Finland is a quite small country in Europe with an estimated population of 5.5 million. Its per capita income is among the highest in Western Europe, and it’s almost equivalent to that of Sweden and The Netherlands. International trade represents about 33% of Finland’s gross domestic product. Among the country’s exports are wood, chemicals, machinery, electronics, transport equipment and metals. Finland’s economy is solid at the moment. However, its aging populace is of extraordinary concern for the long-haul as it undermines efficiency and intensity. For this reason, people are working for longer and more expats are joining the Finland’s labour force. The unemployment rate in Finland is 6.7% as of September 2019.
What is the average salary in Finland in 2020? The average salary in Finland is €56,733 per year, €4,728 per month or €27 per hour as of 2019. Helsinki, the capital of Finland, has the highest average salary in the whole country at €56,733 yearly, or €4,728 monthly.
Finland is a social welfare country and the help it gives its significant. For instance, if a foreigner is working in Finland and is planning on staying, he or she is qualified for integration services. From giving guidance, language classes, to helping with job search, the integration services intend to make transitioning to Finnish life easier. Many people work in the service sector, which includes trade, education, social services, health, hotel services and transport. Some of the largest organizations in Finland include Nokia, Itella Corporation, Kesko Corporation and UPM.
- Do you want to move to Finland?
- Perhaps you want to know, what is the average salary in Finland?
- How much is the household income?
- What’s the minimum wage?
- What is Finland’s Cost of living?
Here, I aim to provide answers to such questions. Read on for more information.
Average Salary in Finland
The biggest single employer in Finland is Helsinki, which makes the public sector a huge employer too. People who work in the country’s capital city public sector have employment in health care, education, transport, maintenance and social services. It’s a good idea for foreigners looking to work in Finland to research on the industries with the highest labour shortages. The sectors which are usually in demand for workers include administrative and support services, hospitality and technical skills.
Additionally, small and medium-sized organisations have been in the recent past making new work contracts for expatriates. Self-Employment is a viable option for those with entrepreneurial minds, as the country actively encourages innovative thoughts.
While a huge portion of Finn’s speaks English very well, having knowledge of Finnish or Swedish is very useful. Moreover, the Finns typically speak out, which is not considered impolite in Finland work life. For instance, if a worker doesn’t have enough time to finish a work they can say so to their supervisor. Also, at meetings, the normal procedure for speakers is to get straight to the point after the usual greetings.
Salaries in Finland are generally good, with yearly salaries ranging between €7,679 and €259,222. The median salary stands at €54,564 per annum. The following list is a breakdown of average annual salaries of some of the occupations in Finland:
- Sales Representative: €36,356
- Project Manager: €64,340
- Customer Service and Call Centre Specialist: €49,705
- Teacher: €42,815
- Doctor: €131,509
- Nurse: €42,761
- Programmer/ Web Developer: €48,178
- Accountant: €36,983
- Technology Business Analyst: €56,043
- Software Engineer: €43,697
- Web Designer: €58,688
- Waiter/Waitress: €32,449
- Architect: €50,490
- Mechanical Engineer: €53,101
- Chemical engineer: €72,962
- Civil Engineer: €51,129
- Human Resources Manager: €73,013
- Hotel Manager: €81,698
- Receptionist: €38,731
- Chef: €45,229
Work-life balance is a pertinent topic in Finland. Weekly working hours in the country do not differ much from the European Union average. Finland’s standard working hours are 8 hours per day, which add up to 40 hours weekly. Business hours are, in general, from 8:00 am to 4:15 pm, but banks usually stay open till 4:30 pm.
The country’s options for a family are many. Every child below school age has a right to municipal daycare. The income level of a family influences the daycare fees. All in all, the possibility to have children taken care of offers workers a better work-life balance. That’s because they can have a family and manage their overall work life.
Finland Average Household Income
The average household income per capita in Finland stood at $25,241.665 in December 2017. That was higher than the December 2016 value of $24,022.891. The data is updated annually and is available from December 1997 to 2017. Finland’s yearly household income per capita data reached a record high of $29,134.238 in December 2011 and an all-time low of $13,711.605 in December 1993.
Minimum wage in Finland
Are you an expat thinking about relocating to Finland for work? You may be interested in knowing what the minimum wage is.
Most nations in the globe have a set amount of money for the minimum wage. However, the system is somewhat different for Nordic countries. That’s the case for Finland too. The country doesn’t have any laws on minimum wage. But, the pay is regulated by industry-specific contracts. For sectors without collective agreements, employers and employees agree to the labour compensation between themselves.
