New entrepreneur

If you need information about insurance for owners and family members

Call us 010 192 102

Entrepreneur’s Calculator 2017

Calculate how your income affects your social security and estimate your insurance contribution.

YEL insurance

YEL concerns people aged 18–67.
The earliest age you can retire at is @RetirementYear years and @RetirementMonth months. Highest retirement age: @RetirementYear years. With this calculator you can count up to 70 years of age.
0 € / weekday
0 € / weekday
Unemployment allowance
0 € / working day
0 € / working day
0 € / month

0 € / year
0 € / month

TyEL insurance

€ / year

0 € / month
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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.

Note

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 55 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.

Checklist for the newly self-employed

The first thing to do is to take out statutory insurance for the self-employed, i.e. YEL insurance.

Take out an insurance policy here or call us at 010 192 102.

It is also wise to take out legal expenses insurance right from the start. You can supplement your insurance to cover essential matters. If P&C Insurance Company can help you map out your insurance needs.

Ask If PC for an offer +358 (0) 10 19 15 00.

Your company also requires reliable banking services. Nordea’s e-starter package for entrepreneurs is an easy and convenient way to open an account and access other basic services. Call Nordea’s Corporate Service number at 0200 2121 (Mon–Sun, 24h). You can also discuss your company’s needs at greater length over the phone.

Read more on Nordea’s website

Hiring the first employee

Hiring the first employee

The pension cover of your employee is in your hands. Take out TyEL insurance for him/her with us if

  • the work is performed under an employment contract
  • the employee is between 17 and 67 years of age
  • the pay for the work equals EUR 58.19/month or more

You also need to take out accident insurance for your employees, ask If for an offer +358 (0) 10 19 15 00.

Insure your employees

Take out insurance

or call us at +358 10 192 102

Important facts about income under YEL insurance for the self-employed

Your pension accrual is based on your earned income under YEL insurance. If you fall ill or if a child is born into your family, the benefits paid by Kela are also determined according to your YEL income. Your entitlement to unemployment benefits depend on the amount of your earned income.

The minimum and maximum limits for YEL income in 2017

  • Minimum: EUR 7,645.25
  • Maximum: EUR 173,625.00
  • The lower limit for unemployment security is EUR 12,564.00

It is important that your YEL income is at the correct level right from the start of your self-employed activities. Important considerations for setting your income level:

  • You set the level of your YEL income.
  • Your YEL income is an estimate of your work input.
  • Your YEL income should equal the sum that would be paid to an employee with the same professional skills as you have for carrying out the same work.
  • YEL income is not the same as your taxable income from self-employment or the salary you have taken out

Use the Entrepreneur’s Calculator on our website when thinking about your earned income!

Thinking about the correct level of YEL income? Call us at 010 192 102, we can assist you.