Topical issues

The assets of the Finnish earnings-related pension scheme increased by about 13 billion euros in 2023. The growth is due to investment returns. Insurance contribution income increased by more than one billion euros.

The recently published book Understanding Finnish Pensions tells the success story of Finnish pensions. Pension are an essential part of a welfare society and play a role in everyone’s life. Yet pension are not very well known. Read more about the easy-to-understand and concise book, as well as about rehabilitation refusals, pension taxation and pension …

According to a recent report by the Finnish Centre for Pensions, the take-home pension will grow for all income levels in 2024. The purchasing power can also be expected to increase after a drop in previous years.

In 2023, a total of 17,700 persons retired from the earnings-related pension system on a disability pension. This was almost as many as in 2022. However, the number of disabled persons in the older population is increasing. This information comes from new statistics released by the Finnish Centre for Pensions.

The majority of respondents feel that their quality of life has improved after retirement on an old-age pension, with more leisure time increases and better coping skills. However, income is perceived as weaker, according to a survey conducted by the Finnish Centre for Pensions among people who had recently retired from gainful employment with an old-age pension.

Agreement was reached at the end of 2023 on the European Union’s (EU) regulation on artificial intelligence (AI). The AI Act is expected to enter into force later this year, once the legislative text has been finalised and the regulation has been formally adopted. What will the AI Act mean in practice?

The assets of Finland’s earnings-related pension scheme will continue to grow moderately in the coming years but will accelerate around 2040. The upward pressure on the average contribution is around one percentage point, the Finnish Centre for Pensions estimates in a report. The new report extends the long-term projections of 2022.

Finns continue to extend their working lives. Last year, the average effective retirement age was 62.8 years. At the same time, the number of new pensioners fell significantly.

According to a recent survey of newly retired people, financial incentives have contributed to later retirement for about one third of the respondents. However, just under one third feel that employer encouragement, improved leadership skills or valuing the experience of older workers would have persuaded them to continue working.

Each year, the Finnish Centre for Pensions grants a Pro Gradu Award to a distinguished Master’s thesis. The award is 2,000 euros. Nominate your own or your student’s master’s thesis for the award by 15 March 2024.