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Finland Issues Release on Pension Insurance Contributions Rates for 2022 — Orbitax Tax News & Alerts

The Finnish Ministry of Social Affairs and Health has issued a release on the earnings-related pension insurance contributions for 2022, including an average total contribution of 24.85% of salary. The release provides that the employee contribution rates are 7.15% for those under the age of 53 and 8.65% for those aged 53 to 65, which are the same as 2021. Employer contributions, however, are increased by 0.45% with an average contribution rate of 17.40%. The 0.45% increase is the first installment to compensate for the temporary 2.6% employer contribution reduction provided in 2020. Due to various factors, the actual contribution rate for a particular employer may vary from the average rate. Lastly, the release also provides that the contribution rate for self-employed persons is 24.10% for those under the age of 53 and 25.60% for those aged 53 to 65, which are the same as 2021.