When you start a company, it may take months before your business operations generate any significant income. You can secure your income at the early stages of business activity; apply for a start-up grant before you go into business or, if you plan to become a farmer, apply for start-up support for young farmers.
Social Security Cover for Entrepreneurs
YEL or MYEL insurance forms the basis for an entrepreneur's social security. It secures you and your family in different life situations, or if your business operations are suspended for some reason. It will also provide you with security in your retirement.
The size of the YEL work income within your YEL insurance will determine the size of your social security and pension. Your YEL work income will form the basis of your
- unemployment security
- sickness allowance
- parental allowance and
- old age, disability, family and part-time pension.
YEL insurance is mandatory. You can find out more about YEL insurance and YEL work income in the section Statutory insurance.
Information on the sizes of different types of daily allowance, their payment and instructions on applying for them can be found on Kela's website (kela.fi).