The insurance contribution interest rate used in the compounding of TyEL insurance contributions will increase to 2.7 per cent at the beginning of July. The interest rate has been 2.2 per cent during the first half of the year.
Interest is added to the insurance contribution if the due date for the invoice is postponed. The insurance contribution interest may also apply if the earnings payment report is submitted too late to the Incomes Register.
The insurance contribution interest is based on Euribor rates and the yields on euro area benchmark bonds.
The interest rate for TyEL insurance contributions is reviewed every six months and for YEL insurance contributions once a year. The interest rate for YEL insurance contributions will remain at 2.2 per cent.
The next review of the interest rates for TyEL and YEL insurance contributions will take place at the beginning of January.
