*Saturday **Sunday Holiday policy: When holidays fall on Saturday, Federal Reserve Banks and branches will be open the preceding Friday. For holidays falling on Sunday, all Federal Reserve offices will be closed the following Monday.
This is it folks. The definitive guide to UK bank holidays . What they are, why we have them, the history of bank holidays etc. etc.. The whole kit and caboodle.
The definition of a bank holiday is “a weekday on which banks are closed by law; legal holiday”.
The term is used in the UK, its former territories, and a small handful of other European countries, and while both ‘bank holiday’ and ‘public holiday’ can both be days off and used interchangeably there is a technical difference: a ‘bank holiday’ is derived from statute law and a ‘public holiday’ is derived from common law.
To you, me and the next man though there’s no difference. Whichever term is used may only really matter in academia and perhaps the banking and legal professions.
However, before we begin, an important point needs to be made: that of whether you can take a day off work, or not. This depends on your contract with your employer. It is not an automatic right. Find out if you can take a day off on a bank holiday .
In the UK ‘bank’ or ‘public’ holidays have become a highlight of the calendar year evolving over centuries of cultural and political change, and a combination of tradition, religion, days of historic significance, legislation, and a more practical approach to work and life.
Some holidays may seem obvious: Easter and Christmas for example are important (pre-)Christian festivals. Others may seem a little more esoteric and you may wonder why we have an Early May or late August Bank Holiday , but no public holidays in England and Wales on the patron saint’s days ?
Well, read on …
In the days of yore when Britain was largely an agricultural economy and less urbanised life revolved very much around the family, village, farm, and seasons. People celebrated the natural cycle of life such as the end of winter, the coming of summer, the summer solstice, and harvests. They prayed for a bounteous crop and were genuinely thankful when it happened.
Livelihoods depended on the seasons and the prospect of a poor harvest, flood, long winter, or wet summer was potentially disastrous. As such the arrival and passing of these important times of year were significant dates in the agricultural calendar and people’s lives, and festivals became a customary way to mark them. As such many northern European countries share similar traditions and festivals at similar times of year.
Many traditions are in fact pagan or pre-Christian in origin but as Christianity spread throughout the kingdom it wasn’t long before new, religious festivals began to merge with existing traditional festivals, or develop anew around the Christian calendar.
Work was hard in the early nineteenth century – really hard – usually manual whether in a factory, mill or on the land, and people worked long hours. But they did take holidays – not quite in the same fashion we do today (two weeks holiday would have been unheard of, and foreign holidays were reserved only for the wealthy) but they tended to be religious, seasonal and often localised, and spread throughout the year.
Pretty much the only nationwide days off people had were Sundays, Good Friday and Christmas Day.
In fact the word ‘holiday’ itself derives from it being a holy day. As the Online Etymology Dictionary defines it a holiday is:
1500s, earlier haliday (c. 1200), from Old English haligdæg “holy day, consecrated day, religious anniversary; Sabbath,” from halig “holy” (see holy ) +dæg “day” (see day ); in 14c. meaning both “religious festival” and “day of exemption from labor and recreation,” but pronunciation and sense diverged 16c.
According to Wikipedia and Wikisource by 1834 the Bank of England observed around 33 saints’ days and religious festivals as holidays, but reduced these to just four in 1834: 1 May (May Day), 1 November (All Saints Day), Good Friday, and Christmas Day. Similarly the Encyclopaedia Britannica states that “Before 1830 the Bank of England closed on approximately 40 saints’ days and anniversaries, but that year the number was reduced to 18 days.”
Given the casual approach to research most other sources have adopted the inference here is that the rest of the country also followed suit and took time off at the same time as the Bank of England. There is little evidence to support this though, as H. Cunningham points out below, as these holidays were confined to the Bank and not explicitly stated to refer to the general population as well.
In The Cambridge Social History of Britain, 1750-1950 , H. Cunningham says “There may have been a reduction in holiday time in the early nineteenth century, though the evidence on which this is based is confined to the Bank of England which closed on 44 days in 1808 and on only four in 1834. By 1845, however, the trend had been reversed and Bank workers were getting six to eighteen days’ annual leave …”
Whether the general populace also had a holiday at the same time is unclear as official legislation on nationwide holidays wouldn’t exist for another 37 years until the passing of the Bank Holidays Act 1871.
In addition, with such a yo-yoing in the number of holidays the Bank took, it seems quite plausible that it would be difficult for businesses across the country to follow suit.
H. Cunningham continues: “Regional variations were of crucial importance in the evolution of holiday habits. In most parts of the country holidays had always been considered as particular days rather than as a stretch of days. Such holidays were the most vulnerable; they could be picked off one by one, especially in areas where labour organisation was weak …”
It wasn’t until 1871 that ‘bank holidays’ for the whole country were officially recognised in law as a nationwide holiday as you’ll see below.
Bank holidays only came into existence in 1871 when the banker-turned-politician Sir John Lubbock, the first Lord Avebury, introduced the Bank Holidays Act.
According to Horace G. Hutchinson in the Life of Sir John Lubbock, Lord Avebury, Volume 1 , his political aims were threefold:
So popular was he, as Hutchinson continues, that the Daily Telegraph suggested naming the August holiday “St. Lubbock’s Day”. Bell’s Life exclaimed “A Statute Holiday! A holiday by Act of Parliament!”
The News of the World was head over heels about him: “Blessings on the head of Sir John Lubbock, who invented a decent excuse for holidays to Englishmen. We never wished for a revival of Saint’s days, but we certainly did wish that some great inventive genius could discover a reason why the people should not work all the year round, Sundays, Good Fridays, and Christmas days excepted … Sir John has shown of himself to be an inventor of the highest order, and his great reputation as a man of science has been enhanced by the invention of Bank Holidays.”
As for why they might be called ‘bank holidays’ Doug Pyper explains in the House of Commons’ Briefing Paper, December 2015, on Bank and Public Holidays : “while most employers were able to give their workers days off on “public” holidays, it was difficult for banks to do so because the holders of bills of exchange had the power to require payment on those days”.
Quoting the Parliamentary Debates, 3rd Series, Vol. 206, 4 May 1871, he continues:
“The question of holidays was generally left to be settled between employers and employed, and it was very easy for most employers who desired it, to give their men a holiday at a small pecuniary sacrifice to themselves; but that was impossible in the case of banks so long as the holders of bills of exchange and promissory notes had power to require payment on those days. In order to avoid bankruptcy it was necessary that banks should be kept open on those days, and thus the clerks could not have holidays on – such occasions. He believed a feeling was generally growing that work in England was quite hard enough, and that additional holidays would not be unwelcome to those to whom they were given, nor unpopular with the general community.”
When legislation was drawn up an important part included that “no person was compelled to make any payment or to do any act upon a bank holiday which he would not be compelled to do or make on Christmas Day or Good Friday, and the making of a payment or the doing of an act on the following day was equivalent to doing it on the holiday.” This basically meant that everyone was entitled to time off.
The bank holidays introduced were:
England, Wales & Ireland | Scotland |
---|---|
New Year’s Day* | |
Easter Monday | Good Friday |
Whit Monday | First Monday in May |
First Monday in August | First Monday in August |
Boxing Day/St. Stephen’s Day | Christmas Day* |
* If Christmas Day and New Year’s Day fall on a Sunday, the following Monday is the bank holiday
An Act of 1875 later proclaimed 27 December to be a holiday in England, Wales and Ireland when 26 December falls on a Sunday, i.e. the first weekday after Christmas, Boxing Day.
To quote Wikipedia “The Act did not include Good Friday and Christmas Day as bank holidays in England, Wales, or Ireland because they were already recognised as common law holidays: they had been customary holidays since before records began.”
Later on in 1903 the Bank Holiday (Ireland) Act added 17 March, Saint Patrick’s Day, as a bank holiday for Ireland only. It’s included here as Ireland was then part of the UK and Northern Ireland retained the holiday after Irish independence.
Commencing in 1965, stemming from a White Paper on Staggered Holidays, and on an experimental basis, the government proposed to change the Whit May bank holiday and August bank holiday upon “a general desire that everything possible should be done to alleviate the growing congestion at the peak of the holiday season.”
