YEL income is related to the YEL insurance, under which all UKKO.fi users are transferred after 1 May 2017.
The minimum limit for mandatory YEL insurance is set to 7 645,25 euros per year (12 months).
Light entrepreneurs who earn less than this amount through UKKO.fi per year and whose self-employment activities last for a minimum of 4 consecutive months, don't have to pay YEL contributions.
What's this YEL income then?
As an entrepreneur, you are responsible for informing your YEL income. Please note, that this income level is not the same as your taxable income from self-employment. According to the official definition, it is the sum that you would pay as annual salary to someone else with the same job.
However, because the taxable income of light entrepreneurs approximately matches the amount of the YEL income, it is used as a good estimate.
You should be as realistic as possible when estimating your YEL income, as this is what accumulates your pension. It also affects your social security.
If you’re having trouble with estimating the amount of your YEL income, you can always contact our customer service – they will be happy to help you.
With UKKO.fi you can update your estimate as often as you feel necessary. This can be done easily through your own control panel.