Työeläkelakiin

The Työeläkelaki, or the Finnish Employees Pensions Act, is the primary legislation governing occupational pensions in Finland. It ensures that employees and self-employed individuals accrue pension benefits during their working lives, which are then paid out as earnings-related pensions upon retirement. This system is funded by contributions from both employers and employees, as well as self-employed individuals. The law specifies the earnings-related pension accrual rates, retirement ages, and the rules for calculating pension amounts. It covers various types of pensions, including old-age pensions, disability pensions, and survivor pensions. The Työeläkelaki aims to provide a reasonable level of income security for individuals after they cease working. The pension system is managed by private pension insurance companies and the Social Insurance Institution of Finland (Kela) for certain aspects, overseen by the Finnish Ministry of Social Affairs and Health. Adjustments to the law and pension accrual are made periodically to ensure the sustainability and adequacy of the system, often linked to changes in life expectancy and economic conditions.