate estimates of TyEL contributions
Log in to Varma Online Service