If you are elderly and unemployed, you receive your income from the unemployment security scheme. You can receive the unemployment allowance either as a basic or an earnings-related allowance.
Additional days of unemployment allowance
If you are elderly and have been unemployed for more than 500 days, you may be granted additional days of the unemployment allowance until you will retire on an old-age pension.
In order to be eligible for the additional days, you must worked for at least 5 years during the last 20 years. In addition, you must be of a certain age before the 500 days of unemployment allowance are up:
- if you were born between 1955 and 1956, you have to be 60;
- if you were born in 1957-1960, you have to be 61; and
- if you were born in 1961 or later, you have to be 62.
You can receive the unemployment allowance until the end of the month in which you turn 65 years. If you are self-employed, you do not have the right to additional days of the unemployment allowance.
The unemployment allowance, including the additional days of the allowance, is paid out either by an unemployment fund (earnings-related daily allowance) or Kela (basic daily allowance). For more information on the unemployment allowance, contact your own unemployment fund, the Federation of Unemployment Funds in Finland or Kela.
The additional days of the unemployment allowance is also known as the unemployment path to retirement.
Retiring on old-age pension from unemployment
If you are unemployed, you can retire on the old-age pension when you reach the retirement age of your age group. You can choose to retire on the old-age pension immediately or continue drawing the unemployment allowance until you turn 65 years.