Press releases

Working for one additional year past one’s retirement age raises one’s net income for life with nearly 10 per cent on average. Women benefit more than men from deferring retirement since, on average, they live longer than men.

Although the issue of stabilizing pension financing in Finland will not be acute until the 2050s, the alternatives to tackle the problem need to be addressed now. In addition to abolishing routes to early retirement, raising the retirement age or cutting pensions can be used to balance financing. Another alternative is to employ various automatic stabilizing mechanisms.

Only 13 per cent of the Finns know how much they pay in pension contributions. 29 per cent underestimate their pension contribution rate. These are results revealed in a new survey on pension knowledge conducted by the Finnish Centre for Pensions.

The majority of older workers defer retirement and continue working in pace with the rising retirement age. Last year, around 45,000 Finnish citizens retired on an old-age pension.

The Finnish pension system ranked fifth in the international Global Pension Index comparison published today. Finland dropped one notch as Israel surprisingly took a spot among the top 3. For the seventh time in a row, Finland’s pension system was ranked the most transparent and reliable pension system in the world.   The Mercer CFA Institute …

The trust in the pension system is low among the self-employed. The system needs to be reformed.

By year-end 2019, a total of 930,000 Finns had accrued pension for periods of child care. The figures are revealed in the advance notice of the statistics of the Finnish Centre for Pensions.

The trust in the pension grew last year. If the financial sustainability of the pension system had to be improved, the most accepted measure would still be to raise the pension contributions. Only every third would accept rising retirement ages. The corona crisis has had only a slight impact on the opinions.

A recent study published by the Finnish Centre for Pensions reveals that the self-employed often both feel that they have and actually have underinsured themselves. The self-employed feel they cannot afford to pay higher contributions and many lack trust in the pension system.

Of the self-employed, 57 per cent feel that they pay adequate pension contributions, while 43 per cent feel they have underinsured themselves. A recent study by the Finnish Centre for Pensions shows that the majority of the self-employed pay low contributions in relation to their income.