Average Salary in Finland in 2024 - Outsourcing, Comparison

With its well-developed economic system and high living standards, Finland makes an attractive choice for job hunters worldwide. According to the Finance Ministry estimates Finland’s economy is expected to witness positive GDP growth in 2024. It will touch 0.7% this year, while it may increase to 2% in 2025 and 1.6% in 2026. Employment rates are also expected to increase by around 1% between 2025 and 2026. If you want to study abroad in Finland and build a future career there, knowing more about the average salary in Finland is essential.

Don't worry, this article will help you understand and provide all your answers regarding Finland's average salary, as well as insights into factors influencing salaries and the cost of living.

Overview of Job Market in Finland 

Finland's job market is as diverse as it is dynamic, reflecting its strong economic pillars across various sectors. Key sectors include commerce, transportation, hospitality, education, health and social services, among others. The trend indicates that employment opportunities in these service industries are expected to grow further in the coming years. The unecmployment rate is anticipated to drop to 5.9% in 2024, which means higher job creation. Helsinki is the top employment destination in Finland, with the public sector being the primary employment sector for both locals and immigrants. 

Factors Influencing Salary in Finland

Several key factors influence the salary levels in Finland, each varying in impact across different sectors and job roles:

Industry Demand: Sectors with higher demand for skilled workers, such as technology and healthcare, typically offer higher salaries than others like hospitality or retail.

Job Role: Specialized roles and positions requiring high expertise and responsibility, such as senior management positions or specialized medical staff, command higher salaries.

Qualifications and Experience: Higher educational qualifications and extensive professional experience can significantly boost an individual's salary potential. Finland places a high value on continuous learning and expert proficiency.

Employer Size: Larger corporations often have the resources to offer higher salaries and better benefits than smaller companies.

Economic Conditions: The overall health of Finland’s economy influences salary ranges. Economic downturns can lead to wage stagnation, whereas economic booms could result in wage growth.

Market Trends: Global and local market trends can also impact salaries. There were 54,500 job vacancies in 2023, which naturally indicates higher prospects for employment.

Government Regulations: Finnish labor laws and tax policies can also influence salary negotiations and structures. The government’s active role in ensuring fair wages and working conditions helps maintain a balanced and equitable job market. There is no statutory minimum wage in Finland, although coverage of collective agreements extends to around 90% of workers. 

Average Salary Range by Industry 

Here are the figures for the average salary in Finland for various industries. 

Average Salary Range by Job Role

Here are some average salaries based on job roles in Finland.

Salary Comparison with Cost of Living 

Here is a closer look at the average cost of living in Finland.

The average income required for a single individual is €922 per month without rentals, while it stands at €3,360 per month for a family of four. This means the average income required for one person will be around €1,500-2,500 per month after accounting for accommodation. In comparison, the average salary in Finland (net after taxes) is €2,625.83 per month. 

Conclusion 

If you are planning to study abroad in Finland and then grow your career in the country, then knowing more about the average salaries in your industry and for your job position is vital. This will help you negotiate better with potential employers and understand how your qualifications will be valued in the job market. Here’s to enjoying a smooth, professional journey ahead in Finland.