What does YEL insurance cost and what types of social and pension security benefits are based on my YEL income? With the help of the YEL calculator, you can see how different YEL income levels would affect your security. YEL income is the basis for unemployment security, sickness allowances, parental allowances and the pension of self-employed persons. It also determines the amount of your YEL insurance contributions.
Do you need help determining the proper level for your YEL income? The YEL income recommendation calculator helps to determine a suitable YEL income level specifically for you.
Your estimated YEL contribution is
€/month
Your YEL contributions will be less if you pay the entire annual contribution as a single instalment in January. As a Veritas customer, you can choose the number of instalments and specific instalment months for your contributions.
You can fully deduct the YEL insurance contributions in your personal taxation or that of your company, depending on which one is the payer of the contributions. If you are deducting the contributions in personal taxation, you can choose to deduct them in your own or your spouse’s taxation.
If you are a first-time entrepreneur, you are granted a 22% discount on your YEL contributions for the first four years of your entrepreneurial activities.
You can deduct YEL contributions from your taxable income. The YEL contribution tax deduction means that you pay less taxes because your taxable income decreases.
Your benefits with this YEL income level before taxes:
When your family is growing
Parental allowance
The parental allowances paid by Kela include the maternity allowance, special maternity allowance, paternity allowance, parental allowance and partial parental allowance.
If you are working as an employee alongside your entrepreneurial activities, both your YEL income and salary/wages from employment are taken into consideration in the calculation of any allowances.
Review the bases for parental allowances at www.kela.fi.}
€/month
If you become unemployed
Unemployment allowance
Labour market subsidy
If your YEL income is less than €14,088, you may be eligible for the labour market subsidy paid by Kela if you become unemployed. The labour market subsidy is a means-tested benefit, which means that the amount will be affected by any other sources of income.
If you are a member of an unemployment fund and you meet the the condition for previous employment, you are entitled to an earnings-related unemployment allowance. You can join an unemployment fund if your YEL income is a minimum of €14,088 per year. If you are not a member of a fund, you can apply for the basic unemployment allowance from Kela.
You can get more information about the earnings-related unemployment allowance for self-employed persons at www.yrittajakassa.fi.
You only receive earnings-related unemployment allowance if you are a member of the unemployment fund.
The amount of your labor market support is also affected by your other income.
€/month
If you become ill
Sickness allowance
You are also entitled to the sickness allowance from Kela if you are self-employed.
The amount of the sickness allowance is determined on the basis of your annual income. The annual income is calculated from the 12-month review period that ends one calendar month before the month in which the period of disability began. If the amount of YEL income has been changed during the review period, the average YEL income over the period will be used. The sickness allowance is payable for a maximum of 300 working days, which is approximately one year.
If, alongside your entrepreneurial activities, you are working as an employee for another employer, both your YEL income and salary/wages from employment are taken into consideration in the calculation of the allowance.
Read more about the bases for the sickness allowance for self-employed persons at www.kela.fi.
€/month
If your work ability is not restored
Disability pension
Disability pension secures your livelihood when a permanent illness causes you to have an incapacity for work.
The pension estimate is calculated under the assumption that your earnings have been at the YEL income level you selected for the previous five years. The final amount of the disability pension will be calculated when you retire.
If you have already reached the retirement age for old-age pension, you will receive old-age pension instead of disability pension.
You can also get partial disability pension if your work ability is reduced but remains sufficient enough for part-time work.
€/month
In case of a death in the family
Survivors’ pension
If you die, survivors’ pension will secure the livelihood of your underage children and surviving spouse.
The amount of the survivors’ pension is based on the pension that you earned during your working career.
Registered partnerships are considered the same as marriage for the purposes of survivors’ pension.
The surviving spouse’s own income may affect the amount of the payable surviving spouse’s pension.
Survivors’ pension for children in total
€/month
Survivors’ pension for a widow
€/month
When you reach the retirement age for old-age pension
Old-age pension
The earliest that you can apply for old-age pension is when you reach your minimum retirement age for old-age pension. You can see what your estimated pension amount at your minimum retirement age will be.
If you continue working, the amount of your pension will increase.
If your earnings-related pension ends up being minimal, Kela will supplement your security with guarantee or national pension. Guarantee and national pensions are not taken into account in the calculations.
Retirement age
€/month
When the estimated increase in the standard of living is taken into account, the pension amount will be €/month.
In this option, the estimated amount of your pension is calculated with the assumption that the general earnings level will increase in real terms by 1.5% per year. The increase in the earnings level corresponds to long-term projections calculated by the Finnish Centre for Pensions.