Light entrepreneurs and self-employed persons belong under the Self-Employed Person’s Pensions Act (YEL) if they meet the conditions for the insurance.
Once you have started entrepreneurial activities, you should take out YEL insurance when the insurance requirements are met. An entrepreneur must insure their activity within six months from the starting date of the insurance obligation in order to avoid an increase for neglect.
You need YEL insurance if:
- you are an entrepreneur and 18-69 years old (born in 1957 or before, old age pension upper age limit is 68 years, born in 1958-61 the limit is 69 years and born 1962 or later the limit is 70 years)
- your entrepreneurial activities continue for a minimum of four months
- your confirmed income, or the value of your work input, is at least 8 575,45 € and monthly 714,62 € (in 2023)
The YEL insurance obligation also applies to persons who are self-employed but not Finnish citizens. During old age pension it is voluntary to take out YEL insurance. Taking out voluntary pension insurance does not affect YEL obligation if above-mentioned requirements are met.
Health insurance fee for light entrepreneurs will change from the beginning of 2020. Health insurance fee is collected from YEL obligated light entrepreneurs during the insurance obligation.
You can get YEL insurance easily from your own UKKO account.
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