“Our further consultations have confirmed the view that a fixed Spring Bank Holiday and a later August Bank Holiday could make a worthwhile contribution to the extension of the holiday season and to the avoidance of congestion for holidaymakers at peak holiday times. The Government have, therefore, decided, after full consultation with the interests concerned, that the August Bank Holiday for the next two years, 1965 and 1966, should be on the last Monday in August. The Government would have wished to combine this experiment of moving the August Bank Holiday to the end of the month with a fixed spring holiday on the last Monday in May, 1965 and 1966, to replace the present Whit Monday Bank Holiday. This is not possible in 1965 because of the arrangements which have already been made for school examinations. These cannot now be changed without serious inconvenience. In 1966 the Whit Monday Bank Holiday will in any case fall on the last Monday in May.”
Upon the success of the trial the next official overhaul came in 1971 with a revision to the 1871 Act.
The new 1971 Banking and Financial Dealings Act was incorporated therefore and moved the August Bank Holiday from the first Monday to the last, and the Whitsun holiday to the last Monday in May.
Further revisions included New Year’s Day being proclaimed a bank holiday in England, Wales and Northern Ireland in 1974, the first Monday in May (excl. Scotland) in 1978, and the final Monday of May (Scotland) were designated as bank holidays.
In January 2007, the St. Andrew’s Day Bank Holiday (Scotland) Act 2007 was given royal assent, making 30 November (or the nearest Monday if a weekend) a bank holiday in Scotland but banks and other organisations are not compelled to take it.
The 1971 Act also gives Her Majesty the power to appoint additional days as bank holidays by Royal Proclamation. This basically means if a bank holiday falls on a weekend she legislates for the following Monday to be the bank holiday instead (if not already stated in law).
There are a few instances when holidays were added or subtracted such as the Queen’s Silver Jubilee in 1977 but the definitive list of bank holidays is below.
By 1978 the land lay as follows with eight holidays a year in England and Wales, nine in Scotland and ten in Northern Ireland:
England & Wales | Scotland | N. Ireland |
---|---|---|
New Year’s Day (2) | New Year’s Day (1) | New Year’s Day (2) |
2 January (1) | ||
St. Patrick’s Day, 17 March (4) | ||
Good Friday (3) | Good Friday (1) | Good Friday (3) |
Easter Monday (1) | Easter Monday (1) | |
First Monday in May (2) | First Monday in May (2) | First Monday in May (2) |
Last Monday in May (1) | Last Monday in May (1) | Last Monday in May (1) |
Battle of the Boyne, Orangemen’s Day, 12 July | ||
First Monday in August (1) | ||
Last Monday in August (1) | Last Monday in August (1) | |
St Andrew’s Day, 30 November (1) | ||
Christmas Day (3) | Christmas Day (1) | Christmas Day (3) |
Boxing Day (1) | Boxing Day (1) | Boxing Day (1) |
1) Banking and Financial Dealings Act 1971
2) Royal Proclamation under 1971 Act
3) Common law public holiday
4) Proclaimed by Secretary of State for Northern Ireland
1933 bank holiday.
Have a question? Need assistance? Use our online form to ask a librarian for help.
Authors: Ellen Terrell, Business Librarian, Science & Business Reading Room
Created: February 2023
Updated: February 2024
The United States was in the grip of what is now called the Great Depression that began in 1929. People were out of work and scared about the economy. Belief in Wall Street and the country's banking system was shaken and the banking system was buckling under the pressure. For three years, hundreds of banks failed and other issues were appearing that were straining the system further. Franklin D. Roosevelt was inaugurated on March 4, 1933 and got right to work.
Less than 48 hours into his presidency, he issued Proclamation 2039 which suspended all banking activity. It said in part:
Now, Therefore I, Franklin D. Roosevelt, President of the United States of America, in view of such national emergency and by virtue of the authority vested in me by said Act and in order to prevent the export, hoarding, or earmarking of gold or silver coin or bullion or currency, do hereby proclaim, order, direct and declare that from Monday, the Sixth day of March, to Thursday, the Ninth day of March, Nineteen Hundred and Thirty-three, both dates inclusive, there shall be maintained and observed by all banking institutions and all branches thereof located in the United States of America, including the territories and insular possessions, a bank holiday, and that during said period all banking transactions shall be suspended. During such holiday, excepting as hereinafter provided, no such banking institution or branch shall pay out, export, earmark, or permit the withdrawal or transfer in any manner or by any device whatsoever, of any gold or silver coin or bullion or currency or take any other action which might facilitate the hoarding thereof; nor shall any such banking institution or branch pay out deposits, make loans or discounts, deal in foreign exchange, transfer credits from the United States to any place abroad, or transact any other banking business whatsoever. 1
This meant for days, there were no withdrawals, transfers, or deposits.
On March 9th, another Proclamation was issued continuing the closure. That one day extension wasn't wasted—the Emergency Banking Act or the Emergency Banking Relief Act ( Public Law 73-1, 48 Stat. 1 ) was passed on March 9, 1933, in an attempt to stabilize the banking system. Once the legislation was passed, the President issued Executive Order 6073 on March 10, 1933:
The Secretary of the Treasury is authorized and empowered under such regulations as he may prescribe to permit any member bank of the Federal Reserve System and any other banking institution organized under the laws of the United States, to perform any or all of their usual banking functions, except as otherwise prohibited. The appropriate authority having immediate supervision of banking institutions in each State or any place subject to the jurisdiction of the United States is authorized and empowered under such regulations as such authority may prescribe to permit any banking institution in such State or place, other than banking institutions covered by the foregoing paragraph, to perform any or all of their usual banking functions, except as otherwise prohibited. All banks which are members of the Federal Reserve System, desiring to reopen for the performance of all usual and normal banking functions, except as otherwise prohibited, shall apply for a license therefor[e] to the Secretary of the Treasury. 2
And with that, the banks began to reopen. The president had more to say about the situation on March 12th, when he gave his first Fireside Chat and devoted the entire discussion to the banking crisis and the Bank Holiday:
What, then, happened during the last few days of February and the first few days of March? Because of undermined confidence on the part of the public, there was a general rush by a large portion of our population to turn bank deposits into currency or gold—a rush so great that the soundest banks could not get enough currency to meet the demand. The reason for this was that on the spur of the moment it was, of course, impossible to sell perfectly sound assets of a bank and convert them into cash except at panic prices far below their real value. By the afternoon of March 3d scarcely a bank in the country was open to do business. Proclamations temporarily closing them in whole or in part had been issued by the Governors in almost all the States. It was then that I issued the proclamation providing for the nationwide bank holiday, and this was the first step in the Government's reconstruction of our financial and economic fabric. 3
The federal government did turn to the question of regulating banks later that year when the Banking Act of 1933 ( Pub. L. 73–66, 48 Stat. 162, enacted June 16, 1933 ) was signed into law. This law created the Federal Deposit Insurance Corporation (FDIC) as a temporary agency, and two years later the Banking Act of 1935 ( Pub. L. 305, 49 Stat. 684, enacted August 23, 1935 ) was passed which made the FDIC a permanent agency.
The following titles link to fuller bibliographic information in the Library of Congress Online Catalog . Links to digital content are provided when available.
The following resources created and digitized by the Library of Congress can be used to find out more about the situation as well as the events of the day.
The links below are for content more generally on the Internet.
Additional works on this topic in the Library of Congress may be identified by searching the Library of Congress Online Catalog under appropriate Library of Congress subject headings. Choose the topics you wish to search from the following list of subject headings to link directly to the Catalog and automatically execute a search for the subject selected. Please be aware that during periods of heavy use you may encounter delays in accessing the catalog. For assistance in locating other subject headings that may relate to this subject, please consult a reference librarian .
List of US bank holidays for calendar year 2024. |
# | Date | Week Day | Holiday |
---|---|---|---|
1 | January - 1 | Monday | |
2 | January - 15 | Monday | |
3 | February - 19 | Monday | |
4 | May - 27 | Monday | |
5 | June - 19 | Wednesday | |
6 | July - 4 | Thursday | |
7 | September - 2 | Monday | |
8 | October - 14 | Monday | |
9 | November - 11 | Monday | |
10 | November - 28 | Thursday | |
11 | December - 25 | Wednesday |
All Holidays in the United States 2024 All Holidays in the United States 2025
There are no holidays in the United States today.
