Työeläkevakuutuksen

Työeläkevakuutus, often translated as occupational pension insurance, is a mandatory pension system in Finland designed to provide earnings-related pensions for individuals employed in Finland. It is a defined-benefit system, meaning the pension amount is based on an individual's earnings during their working life. The system is funded by contributions from both employers and employees, with self-employed individuals also contributing.

The contributions are collected by approved pension insurance companies, and these funds are invested to generate returns, which help finance future pension payments. The retirement age is gradually being raised, and the pension accrues based on an annual accrual rate applied to an individual's earnings. Several factors influence the final pension amount, including the age of retirement, the total earnings over a working career, and the indexation of pensions.

Työeläkevakuutus aims to ensure that individuals have an adequate income after they stop working. It covers various types of employment, including full-time, part-time, and contract work. Provisions are also in place for disability pensions and survivor pensions. The administration and regulation of the työeläkevakuutus system are overseen by Finnish authorities to ensure its solvency and fairness.