The average monthly pension of Finns was €2,100 in 2024, compared to €1,977 in 2023, according to the Finnish Centre for Pensions and Kela.

Its research revealed that last year, the median pension was €1,848 per month, with €2,349 as the average monthly pension for men and € 1,893 for women.

Half of the men received a pension that exceeded the average monthly pension for Finns, compared to one in three women.

A monthly pension of more than €3,000 was paid to 15 per cent of the pension recipients.

“There are still a lot of small pensions. About one in three pensioners received less than €1,500 per month last year”, said Finnish Centre for Pensions statistics planner, Joonas Hautamäki.

“The total number of pensioners has increased considerably in recent decades,” he continued.

“In 2024, 1.6 million pensioners lived in Finland, about one-third more than at the beginning of the millennium.

“In the same period, the population share of pensioners has also increased considerably. In 2000, 28 per cent of the population aged 16 or over received a pension.

“In 2024, the share was well over 33 per cent,” Hautamäki added.

In 25 per cent of Finland’s municipalities, pensioners account for more than half of the population aged 16 and over.

Overall, in 2024, earnings-related pensions and pensions paid by Kela amounted to €39.1bn.

Earnings-related pension providers paid out €36.4bn in earnings-related pensions, and Kela paid national and guarantee pensions to the amount of €2.7bn.

Old-age pensions accounted for 87 per cent of pension expenditures in Finland, while disability pensions accounted for 7 per cent and survivors’ pensions for 5 per cent.

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