Lomakorvauksen

Lomakorvaus is a Finnish term referring to holiday pay compensation. It is a financial benefit provided to employees in Finland who are entitled to paid annual leave. When an employee has not been able to take their full annual leave due to termination of employment or other valid reasons, they are entitled to receive compensation for the unused holiday days. This compensation is typically calculated based on the employee's regular salary.

The calculation of lomakorvaus is governed by Finnish employment law, specifically the Annual Holidays Act. The amount is generally determined by multiplying the employee's hourly wage by the number of holiday hours not taken and then multiplying that by a holiday bonus percentage. This bonus is typically 9% of the annual salary for employees with less than 15 years of service and 12% for those with 15 years or more.

Lomakorvaus serves as a way to ensure that employees are not financially disadvantaged by their inability to take their earned holidays. It is a distinct payment from the regular salary and is often paid out at the end of employment or in conjunction with the final salary payment. The specific details and calculation methods can vary slightly depending on the collective agreement applicable to the employee's industry or workplace.