Summary of Social Security and Private Employee Benefits FINLAND

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1 Private Employee Benefits FINLAND 2014

2 Your Local Link to IGP in Finland: Mandatum Life Insurance Company Limited Mandatum Life Insurance Company Limited, formerly known as Sampo Life, is one of the most respected and well-established life insurance companies in Finland. It provides private, corporate and institutional customers with a range of expertly designed life and pension insurance solutions as well as high standard wealth management services. Mandatum Life and its partner, Kaleva, serve more than 461,000 individuals and over 25,000 corporate and institutional customers. With a market share of almost one-third, Mandatum Life is the leading life insurance company in Finland. It is also the leader in the corporate market based on premium volume written. Independent surveys have shown Mandatum Life to be the most highly regarded insurance company in Finland for the quality of its service, and its solvency capital exceeds the required minimum. Mandatum Life is a member of Sampo plc., the Sampo Group s holding company, which owns and administers the insurance subsidiaries including Mandatum Life. The Sampo Group was originally founded in 1909 and has been listed on the Helsinki Stock Exchange since The Sampo Group s business is divided into two main areas: Mandatum Life, which was established when the former Sampo Life was merged with Nova Life Insurance Company. Its subsidiary, Mandatum Life Insurance Baltic SE, is IGP s correspondent Network Partner for Estonia, Latvia and Lithuania. If P&C Insurance Company, the leading property and casualty insurance company in the Nordic region. The P&C insurance group s parent company, If P&C Insurance Holding Ltd., is located in Sweden. The If subsidiaries provide insurance solutions and services in Finland, Denmark, Norway, Sweden, Russia and the Baltic countries. Together with the IGP Network Partners, SPP in Sweden and Storebrand in Norway, Mandatum Life is a co-owner of Nordben Life and Pension Insurance Co. Ltd., which offers flexible insurance and pension solutions for expatriates and third-country nationals. Nordben has been an IGP Network Partner since Mandatum Life Insurance Company Limited has been an IGP Network Partner since Key Products Life Life Accidental Death and Disability Widow s and Orphans Pensions Disability Permanent and Total Disability Long-Term Disability Short-Term Disability Critical Illness Medical Medical expenses Supplemental Hospital and Surgical Pensions Free Form Pension Plans (Defined Benefit Plans) Insured Pensions (Defined Contribution/Unit Linked) Other Wealth Management in connection to pension and saving policies Endowment Policy (Unit Linked) Personnel Fund Mandatum Life Insurance Company Limited is located on the internet at: (Information is available in English.) 2014 International Group Program 1

3 Sickness Insurance The Sickness Insurance Act covers all persons residing in Finland, regardless of nationality. The main benefits are earnings-related daily allowances in case of sickness, maternity and paternity allowances, and reimbursement for the costs of medical treatment and dental care, including transportation costs if necessary. Daily allowances are usually 70% of earnings, but the percentage is lower in higher-income groups. Reimbursement for medical expenses varies from 35 75%, depending on the type of cost. Sickness insurance is administered by the Social Insurance Institution and its local offices, or the employer's own sickness fund. Sickness insurance is financed primarily through contributions paid by employers and insured. After a prolonged sickness, the insured is normally entitled to a Disability Pension (provided by the National and Employment Pension Schemes). Unemployment Insurance There are various laws concerning unemployment coverage. The basic requirement for entitlement to unemployment benefits is that the unemployed person resides in Finland and has been registered for employment with the Labor Office. The benefits consist of a flat-rate basic daily allowance and a labor-market support, an earnings-related daily allowance for a member of an unemployment fund, and redundancy payments. The basic daily allowance and labor-market support are per weekday. Together with the child supplement, they can amount to per weekday. The maximum earnings-related allowance is 90% of earnings. Unemployment insurance is administered by local offices of the Social Insurance Institution (basic daily allowance and labor-market support), and by unemployment funds run by trade unions (earnings-related allowances). The costs of unemployment insurance are shared by the state, employers, and the members of the unemployment funds. After a prolonged period of unemployment, elderly people looking for employment are normally entitled to an unemployment pension (provided under the National and Employment Pension Schemes). Pension Insurance The Finnish pension cover is based on the national pension scheme and the statutory earnings-related employment pension scheme. Whereas the goal of the national pension scheme is to secure a minimum standard of living, the goal of the employment pension is to maintain the standard of living achieved during the period of employment or self-employment. The minimum level of the total pension cover is the full amount of the national pension. Employment pension and other statutory earnings-related pensions, in total, reduce the amount of the national pension. Both, the national pension scheme and the statutory employment pension scheme, provide for old-age, disability, unemployment and survivors' pensions, as well as for rehabilitation International Group Program 2

