Työeläkelain

Työeläkelaki, or the Employees Pensions Act, is a fundamental piece of legislation in Finland governing mandatory occupational pensions. This law establishes the framework for employees and self-employed individuals to accumulate pension entitlements during their working lives. The primary purpose of the law is to ensure a reasonable level of income security for individuals after they retire from work.

The Työeläkelaki outlines the different types of pensions available, including old-age pensions, disability pensions, and survivors' pensions. It also defines the conditions under which these pensions are granted, such as age requirements for old-age pensions and the degree of work incapacity for disability pensions. The financing of these pensions is primarily based on contributions paid by employers and employees, as well as by self-employed individuals. These contributions are managed by authorized pension providers.

The law specifies the calculation methods for pension benefits, which are linked to an individual's earnings history and the duration of their employment. It also includes provisions for indexation, ensuring that pensions keep pace with inflation and wage development over time. Furthermore, the Työeläkelaki addresses various aspects of pension administration, including earnings-related pension contributions, the accrual of pension rights, and the procedures for applying for and receiving pension benefits. Amendments to the law are periodically made to adapt the system to demographic changes and economic conditions.