Varma reviews entrepreneurs' YEL income to ensure accurate pension and social security
Finnish pension provider Varma is set to review the statutory earnings-related pension (YEL) income for approximately 13,000 entrepreneurs starting in May-June. The reviews aim to ensure that YEL income accurately reflects work input and supports adequate social security.
Keskinäinen työläkeyhtiö Varma, a Finnish pension insurance company, has announced it will conduct reviews of Yrittäjän eläkevakuutus (YEL) income for around 13,000 entrepreneurs between May and October. These reviews are mandated by law to ensure that an entrepreneur's YEL income accurately reflects their work input and level of social security.
The YEL income is foundational for an entrepreneur's social security, influencing not only their pension but also their eligibility for sickness, parental, and unemployment benefits. The review process, which commences in May, is particularly focused this year on insurance policies established or previously reviewed in 2023.
Varma will send preliminary information regarding the review electronically via its Varma Online Service starting the week of May 11. The company encourages entrepreneurs to register for the online service by early May to facilitate communication. The actual income assessments will take place from late May through October.
To support entrepreneurs through this process, Varma is hosting informational webinars and provides comprehensive information on its website. Entrepreneurs are advised to proactively contact Varma if their work input has significantly changed, as YEL income cannot be adjusted retroactively. The company offers customer support through its online service, chat, and phone.