The interest on TyEL and YEL insurance contributions will rise at the start of 2024 to 4.10%. Interest will be added to the insurance contribution amount if the due date for the invoice is postponed until a later date.
The interest on TyEL and YEL insurance contributions is currently 3.85% and 2.45%, respectively. The interest is adjusted every six months for TyEL insurance contributions and once per year for YEL insurance contributions.
“For YEL, the significant increase in the interest reflects the strong rise in the general interest rate level over the past year. The change in the interest for TyEL is smaller because the most significant rise in interest rates occurred before the summer and, therefore, was already taken into consideration in the interest rate for the end of 2023”, states Teppo Rakkolainen, Chief Actuary at Veritas.
The insurance contribution interest is calculated on the basis of the Euribor rates and the yields on euro area benchmark bonds.
