Vocabulary of Mela security in brief

MYEL = Statutory pension insurance for farmers and recipients of grants and scholarships.

MATA = Occupational accident insurance for farmers and recipients of grants and scholarships.

Leisure-time MATA insurance = Voluntary non-occupational accident insurance that covers accidents during time off.

Mela sickness allowance = Short-term sickness allowance that is paid during the qualifying period for sickness allowance from the Social Insurance Institution of Finland (Kela).

Group life insurance = Family members of MYEL policyholders are entitled to compensation in case of death.

Annual earnings = Amount of the grant or scholarship converted into annual earnings for pension purposes.

Old-age pension = Earnings-related pension that a person may apply for at retirement age. From 2017 the retirement age in Finland has been linked to the development of life expectancy. For example, the retirement age of a person born in 1970 is 65 years 8 months. The pension is paid monthly, and the amount is based on career earnings.