Pension insurance companies will review the YEL income of self-employed persons regularly, at intervals of three years. The aim the review is to ensure that the YEL income is at the right level and corresponds to the value of a self-employed person’s work input.
When will my YEL income be reviewed?
Veritas will send preliminary information to those customers whose YEL income will be reviewed.
If your YEL income is being reviewed, the process proceeds as follows:
- We will send you a conditional decision for your new YEL income.
- 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 on the basis of the proposal.
- If the information needs to be corrected, 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.
Read also:
- YEL income reviews are underway – carefully check the YEL income proposal you receive (11 October 2023)
- Is your YEL income being reviewed? Wait patiently for Veritas to contact you (12 September 2023)
- YEL income reviews will start after the summer (11 May 2023)
Questions and answers about the YEL income review
- When will my YEL income be reviewed?
You can find out the year when your YEL income will be reviewed with the test above. If your YEL income will be reviewed this year, you will receive preliminary information from us before the review.
- Can I change my YEL income before the review?
In the review round, the maximum increase of your YEL income is 4,000 euro. You can apply for a change in your YEL income before the YEL income review but, in that case, your YEL income may change more than 4,000 euro. The maximum increase only applies if the review is initiated by the pension insurance company.
- Can my YEL income increase by more than 4,000 euro in the review?
The pension insurance company can increase your YEL income by a maximum of 4,000 euro, which means that the YEL insurance contribution may increase, at the most, by approximately 85 euro per month. At your own request, the YEL income can be changed by more than 4,000 euro if your YEL income does not correspond to the value of your work input.
- How is the YEL income assessed?
The proposed YEL income will be calculated using the YEL income calculator shared by the employment pension insurance sector. For the proposal, will take into account the turnover of your company/companies for the past three years as well as the median salary and turnover in your line of business. We will receive the information concerning your line of business and turnover from the tax authorities.
When you receive a conditional decision of your new YEL income, you can provide us with additional information about your business activities and factors that affect the level of YEL income. We take into account, for example, information that reflects the volume and value of your work input, the extent of your business activities and your professional skills.If the information needs to be corrected, 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.
- What if I ignore the conditional decision of my YEL income?
If the information on which the decision is based is correct, you do not need to do anything. If we do not hear from you and do not receive additional information about your business activities, we will confirm the new YEL income on the basis of the proposal. If the information needs to be corrected, you should provide us with additional information via the online service.