Eläke

Eläke, or pension, is a financial benefit provided to individuals after they retire from work. It ensures a steady income based on their earnings and years of service. In Finland, the pension system combines earnings-based contributions, compulsory insurance, and private savings, allowing retirees to maintain their standard of living. Contributions are made during working years, and the amount received upon retirement depends on factors like salary history and the duration of employment. Overall, eläke helps support individuals financially once they stop working, promoting financial security and independence in later life.