Työeläkevakuutusyhtiöiksi

Työeläkevakuutusyhtiöiksi are Finnish insurance companies that administer statutory earnings-related pension insurance. These companies are legally mandated to manage the pension contributions collected from both employers and employees and to pay out pension benefits when individuals reach retirement age. The Finnish pension system is a defined benefit system, meaning that the pension amount is determined by an individual's earnings history and years of service.

There are several types of työeläkevakuutusyhtiöiksi, including private sector companies, public sector companies, and industry-specific funds. These companies operate under the supervision of the Finnish Financial Supervisory Authority (FIN-FSA) to ensure their solvency and the proper management of pension funds. They are responsible for investing the collected contributions to ensure the long-term sustainability of the pension system.

The earnings-related pension system is funded through contributions that are shared between employers and employees. The contribution rates are set annually by the Ministry of Social Affairs and Health. When an individual retires, their pension is paid out by the työeläkevakuutusyhtiö they were insured with. The system aims to provide a secure income for individuals after their working lives.