Finland Compensation & BenefitsReading Time: 2 minutes
If you want to stay ahead of the competition when expanding your company to Finland, you’ll need a compensation and benefits plan that attracts exactly the kind of employees you need. But at the same time, you’ll still need to meet all Finland compensation laws and stay within any restrictions for compensation and benefits. Plus, you’ll have to do all this while growing your business and hiring the right employees.
You don’t have to do it all alone. Globalization Partners can help by hiring employees on your behalf, handling Finland benefit management, and taking on the liability.
Finland Compensation Laws
Finland compensation laws don’t dictate a minimum wage, but collective agreements may specify minimum salary requirements for specific sectors. If an employee works over their limit, they are entitled to overtime of 50% for the first two hours and 100% for any hours over that. However, you can agree to exchange overtime wages for more time off.
Employee bonuses are not mandated, but they are common. For example, a collective bargaining agreement may include a provision for a holiday bonus of around 50% of the pay for that annual holiday. Employers can pay this bonus to employees before or after the holiday.
When you map out your Finland benefit management strategy, you must look at both statutory and supplemental benefits. Guaranteed benefits in Finland include annual leave that employees accrue over the time they work for the company. Employees typically earn two days of vacation per each month they work. However, a collective bargaining agreement could outline longer vacation periods.
Employees in Finland get health insurance through the country’s social security plan called the Social Insurance Institution. Maternity leave is 105 days while paternity leave is up to 54 working days.
Finland Benefit Management
Another portion of Finland benefit management involves choosing what additional benefits you will offer to bring in top talent. Employees are already insured for employment-based benefits such as earnings-related pension, vocational rehabilitation, and more. The law also requires employers to give their workers occupational health care services.
Sourcing the best benefits can be difficult, especially when you aren’t entirely familiar with Finland’s employment laws. Instead, you can work with Globalization Partners for your Finland benefit management program. We make sure every employee gets statutory benefits as well as additional options. As the Employer of Record, we take the liability off your shoulders and put it on ours.
Restrictions for Benefits and Compensation
Collective bargaining agreements outline the majority of Finland’s benefits and compensation restrictions. When you draft an employment contract, you’ll have to meet or exceed the requirements set in your employee’s agreement.
Work With Globalization Partners
Finland compensation outsourcing is an excellent option for companies who lack the time or resources to learn every part of Finland’s compensation and benefits laws. As a global PEO, Globalization Partners will help you expand to Finland without the hassle. Contact us today to learn more.