Finland

Last Update by Katie, 30 May 2024

You must log in to be able to download this document

Exchange Rate

13 Jun 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

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

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
Maternity Leave 105 working days Expectant mothers
Paternity Leave 54 working days Parents of children
Parental Leave 158 working days Parents or guardians of a child
Shared Parental Leave 63 working days (can be transferred) The child’s other parent
Childcare Leave Variable (contract specific) Looking after a child that is ill
Sick Leave 4 weeks Staff with 3 years 'service

Reference

Ready To Expand in Finland?

Have any questions? We’d love to hear from you

Contact Us