Your social security is based on the income confirmed for your YEL insurance. The amount of YEL income should be based on the value of your work input, not on your actual pay or the company’s turnover. YEL income limits in 2024 are a minimum of €9,010.28 per year and a maximum of €204,625 per year.
The calculator helps you to assess the correct YEL income level
The YEL income recommendation calculator facilitates the determination of the appropriate YEL income. Enter the main line of business and estimated turnover of your company and the calculator will generate a YEL income recommendation. The calculator will also give a range (+/-30%) of leeway for the recommendation, since the YEL income is not based solely on the line of business and turnover. Other information provided by the entrepreneur, such as the part-time or seasonal nature of the entrepreneurial activities, invoicing information and experience in the industry are all taken into account when determining the proper YEL income.
Read more about how your social security is based on your YEL income.
How do I calculate a YEL income recommendation?
Enter your estimated turnover for the next 12 months into the calculator. Turnover refers to the annual sales of your company without value-added tax (VAT).
If you have already been working as an entrepreneur for a longer period of time, enter the turnover for the past 12 months. If you do not have any turnover information, enter the invoicing amount for 12 months into the Estimated turnover field. Are you a first-time entrepreneur? Enter your estimate of the turnover or invoicing for the next 12 months.
Select your line of business from the menu. You can search by entering the name or industry code for your line of business into the relevant field. The YEL income recommendation is based on the average salary in your line of business.
Calculate the YEL income recommendation
Enter your estimated turnover for the next 12 months into the calculator and select your line of business from the menu. You can search by entering the name or industry code for your line of business into the relevant field.
The service will generate a YEL income recommendation based on the average salary in your line of business and the stated turnover of your company.
How is the YEL income determined and confirmed?
- Entrepreneurs: Estimate your YEL income
A good rule of thumb for determining your YEL income is for the income amount to correspond to annual wages that would be paid to another equally competent person who was hired to do your job. Further information on determining the YEL income amount can also be found from the website of the Finnish Centre for Pensions. - You can change your YEL income amount at any time, as your business develops or your work input changes. It is in your own interest to maintain the YEL income at the proper level throughout your entrepreneurial activities. YEL insurance is personal; regardless of how many companies you run, you will only have a single YEL insurance policy. If you are active in several companies, you should determine your YEL income so that it covers your work input in all of them.
You can adjust your YEL income using our online service. - Veritas: We assess your proposed YEL income
As a pension insurance company, it is our responsibility to confirm that your YEL income corresponds to your work input so that you will get the security you’ve earned. We comply with the pension insurance sector’s shared guidelines for determining the YEL income amount.
Your contact person at Veritas will request additional information from you, if necessary. - Veritas: We confirm that your YEL income corresponds to your work input
In order to receive the social security benefits earned by virtue of your entrepreneurial activities, your YEL income must be set at a level that corresponds with your work input. Our task as a pension insurance company is to ensure the proper level of security for you. For example, the income of an accountant who works 38 hours per week is a minimum of €24,000–30,000 according to the Finnish Centre for Pensions.
If your estimated YEL income deviates from the guidelines for the pension insurance sector, your contact person at Veritas will contact you. - Entrepreneurs: Your social security is now at the right level and you can just focus on your business
The YEL income determines the amount of your YEL insurance contributions, but it also serves as the basis for your social security. It is used to calculate, for example, your unemployment security, sickness allowance, parental allowance and pensions, including disability pension, the rehabilitation subsidy, survivors’ pension and old-age pension. In other words, the YEL income safeguards security for your entire lifespan. Depending on the benefit in question, the payer is either your pension insurance company or Kela.
The best way to secure your livelihood and that of your family is to keep your YEL income at the right level all the time. The YEL income level cannot be adjusted retroactively, so remember to adjust it as soon as possible when there are any changes to your entrepreneurial activities.
The wage coefficient affects the YEL income
The YEL income is adjusted each year using a wage coefficient. The adjustment is made on the first of January and its objective is to keep the YEL income in line with the general wage and price development.