vanhuuseläkkeeksi

Vanhuuseläke is the Finnish term for old-age pension. It is a statutory benefit paid to individuals who have reached the statutory retirement age and have fulfilled the requirements related to earnings-related pension accrual. The Finnish pension system is a mixed system, combining earnings-related pensions with a universal basic pension provided by Kela, the Social Insurance Institution of Finland.

Eligibility for an old-age pension is primarily based on an individual's employment history and earnings. Pension rights are accrued annually based on the income earned during working life. The statutory retirement age in Finland has been gradually increasing and varies depending on the birth year of the individual. There are also options for early retirement, which may involve a reduction in the pension amount.

The old-age pension is financed through contributions paid by employers and employees, as well as self-employed individuals. The administration of the earnings-related pension system is handled by various pension providers, such as Ilmarinen, Varma, and Elo, while Kela manages the basic pension. The amount of the old-age pension depends on the total pension accrued throughout a person's working life, taking into account factors like income levels and the duration of employment. Pension benefits are indexed annually to maintain their purchasing power.