We have compiled instructions and information about the impacts of the coronavirus for our customers. The information package will be updated as we get new information. You can find information on, for example, what to do if you need more payment time, if you fall ill, or if you are quarantined.
Unfortunately, the Insurance Services' customer service has become congested due to the need for advice concerning the coronavirus situation. We kindly ask you to primarily use our eServices to take care of all changes relating to insurance and payments.
YEL income also influences daily allowances such as sickness, maternity and parental allowances. The amount of a self-employed person’s sickness allowance is based on the confirmed YEL income, and it is calculated over the period of 12 months preceding the calendar month before the commencement of the right to the allowance. A last-minute increase in the confirmed income therefore primarily has no impact on the amount of the allowance.
If the decrease in business activity is permanent or it will be considerable for a long time, you can adjust the confirmed income of your YEL insurance. Changes not related to entrepreneurial activities or your work input, such as a virus epidemic or bigger daily allowances, cannot be grounds for adjusting the confirmed income.
The insurance cover has been calculated using the following assumptions
The YEL earnings have been in force for two years. The unemployment cover has been calculated under the assumption that the person does not have dependent children. An estimated effect of the life expectancy coefficient is included. The person lives in Finland. The calculated insurance cover applies to this insurance only and should be considered approximations. The purchasing power of the pension estimate corresponds to present-day values.
Entrepreneurs are entitled to a daily sickness allowance when unable to work due to illness provided that they have worked as an employee or entrepreneur for at least three months prior to the disability. If the work requirement is not fulfilled, the entrepreneur is entitled to sickness allowance only after 10 consecutive days of disability. Entrepreneurs are entitled to unemployment allowance when becoming unemployed after ending their entrepreneurial activities. Receiving earnings-related unemployment allowance requires membership in an unemployment fund. The YEL insurance contribution can be paid by the entrepreneur or by the company. The contribution is deductible for both. YEL provides security also in the event of disability or the death of a family provider. YEL pension is the amount of old-age pension according to the earned income you entered.
Do you need YEL insurance or TyEL insurance?
You need YEL insurance if you work in your own company. If you have employees, you must take out TyEL insurance for them.
YEL insurance is needed by entrepreneurs in an executive position who own more than 30 per cent alone or, together with family members, more than half of a limited liability company. Partners in general partnerships and active partners in limited partnerships also need YEL insurance.
Sometimes, a family member working in the company also needs a YEL insurance policy of their own. This depends on the form of the company and the family member’s job and position in the company.
You can get partial old-age pension already before the pensionable age for old-age pension. Its amount is 25% or 50% of the accrued pension and the age limit is 61 years. If retirement begins before reaching the pensionable age for old-age pension, the withdrawn portion will be subject to a reduction. The reduction is permanent.
Vocational rehabilitation is the primary approach when your work ability is threatened by illness. We can support an entrepreneur’s continuation in working life by granting a business subsidy for changing the business operations or establishing a company. Return to work after a period of illness can be supported with a work trial. Discuss your situation with your physician and ask for a Medical Statement B to be appended to your application for rehabilitation.
Disability pension can be full, partial or fixed-term, i.e. the cash rehabilitation benefit. Illness is the main grounds for pension. You can get an estimate of the pension amount from our online service. Years-of-service pension is possible if you are at least 63 years old, have had strenuous and wearing jobs for at least 38 years and your work ability is reduced.
Survivors’ pension is paid to children under 18 and to the surviving spouse when a family wage earner dies. The surviving spouse’s entitlement to survivors’ pension is subject to additional terms and conditions related to the year of marriage, for instance.