Finland’s minimum wage is monitored by the Collective Agreement Act. The act doesn’t define a specific Euro amount for the minimum wage. But, it sets some conditions; the pay should be reasonable and normal. Additionally, the act includes regulations on working hours and yearly holidays.
Average Salary in Helsinki
The average salary in Helsinki ranges between €8,199 and€268,241 per annum or €683 and €22,353 per month. Here, is a list of some of the popular occupations in Helsinki and their respective annual salaries:
- Accountant: €39,061
- Architect: €56,620
- attorney: €87,066
- Administrative Assistant: €31,799
- Cashier: €34,340
- Chief Executive Officer: €140,063
- Chief Financial Officer: €118,610
- Biomedical Engineer: €49,803
- Civil Engineer: €51,757
- Electrical Engineer: €57,768
- Mechanical Engineer: €51,582
- Teacher: €47,554
- Pharmacist: €70,842
- Dentist: €140,000
- Programmer: €53,521
- Computer Technician: €43,801
- General Manager: €100,117
- Project Manager: €65,372
- Sales Representative: €38,041
- Waiter/Waitress: €35,333
Helsinki is well known for its exceptionally high quality of life. It has an extraordinary contemporary modern transportation system, excellent infrastructure and high-level of social trust. In Helsinki, everything just works. Hence it is an attractive location to seek employment. Most major Finnish firms have long since incorporated English as an official working language. The market for skilled workers provides high potential, especially in the sciences. Gender equality is highly emphasised.
It’s also worth mentioning that, Helsinki is one of the safest cities in the world to live and work in. The Finnish capital has a well-functioning democracy, stable economy, and no risk of national disasters. In fact, Finland is among the few nations where lost wallets or phones are usually returned to their rightful owners. Citizens feel safe strolling in the city parks or using public transportation regardless of the time.
Cost of living in Finland in US Dollars
The cost of living in Finland is relatively high, but it is comparable to the European average. However, accommodation costs and other living expenses are lower in Eastern Finland than in the Helsinki metropolitan area.
When applying for a residence permit, non-EU/EEA citizens must have a minimum of $1,108.13 monthly or $13,296 yearly at their disposal. The required amount is $775.6 per month or $9,307.20 per year for an accompanying spouse. For a first child, the sum is $554 a month or $664.80 a year, and for a second child it’s $443.20 monthly or $5,318.40 annually.
In terms of accommodation, the monthly rent for a 1-bed apartment is $818.99 in the city centre or $639.17 elsewhere. Additionally, a 3-bed apartment costs $1,247.55 in the city centre or $1,037.53 in the outskirts. When it comes to buying property, the price per square feet is $468.06 for a city apartment or $284.25 outside the city. It is possible to access credit for a home loan from any of Finland’s mortgage lending companies and credit institutions. The mortgage interest rate is around 1.5% per year for a 20-year plan.
Due to the high property prices in Finland, it’s worthwhile to buy a home insurance policy that protects a dwelling from damage. In a 915 square foot apartment, electricity, heating/cooling, water and garbage collection cost about $108.97 per month.
In Finland, everybody including certain foreign nationals has a right to access health care through the National Health Insurance System. Only about 3% of the medical care system is involved in the private sector. Finland finances its public health care system using taxes. However, the system is prone to underfunding, so patients regularly find themselves having to pay a relatively small fee for health care. For instance, a doctor’s visit could come with a charge of $22.16.
Finland offers an efficient public transport system. A one-way ticket is $3.32, a monthly pass is $60.84 and the taxi starting charge is $6.64. Moreover, 1 gallon of gasoline is $6.42
Food expenses vary from one city to the next. Here is a list of some of the food prices in Finland:
- 1 gallon of regular milk: $3.86
- A loaf of white bread: $1.86
- 1 lb. of white rice: $0.90
- A dozen eggs: $2.05
- 1 lb. of chicken breast: $4.69
- 1 lb. of bananas: $0.78
- 1 lb. of potatoes: $0.44
- 1 head of lettuce: $1.93
- 0.5 litres of domestic beer: $2.41
- 12 oz. of imported beer: $2.89
In terms of recreation, the monthly fee for one adult in a Finnish fitness club $40.26. Renting a tennis court for 1 hour in a weekend is $24.19 and booking one seat at a cinema for an international release is $14.38.
For those with young children, the monthly fee for a full day, private pre-school or kindergarten is $317.83. And, enrolling a child in an international primary school comes with a fee of $2,562.81.