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Extended deadline for insurance payments for enterprises and entrepreneurs due to the coronavirus situation

19.03.2020
corona
entrepreneur
insurance
customer service
about Varma
working life
News

The Ministry of Social Affairs and Health has given Varma and other pension insurance companies a possibility of extending the deadlines for YEL and TyEL insurance payments, with no penalty interest charged. The current 2% insurance interest will be applied to the extended payment period.

As our TyEL client, you normally have a possibility for a two month payment period for your TyEL payments. Thanks to the new extension you can request an extra extension of up to 3 months for insurance payments based on salaries paid between February and May 2020. For example for salaries paid in March you could be granted an extension reaching up until the end of August.

As our YEL client, you can request an extension of 1–3 months on insurance payments falling due between 20 March and 30 June 2020. We have already added a one month extension for all payments due on 20 March.

The current 2% insurance interest will be applied to both TyEL and YEL payments for the extended payment period, but no penalty interest will be charged.

As an entrepreneur, you might also want to consider changing your current YEL income for the time being or finding out about the possibility for flexibility in your YEL contributions. If your business activities are significantly reduced, you might want to consider ending your YEL insurance.

You can request an extended payment period via our eServices at varma.fi or by calling our customer service. Our customer service is very busy at the moment. If we are unable to answer your call, you can use our call back service and we will be in touch with you as soon as possible.

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