Eläkeeläkkeelle

Eläkeeläkkeelle is a Finnish term that translates to "retirement pension" or "old-age pension." It refers to the statutory pension that individuals are entitled to receive after reaching a certain age and fulfilling specific work history requirements. The Finnish pension system is a comprehensive earnings-related scheme designed to provide a basic level of income security for individuals in their old age.

Eligibility for eläkeeläkkeelle is primarily based on age and the amount of pension contributions made throughout one's working life. The retirement age is gradually increasing, and individuals can typically start drawing their full old-age pension at the statutory retirement age, though options for early retirement may exist under certain conditions. The amount of pension received is calculated based on an individual's lifetime earnings and the pension contributions paid by both the employee and employer.

The Finnish social security institution, Kela, and various pension providers administer the eläkeeläkkeelle system. It aims to ensure that individuals who have contributed to the Finnish economy during their working years have financial stability in retirement. The system is funded through contributions from employers and employees, as well as state funding. It is a crucial component of Finland's social welfare model, providing a safety net for its citizens.