The insurance contribution interest rate used in compounding the TyEL insurance contributions will decrease to 2.10 per cent at the beginning of July. The interest rate has been 2.65 per cent during the first half of the year.
Interest will be added to the insurance contribution amount if the due date for the invoice is postponed to a later date. The insurance contribution interest may also apply if the salary report is submitted too late to the Incomes Register.
The insurance contribution interest is calculated based on the Euribor rates and the yields on euro area benchmark bonds.
The interest is adjusted every six months for TyEL insurance contributions and once a year for YEL insurance contributions. The interest on YEL insurance contributions will remain at 2.65 per cent.
