2024 YEL income reviews are starting – read the clear guidelines for the income review

This year, earnings-related pension companies will review incomes that are under EUR 25,000 in YEL insurance policies that began before 1 January 2023 and at least three years have elapsed since the YEL income was last confirmed or substantially changed. We review entrepreneurs’ income using the Finnish Centre for Pensions’ service for calculating the recommended YEL income as well as register data, which we explain in more detail in a letter to be sent to those undergoing a YEL income review.

We will start sending the review letters in June, but some customers may only receive the letter in October. Unfortunately, we are unable to give the exact date for individual reviews.

If, based on the information available to us, your YEL income is at the statutory level, in other words corresponds to the wages or compensation that would have to be paid to an outside person for performing your work, or if your YEL income would change by no more than five per cent from its current level, we will send you a notice stating that a review has been carried out and that your confirmed income will not be changed.

If your YEL income is not at the statutory level, we will propose a new income level, increased by no more than EUR 4,000 from your current income.

• If you accept the proposed YEL income, no action will be required from you.
• If you disagree with our proposal or if you notice a mistake in the background information used for the review, within two weeks send us a written clarification of what you think the amount of your YEL income should be and of the factors affecting the value of your work input, such as the amount of your work input, the scope of your entrepreneurial activities, and your work tasks and professional skills. If you are claiming there has been a change in the scope of your entrepreneurial activities, be sure to also submit details of the turnover or invoicing of your entrepreneurial activities this year.
• If you want to raise your YEL income by more than EUR 4,000, you can select the right level of YEL income from the recommended YEL income range in the Varma Online Service.

Any decision we make concerning a change to your YEL income is always appealable.

If your YEL income is raised, the increase will take effect at the start of the second calendar month after the month in which the review was started. For example: If the income review begins in June, your YEL income level can be changed as of 1 August 2024.

Note! If you are applying to change your YEL income before the review starts, Varma is obligated to immediately adjust your YEL income to the legal level. Your confirmed YEL income may therefore deviate from the level of YEL income you are applying for, and your YEL income may be increased by more than EUR 4,000. To read more, visit our instructions page What if I apply for a change in my YEL income before the review?

For a quick look at the review process, check out this video. (1 min)

You will receive documents related to the income review electronically if you have opted for electronic service in the Personal details section of the Varma Online Service. If you have not opted for electronic service, we will send you a letter by post.

If you want to submit your clarification, go to the Varma Online Service on varma.fi and select “Log in”. Once you are logged in to the online service, you can write up a clarification at: Insurance information > YEL income and due months > Go to response form.

The Varma Online Service guarantees information security. You can access the service on a PC, tablet or smart phone when it is most convenient for you. All you need to log in is your online banking codes or a Mobile ID.

Alternatively, you can send your clarification to us via secure email or by post. Read more about the matter on our website Responding to the YEL income review.

We will make the YEL review as simple as possible for you, but you might still have some questions. Our FAQ page provides some quick answers, and we will update the page with new questions throughout the review year. Open the page YEL income review.

Previous news on varma.fi
Information about the YEL income reviews that are scheduled for 2024 between June and October