What is YEL insurance and what benefits does it offer?

YEL (the Self-Employed Persons' Pensions Act) is the cornerstone of an entrepreneur's entire social security. It's not just a "pension contribution" - it directly affects the following benefits:

• Sickness allowance: The compensation paid by Kela is determined based on your YEL earned income.
• Parental allowances: Maternity, paternity, and parental allowances are calculated based on your earned income.
• Unemployment security: Eligibility for an entrepreneur's unemployment allowance requires a certain level of YEL earned income.
• Pension security: Accrues old-age pension and provides protection in case of incapacity for work.