- Country Guide
- Finland
Finland
Last Update by Luna, 09 Sep 2024
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Exchange Rate
18 Sep 2024
Cost of Living
Indicative value for a working adult in a city: Helsinki
Publicly available data (Numbeo, etc..), verified by Marco’s in-country staff
| Living Requirement | Indicative Amount (EUR) |
|---|---|
| McDonalds Set Meal | 10 |
| Monthly Train and Bus Tickets | 66 |
| 3 Bedrooms Rental (City Center) | 1,794 |
| 3 Bedrooms Rental (Outskirt) | 1,323 |
Current Inflation Rate
2.57%
Wage
Minimum Wages
- There is no national minimum wage - check collective agreement for rates
Median Salary
Estimated based on general positions such as HR, Accounting, Admin roles, in tier one cities.
| Job Level | Monthly Salary (EUR) |
|---|---|
|
Entry-Level
Fresh Graduate
|
3,000 |
|
Mid-Level
5 Years
|
4,000 |
|
Experienced & Managerial Level
10 Years
|
6,000 |
|
Specialized & Senior-Level
15 Years
|
7,000+ |
Annual Salary Growth
4.1%
Statutory Contribution
Country Level
| Type | Employer Rates | Employee Rates | Notes |
|---|---|---|---|
| State Pension (JuEL) | 27.22% | 7.15% | All staff aged 17-53 |
| Pension Insurance TyEL (Mandatory) | 24.81% | 7.15% | All staff aged 17-53 |
| Accident Insurance | 0.7% | - | All staff |
| Health Insurance | 1.53% |
1.52% 0.51% (of municipal tax)+ 1.01% -employees earning >16,499/ EUR/Year |
All staff |
| Unemployment Insurance | 0.82% | 0.79% | All staff aged 18-64 |
Other Benefit
Other common employment benefits in Finland include:
- Mobile Phone Allowance: 20 EUR per month
- Work from home allowance: Roughly 62 EUR per month
- Meal Allowance: Roughly 8 EUR per day
- 13th month salary payments are customary and paid before the employee’s holiday
Income Tax
Residents
-
Tax period: 1st January – 31st December
Filing start date: 2nd April
Country Level
| Taxable Income | Rate |
|---|---|
| up to 20,500 | 12.64% |
| 20,500-20,591.20 | 19% |
| 30,500-4,491.20 | 30.25% |
| 50,400-10,510.95 | 34% |
| 88,200-23,362.95 | 42% |
| 150,00-49,318.95+ | 44% |
Non-residents
- Flat rate of 35% on all income in Finland
Working Hours
Statutory
No statutory hours
8 hours a day, 5 days a week
Typical practice
40 Hours
Monday-Friday
Overtime
Must not exceed 138 hours over 4 months and 250 hours per year
- For the first 2 hours: 1.5 times the normal rate
- After the first 2 hours: 2 times the normal rate
- Weekend work: 2 times the normal rate
Employment Contract
Permanent
Contract Format
In writing electronically or printed, employers keep one and send another copy to staff
-
- Statement of terms and conditions : Given to staff within 7 days
- Other terms and conditions: given to staff 1month of the start date
Payroll Currency
EUR
Probation
6 months maximum
Contract Period
No minimum duration
Termination
-
Notice during probation:
- No notice -
Notice after probation:
- 1 year service: 14 days
- 1-4 years’ service: 1 month
- 4-8 years’ service: 2 months
- Over 12 years’ service: 6 months -
Severance:
- None due
Public Holiday
10 days
Country Level
| Date | Name |
|---|---|
| 01 Jan | New Year's Day |
| 06 Jan | Epiphany |
| 29 Mar | Good Friday |
| 31 Mar | Easter Sunday |
| 01 Apr | Easter Monday |
| 01 May | May day |
| 09 May | Feast of the Ascension of Jesus Christ |
| 21 Jun | Midsummer Eve |
| 22 Jun | Midsummer Day |
| 02 Nov | All Saints' Day |
| 06 Dec | Independence Day |
| 24 Dec | Christmas Eve |
| 25 Dec | Christmas Day |
| 26 Dec | Second Day of Christmas |
Leave
| Leave Type | Entitlement | Notes |
|---|---|---|
| Annual Leave | 4 weeks |
Staff with mor than 1 years' service Staff with over 3 years' service: additional 0.5 days allowance per month |
| Sick Leave | Up to 300 working days | All staff not regulated by collective agreements |
| Pregnancy Leave | 40 working days | All expectant mothers |
| Parental Leave |
320 working days shared between parents 160 days per parent |
All parents or guardians of a child |
| Childcare Leave | Up to 2 months | All staff looking after children under 3 years old |
Reference
- https://www.numbeo.com/cost-of-living/in/Helsinki
- https://www.vero.fi/en/individuals/tax-cards-and-tax-returns/tax_card/wage-earners/
- https://veritas.fi/en/employers/tyel-contributions/
- https://www.employmentfund.fi/press-releases/2023.08.31-the-level-of-unemployment-insurance-contributions-decreases-significantly
- https://www.vero.fi/en/individuals/tax-cards-and-tax-returns/arriving_in_finland/work_in_finland/health-insurance-contributions-collected-from-workers-who-arrive-in-finland/#:~:text=The%20daily%20allowance%20contribution%20of%20health%20insurance%20is,of%20the%20employee%E2%80%99s%20income%20taxable%20in%20municipal%20taxation.