4 National Pension Scheme: National pension security is based on various laws, whereas the primary law is the National Pensions Act. Persons of at least 16 years of age residing in Finland are insured under the National Pensions Act. There are, however, certain restrictions that apply to foreigners with respect to their eligibility for pensions. The whole national pension is related to the size of the statutory earnings-related employment pension. With the introduction of the guarantee pension (since March 2011), minimum pensions for pensioners living in Finland are equal to EUR The orphan's pension is per month per child. The surviving spouse's pension is income-tested and cannot be higher than the maximum national pension. The national pension scheme is administered by the Social Insurance Institution and its local offices. National pensions are financed primarily by the employers. The State and the municipalities also participate in financing, but to a lesser extent. Statutory Earnings-Related Pensions Schemes: The statutory earnings-related pensions' scheme is implemented by different laws. The private sector laws have been bundled into the TYEL-law starting January 1, Nevertheless, all these laws follow the same basic principles for private and public sector employment and self-employed persons. The main law for private sector pensions is the Employees' Pension Act (known as TYEL - the first letters of the act in Finnish), which covers three fourths of the insured in the private sector. In practice, almost all employed persons, irrespective of nationality, are covered by Finnish employment pension legislation. In the private sector, the pension accrues at a rate of 1.5% of pensionable earnings each year (without ceiling) from the age of 18 and at a rate of 1.9% from age For individuals continuing work after age 63, the pension accrual rate is 4.5%. Retirement age is individually chosen between the ages of 63 to 68. The administration of the private sector scheme is highly decentralized. There are separate institutions/insurance companies for most of the special laws of the private sector. TYEL-cover can be arranged by insuring the employees with one of the six private pension insurance companies (the most usual way) or by establishing a pension foundation or pension fund. The central coordinating body of the private schemes is the Finnish Centre for Pensions. Public sector employment pension security is administered by separate pension institutions for the State, local government, and church schemes. Since 1993, employees have been participating in the financing of earnings-related pensions together with the employers. Self-employed persons' security is partly financed by the State. Earnings-related pensions in the public sector are financed by the State, the municipalities, and the Church. Even in the public sector, employees have been participating in the financing of their pensions since International Group Program 3

5 Employment Accident Insurance (Workers Compensation) There are various laws concerning employment accident coverage, the main law being the Employment Accident Insurance Act. Employment accident insurance generally covers all wage and salary earners in the private and public sectors, as well as farmers and certain other groups of self-employed persons along with their assisting family members. The main benefits are the full expenses reimbursement to cover necessary treatment, medication, travel costs, auxiliary facilities, earnings-related daily allowance, employment accident pension, survivors' pension, handicap indemnity, rehabilitation, and funeral grant. The daily allowance paid to a fully disabled employee is equal to his/her daily pay, and the Disability Pension is equal to 85% of his/her earnings. For partial disability, the benefits are reduced in accordance with the level of disability. Full Survivors' Pension (three dependents) is 70% of earnings. Employment accident insurance is administered by private insurance companies and by separate institutions for the public sector and farmers. Accident insurance coverage is financed entirely by the employers. Accident insurance benefits generally take priority over similar social insurance benefits. Employees' Group Life Insurance This insurance is based on an agreement between the federations representing the employers and the employees. Practically all employees with dependents, who fall within the scope of employment pensions schemes, are covered. In case of death, a lump-sum indemnity is paid, primarily to the spouse and the children. If the deceased was younger than 50 years of age, the indemnity is 16,360 and is reduced as age increases. The child supplement is 7,370 per child. In case of an accident, both amounts are increased by 50%. The Employers' Group Life Assurance Pool, set up by life and accident insurance companies, handles this coverage in the private sector. In the public sector, this coverage is managed by various institutions. The contributions are paid entirely by the employers International Group Program 4

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