Information about Finland Minimum wage and taxes.

Finland is a country that makes regulations to ensure a fair wage for employees. The minimum wage is determined every year by collective agreements between labor unions and employers. As of 2021, the minimum wage in Finland is set at

10.96 euros per hour. This means an income of approximately 1,700 euros when working monthly. The tax system in Finland is quite complex and tax rates vary depending on income. There are tax brackets depending on the level of income and tax rates are determined according to these brackets. The tax brackets and rates applied in Finland for 2021 are as follows: - Tax rate is 0% for earnings in the income bracket between 0% and 18% - Tax rate is

6.5% for earnings in the income bracket between 18% and 27% - Tax rate is 17.5% for earnings in the income bracket between 27% and 35% - Tax rate is 21.5% for earnings in the income bracket between 35% and 43% - Tax rate is 35% for earnings in the income bracket between 43% and 50% - Tax rate for earnings in the income bracket above 50% is 51.25% Additionally, social security contributions are also applied in Finland. These premiums are shared between the employer and the employee. Social security contributions are calculated as a percentage of the employee's gross salary. Since living costs are quite high in Finland, it can be difficult to get by on minimum wage. However, in general, working conditions and social security system in the country are quite good.