Työeläkevakuutuslain

Työeläkevakuutuslaki refers to the Finnish Employees Pensions Act. This legislation governs the mandatory earnings-related pension insurance for employees in Finland. The purpose of the law is to ensure that employees receive a pension upon retirement, based on their earnings during their working lives. It establishes the framework for pension contributions, calculation of pension benefits, and the management of pension funds.

Under the Työeläkevakuutuslaki, both employers and employees are required to contribute to the pension system. The contribution rates are determined by law and are calculated as a percentage of the employee's salary. These contributions are paid to authorized pension providers, which are typically insurance companies or pension funds. The collected contributions are invested to generate returns, which contribute to the financing of future pensions.

The law also outlines the conditions for retirement and the calculation of pension benefits. Pensions can be old-age pensions, disability pensions, or survivor's pensions. The amount of pension is generally linked to the individual's earnings history and the duration of their insured employment. The Työeläkevakuutuslaki is periodically updated to adapt to demographic changes and economic conditions, aiming to ensure the sustainability and adequacy of the earnings-related pension system.