Finnish occupational pension companies and central labour market organisations have submitted their calculations and proposals for contribution levels in 2024 to the Ministry of Social Affairs and Health.

The TyEL occupational pension contribution, levied on the private sector, has been proposed at an average of 24.81 per cent of salary for 2024, down slightly from 24.84 per cent in 2023.

The contribution level includes the repayment of the temporary fee reduction given to the employers’ fee in 2020, with an effect of 0.41 percentage points on the 2024 payment.

This discount will be repaid for the last time in 2025.

The employee's pension contribution will remain the same in 2024 at 7.15 per cent for those under 53 and over 62, and at 8.65 per cent for those aged between 53 and 62.

For employers, the contribution has been proposed at an average of 17.34 per cent.

Meanwhile, the YEL contribution of self-employed workers has been proposed to remain at the same level as 2023, at 24.1 per cent for those under 53 and over 62, and at 25.6 per cent for those aged 53-62.

The Ministry of Social Affairs and Health will now consider the proposals and is expected to confirm the contribution levels in mid-November.

Commenting on the calculations, Veritas chief mathematician, Teppo Rakkolainen, said: "Occupational pension contributions remain broadly at the same level as in 2023.

“The reimbursement item of the temporary reduction in the employer contribution is reduced by 0.03 percentage points, and this is seen as a small reduction in the average ArPL [TyEL] contribution."

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