Lomapalkan

Lomapalkan is a Finnish term referring to holiday pay. It is a statutory benefit that employees in Finland are entitled to receive during their annual leave. The purpose of lomapalkan is to ensure that employees can enjoy their vacation without a significant reduction in their income.

The calculation of lomapalkan is governed by the Finnish Annual Leave Act. Generally, it is calculated based on the employee's regular salary earned during a qualifying period, typically the twelve months preceding the start of the holiday. Different methods exist for calculating holiday pay, depending on the employee's terms of employment and whether they are paid a fixed salary or an hourly wage. For salaried employees, the pay during the holiday is usually their regular salary. For those paid by the hour, it is often calculated as an average of their earnings over a specific period.

In addition to the regular pay during the holiday, employees may also be entitled to a holiday bonus, known as lomarahat. This bonus is an additional percentage of the salary earned during the qualifying period. The specific percentage is determined by collective agreements or individual employment contracts. Lomapalkan and lomarahat are designed to compensate employees for the loss of earnings during their time off work, promoting a healthy work-life balance and ensuring economic security for workers.