Veritas will begin its YEL income reviews in October. We compiled a checklist for entrepreneurs whose YEL income will be reviewed this autumn.
Your YEL income will be reviewed this year if
- your YEL insurance policy has been in force for at least three years
- it has not been reviewed or significantly adjusted (by more than 15%) in the past three years.
If your YEL income will be reviewed:
1. Wait patiently for Veritas to contact you (but please check that your contact information is up to date)
You will receive a message from us in advance if you are one of the entrepreneurs whose income will be reviewed.
We will also contact you after your YEL income has been reviewed. At that time, we will notify whether your YEL income will remain the same or whether we propose a change. Please check that your contact information is up to date in Veritas’ online service.
If we propose a change, your YEL income may be increased by a maximum of 4,000 euro, which translates to an increase in insurance contributions by about 85 euro per month.
Please note: The maximum increase of 4,000 euro, as set by law, only applies to reviews initiated by a pension insurance company. This provision is valid for the first two reviews carried out by a pension insurance company. The maximum increase limit does not apply if you seek a change to the YEL income level yourself. In this case, the common YEL income recommendation service of the employment pension sector is used as the foundation and the YEL income is confirmed on the basis of an overall assessment.
2. The YEL income recommendation is an estimate
The YEL income recommendation is calculated using the common YEL income recommendation service of the employment pension sector. The recommendation takes into account the turnover of your company/companies for the past three years as well as the median salary of employees and the median turnover in your line of business.
The calculated recommendation is issued automatically on the basis of this data and does not take your individual situation into account. The recommendation is, therefore, always an estimate and you have the opportunity to submit further information to Veritas that will affect the final YEL income decision.
3. If your YEL income remains unchanged
We will notify you that your YEL income has been reviewed and no further actions are necessary. We will perform another review in three years.
4. If we suggest a change to your YEL income
If we suggest a change to your YEL income, you will receive our proposed decision by mail. Read the decision carefully.
If the information on which the decision is based is correct, you do not need to do anything. We will confirm your new YEL income based on the decision you have received.
If some of the information needs to be changed or the information on which the decision is based does not correspond with your current situation, you should provide us with additional information via the online service within two weeks. We will take into account the information you have provided and, if necessary, make a new decision.
Explain in your request what information about your entrepreneurial activities we should consider when assessing your YEL income. According to the law, the fact that you cannot afford to pay the YEL contributions is not a valid justification. The determination of the YEL income level is, on the other hand, affected by, for example, the extent of your entrepreneurial activities.
We will take into account the information you have provided and, if necessary, make a new decision.
5. If you need help
If you have questions about the YEL income review, don’t hesitate to contact us. We normally answer phone calls within 20 seconds, but the YEL income reviews may occasionally cause backlogs in our customer service. If we can’t answer your call right away, you can leave us a call-back request, and we will get back to you as soon as possible.
