Elinikäodote

Elinikäodote is a system of social security and pension planning in Finland. It is a key component of the country's social welfare system, which is designed to provide financial security to citizens throughout their lives. Under this system, every working-age Finnish citizen and many non-citizens resident in Finland pay contributions to the government-financed pension system.

Contributions are usually deducted from employees' salaries, and employers are also required to make contributions. The contributions are then used to fund government-provided pensions, which are paid out to citizens once they have reached retirement age. In Finland, the retirement age is currently 63 for men and 62 for women, although this is set to increase to 65 for both men and women by 2027.

The Elinikäodote system is designed to provide a minimum standard of living for pensioners, and citizens can expect to receive a range of benefits, including a basic old-age pension, a spouse's pension, and a disability pension for those who are unable to work. Citizens can also choose to pay additional voluntary contributions to the system to increase their future pension income.

Elinikäodote is a mandatory system, and citizens are required to contribute to it for a certain number of years to be eligible for a full pension. However, there are exceptions for certain groups, such as stay-at-home parents or individuals with disabilities. The system has been in place in Finland since 1962 and is an important part of the country's social welfare framework.