Pension insurance

Farmers’ Pension Insurance (MYEL) is an insurance scheme intended for farmers, forest owners, fishermen, reindeer breeders and their families. Recipients of scientific or artistic grants and scholarships also fall within the scope of the Farmers’ Pension Insurance scheme. This statutory insurance is administered by the Farmers' Social Insurance Institution Mela.

MYEL insurance pays out pensions that are equivalent to any other employment pension system, and the pension is accrued in the same manner as with other earnings-related pensions. MYEL increases the total amount of pension coverage, even if the insured is also engaged in other entrepreneurial or salaried work.

MYEL insurance is mandatory for most agricultural entrepreneurs. An individual entrepreneur who does not fall within the scope of mandatory insurance may opt to take the insurance on a voluntary basis.

The insurance is based on the annual MYEL earnings, which are used to calculate the pension, compensations and daily allowances to be paid to the insured.

MYEL insurance also provides security for the family of the insured. Upon the death of the insured, the widow or widower and children are entitled to survivors’ pension and group life insurance compensation.

Grant and scholarship recipients can find more information about MYEL pension insurance under Grant and scholarship recipients.

More general information about Finland’s employment pension system is available from the site of the Finnish Centre for Pensions www.etk.fi.

Updated 21.08.2013