The Finnish Ministry of Social Affairs and Health has confirmed that the basic TyEL contribution rate will be 28.85 per cent of salary in 2022.

The average level of earnings-related pension contributions will increase by 0.45 percentage points in 2022.

This increase was required due to an earlier agreement whereby interest rate relief was granted on TyEL contributions.

The share of TyEL that employees contribute will remain the same as in 2021, with those under the age of 53 and over the age of 62 required to contribute 7.15 per cent, and those aged between 53 and 62 required to contribute 8.65 per cent.

The previously reported average pension insurance contribution proposed by the central labour market organisations, 24.85 per cent, was “also relevant” for employers, as it reflected the general level of contributions and gave a “big picture” of the differences between the years, according to Ilmarinen.

Self-employed earnings-related pension contributions will remain at the same level as in 2021.

For those self-employed aged under 53 and over 62 the rate will be 24.1 per cent, while for those aged between 53 and 62 the rate will be 25.6 per cent.

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