Eläkelain

Eläkelain is a term that can refer to pension legislation in Finland. The Finnish pension system is primarily based on earnings-related pensions, meaning that pension benefits are determined by the income earned during one's working life. These pensions are funded through contributions made by both employers and employees. The statutory pension system covers most wage earners and self-employed individuals.

The Finnish eläkelain encompasses various types of pensions, including old-age pensions, disability pensions, and survivors' pensions. Old-age pensions are typically available upon reaching a certain retirement age, which has been gradually increasing. Disability pensions are granted to individuals who are no longer able to work due to illness or injury. Survivors' pensions provide financial support to the surviving spouse and children of a deceased insured person.

In addition to the earnings-related system, Finland also has a basic pension scheme, which guarantees a minimum level of income security for all residents, regardless of their work history. This basic pension is funded through taxation. The administration and regulation of pension matters in Finland involve several different bodies, including the Finnish Centre for Pensions (Eläketurvakeskus) and individual pension providers. The eläkelain is subject to ongoing reforms aimed at ensuring the sustainability of the pension system in the face of demographic changes, such as an aging population and lower birth rates.