There are no holidays today for the holiday type you chose. Please change the filter above to see different holiday types.
See all holidays worldwide
Holidays are calculated using the local time in New York.
Date | Name | Type | Details | |
---|---|---|---|---|
24 Jul | Wednesday | State Holiday | Utah | |
25 Jul | Thursday | United Nations observance | ||
27 Jul | Saturday | State Observance | West Virginia | |
27 Jul | Saturday | Observance | ||
28 Jul | Sunday | United Nations observance | ||
28 Jul | Sunday | Observance | ||
30 Jul | Tuesday | United Nations observance | ||
30 Jul | Tuesday | United Nations observance | ||
1 Aug | Thursday | State Observance | Colorado | |
4 Aug | Sunday | Observance | ||
4 Aug | Sunday | Observance | Illinois | |
4 Aug | Sunday | State Holiday | Arizona | |
7 Aug | Wednesday | State Observance | West Virginia, Wyoming | |
7 Aug | Wednesday | Observance | ||
9 Aug | Friday | United Nations observance | ||
12 Aug | Monday | United Nations observance | ||
12 Aug | Monday | State Holiday | Rhode Island | |
13 Aug | Tuesday | Jewish holiday | ||
15 Aug | Thursday | Christian | ||
16 Aug | Friday | State Holiday | Hawaii | |
16 Aug | Friday | State Holiday | Vermont | |
18 Aug | Sunday | State Holiday | Arizona | |
18 Aug | Sunday | Observance | ||
19 Aug | Monday | Hindu Holiday | ||
19 Aug | Monday | United Nations observance | ||
19 Aug | Monday | Observance | ||
21 Aug | Wednesday | United Nations observance | ||
22 Aug | Thursday | United Nations observance | ||
23 Aug | Friday | United Nations observance | ||
26 Aug | Monday | Hindu Holiday | ||
26 Aug | Monday | State Observance | Massachusetts | |
26 Aug | Monday | Observance | ||
27 Aug | Tuesday | State Holiday | Texas | |
29 Aug | Thursday | United Nations observance | ||
30 Aug | Friday | United Nations observance | ||
31 Aug | Saturday | United Nations observance | ||
31 Aug | Saturday | Worldwide observance |
No holidays shown? Please select at least one of the boxes above to show your chosen holiday types.
While we diligently research and update our holiday dates, some of the information in the table above may be preliminary. If you find an error, please let us know .
You might also like.
Pioneer Day is an annual state holiday in Utah in the United States. It is celebrated to honor the pioneers who demonstrated industry and bravery when they ventured to settle in a place that is now Salt Lake City.
Parents’ Day is celebrated in the United States on the fourth Sunday of July each year to recognize and promote parenting as a crucial part of families and the wider community.
Colorado Day is an annual observance that commemorates the state’s birthday on August 1, 1876, and its history.
Purple Heart Day on August 7 commemorates the day in 1782 when General George Washington created the Purple Heart Medal – a military decoration that is awarded to those wounded or killed while serving in the United States Armed Forces.
Numbers, Facts and Trends Shaping Your World
Read our research on:
Full Topic List
Read Our Research On:
The newest federal holiday, Juneteenth National Independence Day, celebrates the end of slavery in the United States. But at the state level, governments vary considerably in whether they commemorate it as an official holiday, a day of observance or something in between.
This year, at least 28 states and the District of Columbia will legally recognize Juneteenth as a public holiday – meaning state government offices are closed and state workers have a paid day off – according to a Pew Research Center analysis of state human resources websites, state legislation and news articles. Connecticut , Minnesota , Nevada and Tennessee have made Juneteenth a public holiday at the state level starting this year.
Juneteenth is the newest federal holiday in the United States, and one that is celebrated differently across the states. Pew Research Center took a look at how each state commemorates the day.
We focused on states that observe Juneteenth as an official public holiday – meaning state offices are closed and state workers get a paid day off. Our main sources for this analysis were state administrative, personnel and human resources websites, most of which post lists of official state holidays. We supplemented those lists with an analysis of news reports about local observances of Juneteenth and, where relevant, state legislation.
New Mexico’s Legislature added Juneteenth as an official state holiday in 2006, observed on the third Saturday of June; it became a paid holiday for state workers for the first time in 2022. In Illinois, state workers get a paid holiday for Juneteenth only if it falls on a weekday. Governors in Alabama and West Virginia authorized Juneteenth as a holiday for state workers this year, last year and in 2021. Legislatures in each state must pass a law for it to become a permanent official state holiday. The governors’ proclamations must be issued annually in the absence of permanent legislation.
In most of these states, Juneteenth is designated as a permanent state holiday and commemorated annually. In Alabama and West Virginia, Juneteenth has been authorized as a state holiday for this year by a governor’s proclamation; the holiday can become permanent in these states if their legislatures pass bills to make it so.
In addition to D.C. and the states where Juneteenth is an official public holiday, other states give certain government workers the day off but haven’t declared Juneteenth a holiday at the state level.
Starting this year, California state employees can choose to take Juneteenth off in lieu of a personal holiday. In Pennsylvania, the day is designated as an “official annual observance” and a paid day off for state employees under the governor’s jurisdiction. And in North Carolina, some state workers can choose to take a floating holiday on a day of “cultural, religious or personal significance,” including Juneteenth.
Juneteenth is a combination of the words June and nineteenth. It commemorates the day more than two months after the end of the Civil War – and more than two years after Abraham Lincoln issued the Emancipation Proclamation – when enslaved Black Americans in Galveston, Texas, were informed of their freedom.
It is one of 11 official federal holidays – or 12 for federal workers in the District of Columbia and surrounding areas during presidential inauguration years – meaning that federal workers get a paid day off and there’s no mail delivery . Most federal offices are closed on federal holidays, along with most banks and the bond markets that trade in U.S. government debt. The stock markets generally remain open, as do most retailers and other businesses, though these vary by federal holiday.
Most states where Juneteenth is a public holiday added it to their calendars in 2020 or later. The exception is Texas, where the holiday originated and where it is also known as Emancipation Day. Juneteenth has been celebrated locally in Texas since the 1860s and became an official state holiday there in 1980.
Public awareness of Juneteenth grew in 2020 amid nationwide protests after the police killings of several Black Americans, including George Floyd and Breonna Taylor. President Joe Biden signed the legislation that made Juneteenth a federal holiday in June 2021.
Every state has at some point passed a resolution recognizing Juneteenth at least as a day of observance – even those that do not count Juneteenth among their official public holidays. An observance is a day of awareness that isn’t accompanied by a day off.
In fact, except for Texas, all states that currently recognize Juneteenth as a public holiday commemorated it as a day of observance years before it became an official state holiday. Florida, Oklahoma and Minnesota were the first states outside Texas to commemorate Juneteenth as a day of observance in the 1990s. New Mexico has recognized Juneteenth as a state holiday since 2006, observed on the third Saturday of June; it became a paid holiday for state workers for the first time in 2022.
South Dakota, North Dakota and Hawaii were the last states to give Juneteenth any formal recognition as an important date. The day was not observed in South Dakota until 2020, when the governor proclaimed it a state holiday. In Hawaii and North Dakota , Juneteenth has been a day of observance since 2022 but is not considered a state holiday.
Juneteenth is catching on as a holiday in major U.S. cities as well. Last year, cities including New York , Los Angeles and Phoenix declared the day an official paid holiday for city workers. In addition to Juneteenth, the District of Columbia celebrates Emancipation Day on April 16 in honor of the day Lincoln freed the enslaved people living in D.C., almost nine months before the Emancipation Proclamation.
Note: This is an update of a post originally published June 17, 2022.
Katherine Schaeffer is a research analyst at Pew Research Center .
An early look at black voters’ views on biden, trump and election 2024, a look at black-owned businesses in the u.s., 8 facts about black americans and the news, black americans’ views on success in the u.s., most popular.