- https://tem.fi/en/labour-legislation
- https://tem.fi/en/lay-offs-terminating
- https://tradingeconomics.com/finland/wage-growth#:~:text=Wages%20in%20Finland%20increased%203.60%20percent%20in%20the,the%20second%20quarter%20of%202020.%20source%3A%20Statistics%20Finland
- https://www.stat.fi/tup/suoluk/suoluk_palkat_en.html#Total%20earnings%20by%20employer%20sector
- https://www.etk.fi/en/finnish-pension-system/financing-and-investments/pension-contributions/
- https://valtioneuvosto.fi/-/10623/vuoden-2024-talousarvioesitys-nain-verotus-muuttuu
- https://www.suomi.fi/citizen/working-life-and-unemployment/rules-of-working-life/guide/termination-of-employment/period-of-notice
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Contact UsCountry Guide - Finland
Last updated: 09 Sep 2024
Exchange Rate
Currency (EUR)
- 1 CNY = 0.185 EUR
- 1 USD = 1.32 EUR
Other currencies can be retrieved via the country guide link above.
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Labor Cost Calculator
To know the total employer cost for hiring a staff with certain salary, please go to our main site: https://marcopayroll.com
Cost of Living
Indicative value for a working adult in a city: Helsinki
Publicly available data (Numbeo, etc..), verified by Marco’s in-country staff
| Living Requirement | Indicative Amount (EUR) |
|---|---|
| McDonalds Set Meal | 10 |
| Monthly Train and Bus Tickets | 66 |
| 3 Bedrooms Rental (City Center) | 1,794 |
| 3 Bedrooms Rental (Outskirt) | 1,323 |
Current Inflation Rate
2.57%
Wage
Minimum Wages
- There is no national minimum wage - check collective agreement for rates
Median Salary
Estimated based on general positions such as HR, Accounting, Admin roles, in tier one cities.
| Job Level | Monthly Salary (EUR) |
|---|---|
|
Entry-Level
Fresh Graduate
|
3,000 |
|
Mid-Level
5 Years
|
4,000 |
|
Experienced & Managerial Level
10 Years
|
6,000 |
|
Specialized & Senior-Level
15 Years
|
7,000+ |
Annual Salary Growth
4.1%
Statutory Contribution
Country Level
| Type | Employer Rates | Employee Rates | Notes |
|---|---|---|---|
| State Pension (JuEL) | 27.22% | 7.15% | All staff aged 17-53 |
| Pension Insurance TyEL (Mandatory) | 24.81% | 7.15% | All staff aged 17-53 |
| Accident Insurance | 0.7% | - | All staff |
| Health Insurance | 1.53% |
1.52% 0.51% (of municipal tax)+ 1.01% -employees earning >16,499/ EUR/Year |
All staff |
| Unemployment Insurance | 0.82% | 0.79% | All staff aged 18-64 |
Other Benefit
Other common employment benefits in Finland include:
- Mobile Phone Allowance: 20 EUR per month
- Work from home allowance: Roughly 62 EUR per month
- Meal Allowance: Roughly 8 EUR per day
- 13th month salary payments are customary and paid before the employee’s holiday
Income Tax
Residents
-
Tax period: 1st January – 31st December
Filing start date: 2nd April
Country Level
| Taxable Income | Rate |
|---|---|
| up to 20,500 | 12.64% |
| 20,500-20,591.20 | 19% |
| 30,500-4,491.20 | 30.25% |
| 50,400-10,510.95 | 34% |
| 88,200-23,362.95 | 42% |
| 150,00-49,318.95+ | 44% |
Non-residents
- Flat rate of 35% on all income in Finland
Working Hours
Statutory
No statutory hours
8 hours a day, 5 days a week
Typical practice
40 Hours
Monday-Friday
Overtime
Must not exceed 138 hours over 4 months and 250 hours per year
- For the first 2 hours: 1.5 times the normal rate
- After the first 2 hours: 2 times the normal rate
