Pension for child care to one million Finns
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.
Press releases
Pension Barometer: Three out of four Finns trust the pension system
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.
Underinsurance still common among the self-employed
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.
More than half of the self-employed feel that they have insured themselves adequately
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.
Corona crisis and pensions
All over the world, many regular functions have come to a halt because of the corona epidemic. In Finland, the earnings-related pension system quickly became a considerable part of the crisis management package. Although the measures taken will lead to a temporarily reduced contribution income for pension providers, pensions are paid out as usual. Read …
Mental disorders the most common reason for retirement on a disability pension
For the first time, mental disorders surpassed musculoskeletal diseases as the main cause for retirement on a disability pension. Disability pensions granted for mental disorders increased clearly in 2016. Depression has become a particularly common reason for retirement on a disability pension for women who are young or nearing their retirement age.
Already 25,000 Finns drawing a partial old-age pension
At year-end 2019, the number of partial old-age pension recipients in Finland was 25,000, which is an increase of 6,000 from the end of 2018. Nearly all take out 50 per cent of their accrued old-age pension. The average monthly partial old-age pension was 800 euros and the median 720 euros, statistics of the Finnish …
Average monthly pension in Finland 1,716 euros
The average monthly pension of Finns exceeded 1,700 euros for the first time. In real terms, it has risen by nearly 200 euros in one decade. For nearly 40 per cent of the retirees, the monthly pension was less than 1,250 euros. The number of pension recipients increased in all provinces except Uusimaa, where the …
Effective retirement age risen clearly
According to the statistics of the Finnish Centre for Pensions, people in Finland retired on an old-age pension at age 61.5 years on average in 2019. This is about one month later than in 2018. A total of 44,500 persons retired on an old-age pension. This is 10 per cent less than in 2018.
Balance mechanisms to uphold pension systems’ economic balance
Experts from Sweden, Canada, Germany, the Netherlands and Finland presented the balancing mechanisms of their pension systems in a recent seminar at the Finnish Centre for Pensions. The mechanisms include indexing and pension cuts.