1615 L St. NW, Suite 800 Washington, DC 20036 USA (+1) 202-419-4300 | Main (+1) 202-857-8562 | Fax (+1) 202-419-4372 | Media Inquiries
ABOUT PEW RESEARCH CENTER Pew Research Center is a nonpartisan fact tank that informs the public about the issues, attitudes and trends shaping the world. It conducts public opinion polling, demographic research, media content analysis and other empirical social science research. Pew Research Center does not take policy positions. It is a subsidiary of The Pew Charitable Trusts .
© 2024 Pew Research Center
Businesses across England and Wales are calling for the bank holiday celebrating the Queen’s platinum jubilee to be made permanent. While the Government anticipates any such change as coming at the expense of the economy, new research suggests there may be benefits which it has not considered, too.
England and Wales currently have eight bank holidays annually, in comparison with the European Union average of 11. This currently sees the countries rank outside the top 30 countries for public holidays – both in terms of pay and number of holidays – while 15 other European countries rank higher.
For years, the UK Government has resisted calls to change this – arguing that giving the nation’s workforce a day off would reduce productivity, and result in slowed economic growth.
Government modelling currently puts the cost of an extra bank holiday at £1.36 billion to that end. However, new research from Big Four firm PwC suggests that this may be an over-estimation, while it may also exclude other benefits of an extra day’s rest.
2022 sees the 3rd of June become a temporary bank holiday, in celebration of the Queen’s platinum jubilee. Business leaders have urged Prime Minister Boris Johnson to make it permanent, though, with a host of entities including the CBI, UK Hospitality, the Campaign for Real Ale, and Siemens each signing an open letter calling for a “thank holiday.” Such an initiative, they said, could honour public services after a difficult few years, as well as providing an economic boost after the pandemic.
PwC research commissioned by the campaigners suggests that the economic hit of a new holiday would be much smaller than the Government expects. Taking into account the impact on business of closures, disruption to production schedules, and premium payments to staff working on the bank holiday, the Big Four estimated the cost to be closer to £831 million – around £500 million short of Government forecasts. This could be even lower if the new bank holiday were scheduled for a Friday, the study added, as fewer hours are actually worked that day on average anyway.
At the same time, PwC pointed out that social positives might have been missed out by the Government’s analysis. Alongside the boost it would give to many workers who have been working under pressure for some time – potentially enhancing their productivity in the long-term – sectors such as retail and hospitality, which were badly impacted by decreased footfall during the pandemic, would likely enjoy an uplift in demand.
Since the relaxation of lockdown rules, many professional services firms have been readjusting their working week, to accommodate to the changing expectations of their staff. PwC and its competitors have notably offered their UK staff the chance to choose when they take leave from public holidays.
Economy news.
We use some essential cookies to make this website work.
We’d like to set additional cookies to understand how you use GOV.UK, remember your settings and improve government services.
We also use cookies set by other sites to help us deliver content from their services.
You have accepted additional cookies. You can change your cookie settings at any time.
You have rejected additional cookies. You can change your cookie settings at any time.
Upcoming bank holidays in england and wales.
Date | Day of the week | Bank holiday |
---|---|---|
Monday | Summer bank holiday | |
Wednesday | Christmas Day | |
Thursday | Boxing Day |
Date | Day of the week | Bank holiday |
---|---|---|
Wednesday | New Year’s Day | |
Friday | Good Friday | |
Monday | Easter Monday | |
Monday | Early May bank holiday | |
Monday | Spring bank holiday | |
Monday | Summer bank holiday | |
Thursday | Christmas Day | |
Friday | Boxing Day |
Date | Day of the week | Bank holiday |
---|---|---|
Thursday | New Year’s Day | |
Friday | Good Friday | |
Monday | Easter Monday | |
Monday | Early May bank holiday | |
Monday | Spring bank holiday | |
Monday | Summer bank holiday | |
Friday | Christmas Day | |
Monday | Boxing Day (substitute day) |
If a bank holiday is on a weekend, a ‘substitute’ weekday becomes a bank holiday, normally the following Monday.
Your employer does not have to give you paid leave on bank or public holidays .
Bank holidays might affect how and when your benefits are paid .
Date | Day of the week | Bank holiday |
---|---|---|
Monday | Spring bank holiday | |
Monday | Early May bank holiday | |
Monday | Easter Monday | |
Friday | Good Friday | |
Monday | New Year’s Day |
Date | Day of the week | Bank holiday |
---|---|---|
Tuesday | Boxing Day | |
Monday | Christmas Day | |
Monday | Summer bank holiday | |
Monday | Spring bank holiday | |
Monday | Bank holiday for the coronation of King Charles III | |
Monday | Early May bank holiday | |
Monday | Easter Monday | |
Friday | Good Friday | |
Monday | New Year’s Day (substitute day) |
Date | Day of the week | Bank holiday |
---|---|---|
Tuesday | Christmas Day (substitute day) | |
Monday | Boxing Day | |
Monday | Bank Holiday for the State Funeral of Queen Elizabeth II | |
Monday | Summer bank holiday | |
Friday | Platinum Jubilee bank holiday | |
Thursday | Spring bank holiday | |
Monday | Early May bank holiday | |
Monday | Easter Monday | |
Friday | Good Friday | |
Monday | New Year’s Day (substitute day) |
Date | Day of the week | Bank holiday |
---|---|---|
Tuesday | Boxing Day (substitute day) | |
Monday | Christmas Day (substitute day) | |
Monday | Summer bank holiday | |
Monday | Spring bank holiday | |
Monday | Early May bank holiday | |
Monday | Easter Monday | |
Friday | Good Friday | |
Friday | New Year’s Day |
Date | Day of the week | Bank holiday |
---|---|---|
Monday | Boxing Day (substitute day) | |
Friday | Christmas Day | |
Monday | Summer bank holiday | |
Monday | Spring bank holiday | |
Friday | Early May bank holiday (VE day) | |
Monday | Easter Monday | |
Friday | Good Friday | |
Wednesday | New Year’s Day |
Date | Day of the week | Bank holiday |
---|---|---|
Thursday | Boxing Day | |
Wednesday | Christmas Day | |
Monday | Summer bank holiday | |
Monday | Spring bank holiday | |
Monday | Early May bank holiday | |
Monday | Easter Monday | |
Friday | Good Friday | |
Tuesday | New Year’s Day |
Date | Day of the week | Bank holiday |
---|---|---|
Wednesday | Boxing Day | |
Tuesday | Christmas Day | |
Monday | Summer bank holiday | |
Monday | Spring bank holiday | |
Monday | Early May bank holiday | |
Monday | Easter Monday | |
Friday | Good Friday | |
Monday | New Year’s Day |
Upcoming bank holidays in scotland.