- Weekend work: 2 times the normal rate
Employment Contract
Fixed-Term
Used for temporary posts, work experience placement, project work, or peak demand and seasonal work
Probation
6 months maximum- probation cannot exceed half of any contract
Termination
-
Notice during probation:
- No notice -
Voluntary termination:
- Up to 5 year's service: 14 days
- Over 5 years' service: 1 month -
Involuntary termination:
- 1 year service: 14 days
- 1-4 years’ service: 1 month
- 4-8 years’ service: 2 months -
Severance:
- None due
Permanent
Probation
6 months maximum
Termination
-
Notice during probation:
- No notice -
Notice after probation:
- 1 year service: 14 days
- 1-4 years’ service: 1 month
- 4-8 years’ service: 2 months
- Over 12 years’ service: 6 months -
Severance:
- None due
Public Holiday
10 days
2024
| Date | Name |
|---|---|
2025
| Date | Name |
|---|---|
Leave
| Leave Type | Entitlement | Notes |
|---|---|---|
| Annual Leave | 4 weeks |
Staff with mor than 1 years' service Staff with over 3 years' service: additional 0.5 days allowance per month |
| Sick Leave | Up to 300 working days | All staff not regulated by collective agreements |
| Pregnancy Leave | 40 working days | All expectant mothers |
| Parental Leave |
320 working days shared between parents 160 days per parent |
All parents or guardians of a child |
| Childcare Leave | Up to 2 months | All staff looking after children under 3 years old |
Reference
- https://www.numbeo.com/cost-of-living/in/Helsinki
- https://www.vero.fi/en/individuals/tax-cards-and-tax-returns/tax_card/wage-earners/
- https://veritas.fi/en/employers/tyel-contributions/
- https://www.employmentfund.fi/press-releases/2023.08.31-the-level-of-unemployment-insurance-contributions-decreases-significantly
- https://www.vero.fi/en/individuals/tax-cards-and-tax-returns/arriving_in_finland/work_in_finland/health-insurance-contributions-collected-from-workers-who-arrive-in-finland/#:~:text=The%20daily%20allowance%20contribution%20of%20health%20insurance%20is,of%20the%20employee%E2%80%99s%20income%20taxable%20in%20municipal%20taxation.
- https://tem.fi/en/labour-legislation
- https://tem.fi/en/lay-offs-terminating
- https://tradingeconomics.com/finland/wage-growth#:~:text=Wages%20in%20Finland%20increased%203.60%20percent%20in%20the,the%20second%20quarter%20of%202020.%20source%3A%20Statistics%20Finland
- https://www.stat.fi/tup/suoluk/suoluk_palkat_en.html#Total%20earnings%20by%20employer%20sector
- https://www.etk.fi/en/finnish-pension-system/financing-and-investments/pension-contributions/
- https://valtioneuvosto.fi/-/10623/vuoden-2024-talousarvioesitys-nain-verotus-muuttuu
- https://www.suomi.fi/citizen/working-life-and-unemployment/rules-of-working-life/guide/termination-of-employment/period-of-notice
Contact Info
-
Singapore (Headquarters)
8 Marina Boulevard, MBFC Tower 1, #11-01, Singapore, 018981
+65 6653 4334 -
China (Headquarters)
79 Jianguo Road, China Central Place Tower 2, #09-52, Beijing, 100025
+86 10 6580 0555 -
China (Service Center)
23 Dagong Street, Eton Place Tower 2, Unit 1808, Dalian, 116001
-
United States
445 S Figueroa St, 31st Floor, Los Angeles, California, 90071
-
United Kingdom
71 - 75 Shelton Street, London, England GB
-
Netherlands
Vijzelstraat 68, 1017 HL, Amsterdam
-
Australia
Level 22, Salesforce Tower, 180 George Street, Sydney, NSW 2000