Press releases

In 2018 earnings-related pension expenditure amounted to 27.9 billion euros, up 800 million from the year before. The number of new old-age retirees fell back to 49,000, representing a decrease of almost 8,000 or eight per cent from 2017. The main reason was the pension reform that was put into effect in 2017.

The self-employed expect to continue working past retirement age clearly more often than employees. The biggest reason for staying on is having enjoyable and inspiring work, but financial reasons come into play as well. Only half of the self-employed feel they are paying enough to provide sufficient pension cover. Some plan to continue working because …

The trust in the pension system grew last year. If the financial sustainability of the pension system had to be improved, the most accepted measure would be to raise the pension contribution. The alternative of cutting pensions in payment or future pensions gained no support.

Jaakko Kiander has been appointed Director of Research, Statistics and Planning at the Finnish Centre for Pensions. Tuovi Rautjoki has been appointed Director of Communications.

The adequacy of pensions gains in importance for the economic well-being of an ever-growing share of ageing Europeans. One of the keynote speakers, Rudi Van Dam (Chair of ISG), points out that the social security indicators have to be improved and made more multi-dimensional. The job is not easy, because the indicators are a politically …

Low birth rates pose a threat for the earnings-related pension system in Finland. This is evident in the recently published long-term projections of the Finnish Centre for Pensions. The full report will be published in English later this year.

In 2018, nearly 1,300 persons retired on an earnings-related disability pension (up by 7% since 2017). The growth was evident in particular in the number of granted disability pensions due to depression. Two out of three new retirees on a disability pension due to depression were women. Three out of five of them were aged …

The monthly pension of more than half of the pensioners is below 1,500 euros. Seven per cent get a monthly pension that is higher than 3,000 euros. One in three over-16-year-old in Finland is a pensioner.

The pension financing outlook is stable for the next few decades. The insurance contribution under the Employees Pensions Act (TyEL contribution) can be kept below 25 per cent of the wages until the 2050s. However, in the long run, the low birth rates will cause a pronounced pressure to raise the contribution rate. The required …

Director Mikko Kautto, 53, has been appointed the new managing director of the Finnish Centre for Pensions as of 1 June 2019. He will succeed the current managing director Jukka Rantala, 67, who will retire at the beginning of June.