Date | Day of the week | Bank holiday |
---|---|---|
Monday | Summer bank holiday | |
Monday | St Andrew’s Day (substitute day) | |
Wednesday | Christmas Day | |
Thursday | Boxing Day |
Date | Day of the week | Bank holiday |
---|---|---|
Wednesday | New Year’s Day | |
Thursday | 2nd January | |
Friday | Good Friday | |
Monday | Early May bank holiday | |
Monday | Spring bank holiday | |
Monday | Summer bank holiday | |
Monday | St Andrew’s Day (substitute day) | |
Thursday | Christmas Day | |
Friday | Boxing Day |
Date | Day of the week | Bank holiday |
---|---|---|
Thursday | New Year’s Day | |
Friday | 2nd January | |
Friday | Good Friday | |
Monday | Early May bank holiday | |
Monday | Spring bank holiday | |
Monday | Summer bank holiday | |
Monday | St Andrew’s Day | |
Friday | Christmas Day | |
Monday | Boxing Day (substitute day) |
Date | Day of the week | Bank holiday |
---|---|---|
Monday | Spring bank holiday | |
Monday | Early May bank holiday | |
Friday | Good Friday | |
Tuesday | 2nd January | |
Monday | New Year’s Day |
Date | Day of the week | Bank holiday |
---|---|---|
Tuesday | Boxing Day | |
Monday | Christmas Day | |
Thursday | St Andrew’s Day | |
Monday | Summer bank holiday | |
Monday | Spring bank holiday | |
Monday | Bank holiday for the coronation of King Charles III | |
Monday | Early May bank holiday | |
Friday | Good Friday | |
Tuesday | 2nd January (substitute day) | |
Monday | New Year’s Day (substitute day) |
Date | Day of the week | Bank holiday |
---|---|---|
Tuesday | Christmas Day (substitute day) | |
Monday | Boxing Day | |
Wednesday | St Andrew’s Day | |
Monday | Bank Holiday for the State Funeral of Queen Elizabeth II | |
Monday | Summer bank holiday | |
Friday | Platinum Jubilee bank holiday | |
Thursday | Spring bank holiday | |
Monday | Early May bank holiday | |
Friday | Good Friday | |
Tuesday | 2nd January (substitute day) | |
Monday | New Year’s Day (substitute day) |
Date | Day of the week | Bank holiday |
---|---|---|
Tuesday | Boxing Day (substitute day) | |
Monday | Christmas Day (substitute day) | |
Tuesday | St Andrew’s Day | |
Monday | Summer bank holiday | |
Monday | Spring bank holiday | |
Monday | Early May bank holiday | |
Friday | Good Friday | |
Monday | 2nd January (substitute day) | |
Friday | New Year’s Day |
Date | Day of the week | Bank holiday |
---|---|---|
Monday | Boxing Day (substitute day) | |
Friday | Christmas Day | |
Monday | St Andrew’s Day | |
Monday | Summer bank holiday | |
Monday | Spring bank holiday | |
Friday | Early May bank holiday (VE day) | |
Friday | Good Friday | |
Thursday | 2nd January | |
Wednesday | New Year’s Day |
Date | Day of the week | Bank holiday |
---|---|---|
Thursday | Boxing Day | |
Wednesday | Christmas Day | |
Monday | St Andrew’s Day (substitute day) | |
Monday | Summer bank holiday | |
Monday | Spring bank holiday | |
Monday | Early May bank holiday | |
Friday | Good Friday | |
Wednesday | 2nd January | |
Tuesday | New Year’s Day |
Date | Day of the week | Bank holiday |
---|---|---|
Wednesday | Boxing Day | |
Tuesday | Christmas Day | |
Friday | St Andrew’s Day | |
Monday | Summer bank holiday | |
Monday | Spring bank holiday | |
Monday | Early May bank holiday | |
Friday | Good Friday | |
Tuesday | 2nd January | |
Monday | New Year’s Day |
Upcoming bank holidays in northern ireland.
Date | Day of the week | Bank holiday |
---|---|---|
Monday | Summer bank holiday | |
Wednesday | Christmas Day | |
Thursday | Boxing Day |
Date | Day of the week | Bank holiday |
---|---|---|
Wednesday | New Year’s Day | |
Monday | St Patrick’s Day | |
Friday | Good Friday | |
Monday | Easter Monday | |
Monday | Early May bank holiday | |
Monday | Spring bank holiday | |
Monday | Battle of the Boyne (Orangemen’s Day) (substitute day) | |
Monday | Summer bank holiday | |
Thursday | Christmas Day | |
Friday | Boxing Day |
Date | Day of the week | Bank holiday |
---|---|---|
Thursday | New Year’s Day | |
Tuesday | St Patrick’s Day | |
Friday | Good Friday | |
Monday | Easter Monday | |
Monday | Early May bank holiday | |
Monday | Spring bank holiday | |
Monday | Battle of the Boyne (Orangemen’s Day) (substitute day) | |
Monday | Summer bank holiday | |
Friday | Christmas Day | |
Monday | Boxing Day (substitute day) |
Date | Day of the week | Bank holiday |
---|---|---|
Friday | Battle of the Boyne (Orangemen’s Day) | |
Monday | Spring bank holiday | |
Monday | Early May bank holiday | |
Monday | Easter Monday | |
Friday | Good Friday | |
Monday | St Patrick’s Day (substitute day) | |
Monday | New Year’s Day |
Date | Day of the week | Bank holiday |
---|---|---|
Tuesday | Boxing Day | |
Monday | Christmas Day | |
Monday | Summer bank holiday | |
Wednesday | Battle of the Boyne (Orangemen’s Day) | |
Monday | Spring bank holiday | |
Monday | Bank holiday for the coronation of King Charles III | |
Monday | Early May bank holiday | |
Monday | Easter Monday | |
Friday | Good Friday | |
Friday | St Patrick’s Day | |
Monday | New Year’s Day (substitute day) |
Date | Day of the week | Bank holiday |
---|---|---|
Tuesday | Christmas Day (substitute day) | |
Monday | Boxing Day | |
Monday | Bank Holiday for the State Funeral of Queen Elizabeth II | |
Monday | Summer bank holiday | |
Tuesday | Battle of the Boyne (Orangemen’s Day) | |
Friday | Platinum Jubilee bank holiday | |
Thursday | Spring bank holiday | |
Monday | Early May bank holiday | |
Monday | Easter Monday | |
Friday | Good Friday | |
Thursday | St Patrick’s Day | |
Monday | New Year’s Day (substitute day) |
Date | Day of the week | Bank holiday |
---|---|---|
Tuesday | Boxing Day (substitute day) | |
Monday | Christmas Day (substitute day) | |
Monday | Summer bank holiday | |
Monday | Battle of the Boyne (Orangemen’s Day) | |
Monday | Spring bank holiday | |
Monday | Early May bank holiday | |
Monday | Easter Monday | |
Friday | Good Friday | |
Wednesday | St Patrick’s Day | |
Friday | New Year’s Day |
Date | Day of the week | Bank holiday |
---|---|---|
Monday | Boxing Day (substitute day) | |
Friday | Christmas Day | |
Monday | Summer bank holiday | |
Monday | Battle of the Boyne (Orangemen’s Day) (substitute day) | |
Monday | Spring bank holiday | |
Friday | Early May bank holiday (VE day) | |
Monday | Easter Monday | |
Friday | Good Friday | |
Tuesday | St Patrick’s Day | |
Wednesday | New Year’s Day |
Date | Day of the week | Bank holiday |
---|---|---|
Thursday | Boxing Day | |
Wednesday | Christmas Day | |
Monday | Summer bank holiday | |
Friday | Battle of the Boyne (Orangemen’s Day) | |
Monday | Spring bank holiday | |
Monday | Early May bank holiday | |
Monday | Easter Monday | |
Friday | Good Friday | |
Monday | St Patrick’s Day (substitute day) | |
Tuesday | New Year’s Day |
Date | Day of the week | Bank holiday |
---|---|---|
Wednesday | Boxing Day | |
Tuesday | Christmas Day | |
Monday | Summer bank holiday | |
Thursday | Battle of the Boyne (Orangemen’s Day) | |
Monday | Spring bank holiday | |
Monday | Early May bank holiday | |
Monday | Easter Monday | |
Friday | Good Friday | |
Monday | St Patrick’s Day (substitute day) | |
Monday | New Year’s Day |
Is this page useful.
Don’t include personal or financial information like your National Insurance number or credit card details.
To help us improve GOV.UK, we’d like to know more about your visit today. Please fill in this survey (opens in a new tab) .
Domestic bank holiday trip tracker, released on:.
21 March 2024
August 2024
For further information, please contact r [email protected] .
Before the Easter Bank Holiday weekend in 2024, we found that:
20% of adults in Britain ‘definitely’ planned to take a holiday in the UK over Easter, which equates to 11 million adults in Britain.
18% of adults in Britain ‘definitely’ planned to take a holiday in England over Easter, which equates to 9.9 million adults in Britain.
Easter 2024.
Published: 21st March 2024
Published: 20th December 2023
Published: 21st August 2023
VisitEngland commissions online omnibus surveys periodically in order to collect data on the number of GB consumers who plan to take an overnight trip at key times throughout the year. In this Coronation 2023 edition, the survey was carried out on an online omnibus by the research agency Kantar, with a representative sample of 1251 adults aged 16 and over in Great Britain.
VisitEngland commissions online omnibus surveys periodically in order to collect data on the number of GB consumers who plan to take an overnight trip at key times throughout the year. In this Easter 2023 edition, the survey was carried out on an online omnibus by the research agency Kantar, with a representative sample of 1,239 adults aged 16 and over in Great Britain.
