The Finnish Ministry of Social Affairs and Health has confirmed the occupational pension insurance contribution according to the Employee Pension Act (TyEL) will be 24.81 per cent of salary next year.

This represents a 0.03 percentage point fall on 2023, when the average TyEL fee collected was 24.84 per cent.

The pension contribution for entrepreneurs will remain unchanged at 24.10 percent, while the fee for people aged 53–62 will remain at 25.60.

The employee pension insurance contribution has also remained the same as last year, at 7.15 per cent for those under 53 and 8.65 per cent for workers aged 53-62.

The fee for 2024 also includes 0.41 percentage points of the second repayment item of the temporary reduction in the employer contribution that was in effect in 2020.

The government cut the occupational pension contribution by 2.6 percentage points as a result of the Covid-19 pandemic, recouping these costs via increases in the employer's contribution since 2022. The discount will be repaid for the last time in 2025.

This is not the only recent change to effect fees, as a change in law in 2023 saw the ‘treatment cost’ payment separated into its own part of the TyEL payment.

The treatment cost is where the occupational pension companies will each determine the part of the TyEL payment needed for the implementation of occupations pensions and insurance management, which is taken into account directly in the customer’s TyEL payment.

The basic TyEL payment for contractual employers without the care cost payment will be 25.12 per cent of the salary next year, down from 25.3 per cent of the salary in 2023.

Customer rebates are deducted from the basic fee and the employee pension company-specific treatment cost fee is added to it.

The amount of customer credit depending on the occupational pension company is estimated to be an average of 0.4 per cent of the salary in 2024, compared to 0.6 per cent in 2023.

However, in the future, the amount distributed as customer refunds will be based only on the solvency of the occupational pension company.

The disability pension contribution has also continued to fall, and is expected to average 0.8 per cent of salary in 2024 (0.9 per cent in 2023).

The temporary employer's TyEL payment rate, meanwhile, will be 26.12 percent of wages next year. This payment is the same in all pension companies.

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