Finland

Basic country data

  • Population 60 and over (2018)
  • 1,557,691
  • % of total
  • 28.1%
  • Population 60 and over (2050)
  • 1,862,315
  • % of total
  • 33.6%
  • Does the country have a social pension?
  • Yes
  • Region
  • Europe & Central Asia
  • Income group
  • High income
(Old Age Pensions total) [GDP (current prices, national currency) (billions)] => 209.149 [GDP data IMF WEO edition and year of data] => October 2016 (2015) [Cost notes] => [Year (Cost - background)] => 2015 [Population over 60 - absolute - now] => 1557691 [Population over 60 (% of total) - now] => 28.10 [Population over 60 - absolute - 2050] => 1862315 [Population over 60 (% of total) - 2050] => 33.60 [Country (basic data) ] => [Region (classification) ] => Europe & Central Asia [Income (class) ] => High income [Recipients male] => 524122 [Recipients female] => 685523 [% coverage male (% over eligibility age)] => 118.19777 [% coverage female (% over eligibility age)] => 115.14099 [Female population over eligibility age] => 595377 [Male population over eligibility age] => 443428 [Note gender disagregation] => World Population Prospects: The 2015 Revision (data for 2013) [Gender cov REF] => [Gender cov LINK] => [Payment mechanism] => Bank Transfer [Additional resources ] => [Additional notes] => [Social pension] => [SP COV_YEAR] => [SP COV_REF] => [SP COV_LINK] => [Contributory and social pension] => [Contributory pension] => [C COV_YEAR] => [C COV_REF] => [C COV_LINK] => [No pension] => [All pensions (for text)] => [All pensions (for chart)] => [Double counting issue?] => [Notes] => [Contributory pension type] => [C PEN TYPE_YEAR] => [C PEN TYPE_REF] => [C PEN TYPE_LINK] => [_index_] => [_seq] => 1 ) , 1, 1) -->

Data on social pensions

Kansanelake (Old Age Pension)

Basic scheme information

Data on social pensions

  • Name of pension or programme
  • Kansanelake (Old Age Pension)
  • Year first social pension introduced
  • 1937
  • Administrative Organisation
  • Social Insurance Institution
  • Legislative Underpinning
  • National Pensions Act, 1956

Eligibility criteria

Adequacy

  • Monthly benefit (local currency)
  • 636.63 Euros
  • US$
  • 686
  • % of GDP per capita
  • 20.2%
  • $ PPP
  • 689.7
  • % of $1.90 poverty line (PPP)
  • 1,193%
  • Local amount detailed/other benefits
  • The maximum transfer amount is 636.63 Euros a month for individuals. For married or cohabitating couples it is 564.69 Euros a month. Income test: The benefit is reduced to 50% of the difference between other pension income and €56.20 a month; the pension is not paid if other pension income exceeds €1,315.88 or €1,172,05 a month, according to marital status. The amount is also adjusted for the length of the period of residence in Finland, with the full amount paid if the insured resided in Finland 80% of the time after attaining age 16 up to the date the pension was first paid or the insured reaches age 65. Recipients of the pension may also be entitled to an increase for children if they have children under the age of 16 years.

2015

Kelasto Statistical Database (Number of recipients and amount of benefit)

Coverage

2015

Kelasto Statistical Database (Pension benefits paid out)

Cost

Resources on the pension in Finland

Social pensions database

Explore the Social pensions database

Calculator

Calculate the cost of a universal pension in your country