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Retirement

VMware complies with the statutory pension insurance requirements in Finland (“TyEL”). The TyEL scheme is supervised by the Finnish Centre for Pensions.

Eligibility

VMware is required to provide an earnings-related pension insurance for its employees working in Finland regardless of Nationality. Exceptions:

• Employees posted from EU/EEA country, from Switzerland, or from a country with which Finland has concluded a social security arrangement.
• Employees posted to work in Finland from a country with which Finland has not a social security agreement.

TyEL applies to all employees aged 17-68 years and whose earnings exceed EUR 61,37 per month (2021)

Pensionable earnings = gross earnings (basic salary, bonus, taxable fringe benefits)

Contributions

The basic employer percentage is confirmed annually by the Ministry for Social Affairs and Health. The employer does not pay the entire percentage, employees pay a share of this contribution based upon age bracket:

17-52 years = 7.15%

53-62 years = 8.65%

62 years+ = 7.15%

When Coverage Begins

You will be automatically enrolled into the statutory pension insurance from your first date of employment.

Coverage will begin on your first day of active work as a VMware employee.

When Coverage Ends

Coverage will end on the last day of your employment with VMware.