This survey has been running for a number of years and provides insight into trip intentions for bank holiday periods.
Easter, August bank holiday and Christmas mark peak opportunities for domestic tourism. This survey helps us to find out more about who is planning to travel, where they are going, and why.
Shortly before each bank holiday, about 1,200 British adults aged 16 and over are asked if they are taking any overnight trips over the upcoming bank holiday. They are asked if the trip will be in the UK or abroad and whether it is for a holiday, business, or a trip to visit friends and relatives.
Please note: this survey was carried out less frequently during 2020 and 2021 due to COVID-19 travel restrictions.
In 2022 there were improvements to the questionnaire meaning that it is not recommended to compare at a UK/England level pre and post 2022.
Everything you need to inspire your clients. Discover new products, experiences and itinerary ideas – plus useful resources and the latest market insights.
Reach new customers and increase your profitability. Drive sales with our tools, events and training, find out about quality assessment and get expert guidance from the England Business Advice Hub.
Build sustainable and valuable growth. Learn about England’s new destination management structure, find expert advice, and boost your proposition with our training and toolkits.
Access resources for business events to support your business development and event strategy. Discover England, Scotland and Wales' business event offering for your next conference, incentive, exhibition or event.
Discover our media centres, image and video library and latest press releases, plus contacts for our corporate and consumer press teams.
Studying tourism at school, college or university? We’ve gathered essential resources and data for students of tourism, plus information about our internships.
Labor Day weekend usually means the last hurrah before the end of summer and the beginning of school. But the reasons for the observance started with labor activists and unions calling for a national holiday in honor of American workers.
Labor Day is observed on the first Monday in September. This year it will be Monday, Sept. 2, a federal and state holiday. Most government offices are closed including in counties, cities and towns.
Trash collection in most areas will be delayed a day this week with no collection on Labor Day, but check with your trash collector for details in your area.
No. Post offices are closed and there won’t be regular mail delivery on Monday, Sept. 2. For a list of the U.S. Postal Service holidays, see the USPS website .
Most banks are closed on Monday, Sept. 2 which is a federal bank holiday when the Federal Reserve System, which regulates banks, is closed. While banks aren’t required to close on Federal Reserve holidays, most do. Transactions made on Federal Reserve holidays won’t be processed until the next business day, according to bankrate.com .
Starting dates for schools vary across Delaware, with some opening at the end of August and others waiting until after Labor Day. Some districts have orientation days for certain grades such as kindergarten and ninth grade before Labor Day and then all grades are in session after the holiday.
The Delaware Department of Education website has a list of starting days for all public school districts, but for the most specific information, check with your school district.
Recent school news: What's going on in Christina? Catch up as board pushes out superintendent, faces FOIA probe
In the late 1800s, “labor activists pushed for a federal holiday to recognize the many contributions workers have made to America’s strength, prosperity and well-being,” according to the U.S. Department of Labor website .
Before it was a federal law, a day to recognize the contributions of workers was observed by labor groups and some states. The first state to pass a law in honor of Labor Day was Oregon on Feb. 21, 1887.
“By 1894, 23 more states had adopted the holiday, and on June 28, 1894, Congress passed an act making the first Monday in September of each year a legal holiday,” the Department of Labor reported.
History from The News Journal archives: Week of July 14-21: trooper dies in collision, miners' strike turns violent
Two men have been credited with starting the movement for a national Labor Day as early as 1882, the Department of Labor said.
One is Peter J. McGuire, general secretary of the Brotherhood of Carpenters and Joiners and a co-founder of the American Federation of Labor.
The other is Matthew Maguire, when he was secretary of the Central Labor Union in New York and later the secretary of Local 344 of the International Association of Machinists in Paterson, New Jersey.
Both Maguire and McGuire attended the country’s first Labor Day parade in New York City on Tuesday, Sept. 5, 1882.
That morning, a crowd of spectators filled the sidewalks of lower Manhattan near city hall and along Broadway.
By 10 a.m., the parade's grand marshal, William McCabe, his aides and their police escort were ready to start the event, but no bands had arrived to provide music and a drumbeat to march to.
A short time later, 200 marchers from the Jewelers Union of Newark 2 arrived with a band. When the group turned onto Broadway, they were playing "When I First Put This Uniform On" from “Patience,” an opera by Gilbert and Sullivan. McCabe and his aides followed the band and then workers and spectators joined, with estimates of more than 10,000 participating in the parade through lower Manhattan.
The New York Tribune reported: “The windows and roofs and even the lamp posts and awning frames were occupied by persons anxious to get a good view of the first parade in New York of workingmen of all trades united in one organization.”
The parade ended at Reservoir Park.
“While some returned to work, most continued on to the post-parade party at Wendel's Elm Park at 92nd Street and Ninth Avenue; even some unions that had not participated in the parade showed up to join in the post-parade festivities,” the Department of Labor said, with a crowd estimated at nearly 25,000.
In the First State, the biggest Labor Day-related celebrations are usually at the beaches with a flood of residents and tourists visiting for the three-day holiday. Lots of families and groups hold picnics and get-togethers during the weekend, while many businesses try to lure shoppers with Labor Day sales.
Here are a few examples of the festivals and concerts in Delaware during the weekend:
Arden Fair and Antiques Market Saturday, Aug. 31 in Arden, near Claymont, with crafts, vendors, an art exhibit, live music, food, refreshments, children’s games and rides
Hickory Ridge Farm Show near Milford Friday, Aug. 30 through Sunday, Sept. 1 with tractors, farm machines and engines, food, crafts, a flea market music and pro wrestling
Bethany Beach bandstand concerts at 7:30 p.m. Saturday, Aug. 31 with Jesse Garron’s Tribute to Elvis and 7:30 p.m. Sunday, Sept. 1 with Jimmy Buffet tribute band Parrotbeach
Reach reporter Ben Mace at [email protected].
This article originally appeared on Delaware News Journal: When is Labor Day 2024 and what offices are open/closed?
The Bank's offices in Japan -- Head Office, branches, and local offices -- are closed on Saturdays, Sundays, and the following days:
Month | Date |
---|---|
January | 1, 2, 3, 8 |
February | 11, 12, 23 |
March | 20 |
April | 29 |
May | 3, 4, 5, 6 |
June | -- |
July | 15 |
August | 11, 12 |
September | 16, 22, 23 |
October | 14 |
November | 3, 4, 23 |
December | 31 |
Month | Date |
---|---|
January | 1, 2, 3, 13 |
February | 11, 23, 24 |
March | 20 |
April | 29 |
May | 3, 4, 5, 6 |
June | -- |
July | 21 |
August | 11 |
September | 15, 23 |
October | 13 |
November | 3, 23, 24 |
December | 31 |
Home (Benefits)
Announcements (Benefits)
Contacts (Benefits)
Forms (Benefits)
Health & Wellness Plans for Employees
Life Events & Job Changes
Life and Disability Insurance Plans
Required Notices
Retirement Plan Opportunities for Employees
Voluntary Employee Paid Plans
SDSURF Home (Human Resources) Benefits Holidays
Generally, SDSU Research Foundation attempts to follow a calendar of holidays similar to the one established by San Diego State University. The University observes some holidays on their recognized calendar dates and observes other holidays on a different date, such as the day after Thanksgiving and days off during Winter Break. SDSU Research Foundation's calendar of holidays therefore necessitates that employees work on some traditional holidays, but allows employees to be off work on nontraditional dates. There are fourteen and a half holidays a year recognized by SDSU Research Foundation. SDSU Research Foundation's Office of Human Resources publishes the exact schedule of holidays on the web.
If a holiday is assigned by the SDSU Research Foundation to be observed (taken off) on a date that is different from the date traditionally recognized, no holiday time or pay accrues on the holiday date that is traditionally recognized. Holiday time or pay only accrues on the date that the holiday is actually observed by the SDSU Research Foundation.
Holiday pay is based on the employee's percentage of time (i.e., full-time employees who are regularly scheduled to work forty (40) hours per week receive eight (8) hours, halftime employees receive four (4) hours). For an eligible parttime employee to receive holiday pay or credit, the holiday must fall on one of the employee's regularly scheduled workdays.
