The employer's statutory insurances
Purchase statutory insurances for your employees and see to it that they are paid on time and you submit any related notifications to the correct places. If you wish, you can supplement your company’s statutory insurance arrangements with voluntary insurance policies.
Your company must arrange the pension security of its employees between the ages of 17 and 67 by purchasing a TyEL earnings-related pension insurance for them.
If your company has employees on a permanent basis, you must enter into a policy with the employment pension insurance provider of your choice. Post information on the name of the insurance company with which your company has an employment pension insurance policy in a place where it is easy for your employees to view.
If your company is a casual employer, you will not need a separate policy with an employment pension provider.
Your company will pay approximately one fourth of the sum it pays in salaries in insurance premiums. Report all paid salaries to the Incomes register within five calendar days of payment of the salary. Employment pension insurance companies receive earnings data from the Incomes register in real time.
Deduct employee contributions from the employees’ salaries and pay the entire sum to the employment pension insurance company.
The insurance policy will provide cover, if an employee of your company is injured in a workplace accident or during a business trip or if an employee develops an occupational disease.
Your company must purchase occupational accident and disease insurance, if it pays or has agreed to pay more than 1,300 euros in wage earnings over one calendar year for work it has ordered.
You can purchase the policy from the accident insurance provider of your choice. The cost of your insurance premiums will be relative the size of the salaries you pay. This will vary on the basis of the work performed. Different insurance providers also have differing practices, which means the specific cost of insurance premiums will be determined when you purchase a policy.
If your estimate on paid salaries changes over the year, you must submit a notification to your insurance provider on the fundamental changes that will influence your insurance premiums. You can also apply for a change to your company’s insurance premiums mid-year.
Please note that accident insurance companies will only receive information directly from the Incomes Register starting from 1 January 2020. For this reason, your company must report the information the insurance company requests also in 2019 even though the same information has been submitted to the Incomes Register.
Also remember that your employees always have the right to compensation for industrial accidents or occupational diseases. If your company neglects its obligation to insure its employees, you will be ordered to pay the Workers' Compensation Center a sum equal to your missed insurance premiums and a fine for negligence, which will amount to at most three times the sum of your insurance premiums. The Workers' Compensation Center will also charge your company for the compensation paid to your company’s employee to a maximum sum provided in legislation.
You must purchase an employees’ group life assurance for your employees, if the universally binding cooperative agreement for the sector your company is in requires this.
Purchase a group life assurance policy from the same insurance company from which you have purchased your company’s occupational accident and disease insurance policy.
The group life assurance premium will be based on the total sum of the salaries your company pays. The cost differs depending on the insurance company. A group life assurance premium is less than 0.1% of the total salaries your company has paid.
Pay the group life assurance premium to your insurance company at the same time as you pay your occupational accident and disease insurance.
Group life assurance is valid during both your employee’s working hours and spare time. If your employee, who is covered by your group life assurance policy dies, the Employees' Group Life Assurance Pool will pay compensation to the deceased person’s spouse and children.