If a holiday is observed on a scheduled workday during an employee's vacation or sick leave, the employee will be paid holiday pay. The time off will not be charged to sick leave or vacation time. Employees who are absent from work due to an unpaid leave of absence on a day that a holiday is observed by the SDSU Research Foundation shall not be eligible to receive holiday pay or credit.
Holiday Accrual Banks: If an employee works on a SDSU Research Foundation holiday, the employee is paid his or her regular rate of pay for the time actually worked and the holiday time that would have been paid is placed in an eligible employee's holiday accrual bank. Management and other eligible exempt employees may also bank personal holiday time for hours worked on the date that a holiday is actually observed by SDSU Research Foundation. Holidays that have been banked may be used only with the prior approval of the employee's supervisor. Holiday time may not exceed eight (8) hours in a day.
In addition to the fourteen (14) holidays that SDSU Research Foundation observes, eligible employees are also awarded a Personal Holiday each calendar year to take for any personal reason. Personal Holidays are automatically added to each eligible employee's holiday accrual each January.
Accrued but unused personal holidays and banked holidays will be paid at an employee's end of employment or change in status to an employee class that is ineligible for vacation or personal holiday. However, employees ending employment may not elect to run out their time to include imminent holidays.
Mission & values.
There are 13 bank holidays in the Czech Republic. Except for Good Friday and Easter Monday, the dates of the holidays are fixed. The "sliding holiday" concept is not applied, i.e. when a holiday falls on a Saturday/Sunday, the following Monday is a normal business day.
1 January – New Year's Day (Monday)
29 March – Good Friday (Friday)
1 April – Easter (Monday)
1 May – May Day (Wednesday)
8 May – Liberation from Fascism (Wednesday)
5 July – Cyril and Methodius (Friday)
6 July – Burning at Stake of Jan Hus (Saturday)
28 September – Czech Statehood Day (Saturday)
28 October – Establishment of the Czechoslovak Republic (Monday)
17 November – Freedom and Democracy Day (Sunday)
24 December – Christmas Eve (Tuesday)
25 December – Christmas Day (Wednesday)
26 December – Christmas Day (Thursday)
1 January – New Year's Day (Wednesday)
18 April – Good Friday (Friday)
21 April – Easter (Monday)
1 May – May Day (Thursday)
8 May – Liberation from Fascism (Thursday)
5 July – Cyril and Methodius (Saturday)
6 July – Burning at Stake of Jan Hus (Sunday)
28 September – Czech Statehood Day (Sunday)
28 October – Establishment of the Czechoslovak Republic (Tuesday)
17 November – Freedom and Democracy Day (Monday)
24 December – Christmas Eve (Wednesday)
25 December – Christmas Day (Thursday)
26 December – Christmas Day (Friday)
Official websites use .gov
Secure .gov websites use HTTPS
Finland is a Nordic country situated north of the Baltic states, bordering Russia, Sweden, and Norway. It has excellent transportation links within the Nordic-Baltic region and is a member of the Schengen Zone within which internal border controls have been, for the most part, eliminated. In 2023, the population was around 5.6 million, with over 85 percent residing in cities in the country’s south. Helsinki is the capital and largest city, with a population of around 675,000 in the city and 1.5 million in the metropolitan area.
Finland is a member of the European Union and a part of the Euro area. In 2023, Finland joined NATO and concluded negotiations on a bilateral Defense Cooperation Agreement (DCA) with the United States. NATO membership and the DCA should benefit the country economically by increasing regional security and stability; and investments in the defense industry will create jobs and stimulate economic growth and trade. According to Finnish Customs, the United States was Finland’s biggest trading partner for exports in 2023.
As a modern, stable economy, Finland offers a well-developed digital infrastructure with stability, functionality, and a high standard of living. The country has a highly skilled, educated, and multilingual labor force with solid expertise in Information Communications Technology (ICT) and emerging technologies, including microelectronics; quantum and supercomputing; shipbuilding; forestry; and renewable energy. Finland and the United Sates are intensifying cooperation in various fields, including cybersecurity, 6G networks, nuclear, climate, energy, health, biotechnology, space, quantum technology, artificial intelligence, and other emerging technologies through bilateral joint statements and agreements.
In 2021, emerging from the pandemic, Finland’s economy recovered swiftly from recession to moderate growth of 2.6 percent, but growth slowed after Russia’s February 2022 full-scale invasion of Ukraine. The center-right government of Prime Minister Petteri Orpo, formed in June 2023 following parliamentary elections in April 2023, aims to improve weak economic growth through changes to structural policies, including balancing public finances; spurring investment in education, research, and development; accelerating the green transition; and introducing labor market reforms. Labor unions engaged in a series of political strikes aimed at blocking the implementation of the labor market reforms during the spring of 2024.
At the same time, an aging population and a shrinking workforce are the most pressing demographic concerns for economic growth. According to the Foreign Direct Investment (FDI) Barometer 2023, over three-quarters of businesses report experiencing a talent shortage, with large foreign-owned companies being most negatively affected. In response, Finland aims to increase work- and education-based immigration through the Talent Boost program, revised for the years 2023-2027. The aim is to attract and improve the employment of international specialists immigrating to Finland.
Finland has set a target of becoming carbon neutral by 2035. To accelerate the green transition, the government is prioritizing investment projects in renewable energy production, industrial electrification, hydrogen economy, carbon capture and storage, and battery production to grant quicker permit processing times. The current pipeline of green investments amounts to approximately 230 billion euros ($247 billion), including projects by domestic and multinational companies. The high share of carbon-free electricity production in the domestic energy mix, which was 94 percent in 2023, facilitates the green transition.
The European Central Bank has tightened monetary policy in the euro area in response to high inflation, which has also slowed economic growth in Finland during the past two years. Industrial production and construction are sensitive to interest rate movements, which have reduced private consumption, investment, and the demand for housing in Finland. The Bank of Finland’s interim forecast indicates Gross Domestic Product (GDP) will decrease by 0.5 percent in 2024. Economists predict the economy will bounce back towards the end of the year, and GDP will grow by 1.7 percent in 2025. Inflation is projected to decline to below one percent during 2024, improving employees’ actual earnings and consumers’ purchasing power.
Russia’s war against Ukraine has impacted Finland’s economic activity and inflation through higher energy and commodity prices, the disruption of international commerce, and weaker confidence in the economy. Finnish Customs indicates the value of Finland’s exports of goods to Russia and Central Asia amounted to 1.2 billion euros ($1.3 billion) in 2023, a decrease of 50.5 percent compared to 2022. The overall economic effects of the war on the private sector have remained relatively small as companies have replaced Russian trade with other markets.
2023 | 2 of 180 | ||
2023 | 6 of 132 | ||
2022 | $4.4 billion | ||
2022 | $54,890 |
The Finnis government is open to foreign investment. As an EU member state, Finland is committed to the free movement of goods, capital, persons, and certain services. Companies benefit from trade arrangements through EU and World Trade Organization (WTO) membership, and the protection offered by Finland’s bilateral investment treaties with sixty-three countries.
Private ownership and the participation of foreign companies or individuals are unrestricted, and the government promotes trade and foreign direct investment. Business Finland helps foreign investors set up businesses and provides free services ranging from data collection and matchmaking to location management. The organization offers funding for research and development work carried out by companies, research organizations, and public sector service providers in Finland: https://www.businessfinland.com/
The Act on Monitoring Foreign Corporate Acquisitions (172/2012) governs foreign investments in Finland. The Ministry of Economic Affairs and Employment monitors and confirms foreign corporate acquisitions and decides whether an acquisition conflicts with securing national defense and safeguarding public order and security. If the ministry finds a critical national interest jeopardized, it must refer the matter to the Council of State, which may refuse to approve the acquisition. For more information: https://tem.fi/en/acquisitions
In the non-military sector, Finnish companies considered critical for securing vital functions are subject to screening, which applies to foreign owners residing or domiciled outside the EU or the European Free Trade Association (EFTA). The Ministry of Economic Affairs and Employment provides instructions for preparing the application/notification. The application and statement must also be accompanied by a form containing specific information required by EU regulation.
For defense acquisitions, monitoring applies to all foreign owners, who must apply for prior approval. “Defense” includes all entities that supply or have supplied goods or services to the Finnish Ministry of Defense, the Finnish Defense Forces, and the Finnish Border Guard, as well as entities dealing in dual-use goods.
Finland requires non-EU/European Economic Area (EEA) foreign individuals or entities to receive Defense Ministry permission before they purchase real estate. Companies registered in Finland with decision-making bodies of at least one-tenth non-EU/EEA origin must seek a permit. More information is available here: https://www.defmin.fi/en/licences_and_services/authorisation_to_non-eu_and_non-eea_buyers_to_buy_real_estate#a6591279
In 2022, the European Commission published guidance for EU member states on assessing and preventing threats to EU security and public order from Russian and Belarusian investments. The direction highlights the increased risk from investments subject to Russian or Belarusian government influence in the context of Russia’s invasion of Ukraine and calls for close cooperation between authorities involved in investment screening and those responsible for enforcing sanctions.
Finland is considered one of the most open economies in the OECD area with a stable economy and society, strong institutions, and low corruption that attracts foreign investors. Knowledge and innovation capacity are among the most critical factors bringing foreign firms to the Finnish economy, and salaries for high-skilled workers are considered relatively competitive compared to other Nordic states.
In 2021, the OECD launched the Impact of Regulation on International Investment in Finland report to analyze FDI flows toward Finland and other Nordic-Baltic countries and discuss the benefits of foreign investment for the Finnish economy. The OECD noted that several challenges may prevent Finland from exploiting its full potential as a destination for FDI.
The OECD recommended reviewing and streamlining inefficient and burdensome policies, diminishing red tape, and fostering competition to encourage new international investment and enhance the economic performance of existing players. Complex administrative procedures to recruit foreign talent and stringent labor market conditions affect growth prospects. Further policy responses that help businesses deal with skill shortages are essential to ensure attractiveness as an investment location. More information is available here: https://www.oecd.or g/publications/the-impact-of-regulation-on-international-investment-in-finland-b1bf8bee-en.htm
Over the past three years, Finland has not undergone an investment policy review by the WTO or the United Nations Committee on Trade and Development (UNCTAD).
All businesses in Finland must be publicly registered at the Finnish Trade Register. The website is: https://www.prh.fi/en/kaupparekisteri.html .
The Business Information System (BIS) is an online service enabling investors to start a business or organization, report changes, close down a business, or conduct searches: https://www.prh.fi/en/kaupparekisteri/rekisterointipalvelut/ytj.html
All businesses must also enter the VAT, Prepayment, and Employer Registers of Tax Administration. Instructions for registering a company can be found at this website: https://www.vero.fi/en/businesses-and-corporations/business-operations/tax-administrations-registers–business/
Entrepreneurs can apply for a residence permit in Finland. Before a permit can be issued, entrepreneurs usually need to enter their business in the Trade Register maintained by the Finnish Patent and Registration Office. https://migri.fi/en/entrepreneur
In 2022, Finland introduced a long-term “D” visa for students, researchers, persons in managerial positions in companies, and their family members to increase the immigration of skilled labor. With a “D” visa, applicants can enter Finland immediately after receiving a favorable decision on the residence permit application, and the “D” visa sticker has been attached to the passport. For more information: https://migri.fi/en/d-visa
International trade and external economic relations are central to Finland’s foreign and security policy. The Ministry for Foreign Affairs prepares and implements Finland’s trade policy within the framework of the EU.
Team Finland is a network of public sector bodies dedicated to helping Finnish companies grow and be successful in their dealings abroad. It also promotes the country’s image and attracts foreign investments and experts to Finland. The network offers tailor-made service packages for companies’ internationalization needs based on the services provided by the network actors. Service packages typically combine services provided by the Center for Economic Development, Transport and the Environment, Business Finland, Finnvera, and the Ministry for Foreign Affairs. https://www.team-finland.fi/en/network-services-for-companies
Business Finland is a public-sector operator and part of the Team Finland network. It helps Finnish Small- and Medium-Sized Enterprises (SMEs) go international, encourages foreign direct investment in Finland, and promotes tourism. The organization focuses on agricultural technology, clean technology, connectivity, e-commerce, education, information and communication technology, digitalization, mining, and mobility. While many of Business Finland’s programs are export-oriented, they also seek to offer business and network opportunities within Finland that are not necessarily focused on exports. The organization employs 760 specialists at 40 foreign locations and 16 offices in Finland. https://www.businessfinland.fi/en/for-finnish-customers/home
The government generally allows domestic investors to invest abroad, with some exceptions. The defense ministry approves arms exports for military use, the National Police Board grants permission to export civilian weapons, and the foreign ministry oversees exports of dual-use products.
Finland has 55 Bilateral Investment Treaties in force but does not share a BIT or Free Trade Agreement (FTA) with the United States. As an EU member state, Finland is a signatory to any treaty or agreement signed by the EU, including free trade agreements. A complete list of Finland’s investment agreements can be found at: https://investmentpolicy.unctad.org/international-investment-agreements/countries/71/finland
Finland and the United States signed a convention to avoid double taxation and prevent fiscal evasion concerning taxes on income and capital (TIAS 12101) that entered into force in 1990. In 2014, the two countries signed an intergovernmental agreement to implement the U.S. Foreign Account Tax Compliance Act (FATCA), which fights tax evasion and fraud. For more information: https://www.vero.fi/en/businesses-and-corporations/business-operations/financial-sector/fatca-crs-and-dac2/general-information/ https://home.treasury.gov/system/files/131/FATCA-Agreement-Finland-3-5-2014.pdf
Finland is a member of the OECD Inclusive Framework on Base Erosion and Profit Shifting and a party to the two-pillar plan to address the tax challenges arising from the digitalization of the economy. For a list of Finland’s bilateral tax agreements, see: https://www.vero.fi/en/detailed-guidance/guidance/49062/tax_treatie/
In Finland, competition policy aims to create and maintain an environment where enterprises have a level playing field and an opportunity to succeed due to their expertise. The Competition Act (948/2011) is the base for the national competition policy, seeking to ensure sound and effective economic competition. The Finnish Competition and Consumer Authority is responsible for applying the legislation. For more information: https://www.kkv.fi/en/competition-affairs/competition-act/
Finland is subject to accounting, auditing, and financial reporting requirements established through EU regulations and directives as transposed into national laws and regulations. Finland has fully aligned its legal framework with the EU acquis communitaire related to accounting and auditing. For more information: https://www.ifac.org/about-ifac/membership/profile/finland#:~:text=In%20Finland%2C%20the%20Accounting%20Act,European%20Commission%20(EC)%20Regulations
Finnish law does not require institutional investors and financial intermediaries to consider Environmental, Social, and Governance (ESG) factors when making investment decisions. Most institutional investors and financial intermediaries have signed the UN Principles for Responsible Investment and also consider sustainable development goals in their investment decisions. However, the Finnish Corporate Governance Code considers certain ESG factors in its recommendations, such as the composition of the company’s board of directors concerning gender. The Corporate Governance Code applies to all companies listed on Nasdaq Helsinki. https://cgfinland.fi/en/corporate-governance-code/
In September 2021, the Ministry of Economic Affairs and Employment released a Sustainable Development Goals (SDG) finance roadmap, called the “Finnish Roadmap for Financing a Decade of SDG Action 2021.” The roadmap aims to support Finnish stakeholders with a goal of increasing financing for solutions to reach the SDGs in Finland and globally. More information can be found here: https://tem.fi/en/developing-finlands-sustainable-finance-ecosystems
The Act on the Openness of Public Documents establishes the openness of all records in the possession of officials of the state, municipalities, registered religious communities, and corporations that perform legally mandated public duties, such as pension funds and public utilities. Exceptions can only be made by law or by an executive order for reasons such as national security. https://oikeusministerio.fi/en/act-on-the-openness-of-government-activities
The Ministry of Justice maintains an online Finlex Data Bank database of up-to-date legislative and judicial information. Most of the databases are only available in Finnish and Swedish, but some translations of Finnish acts and decrees are also available in English and other languages. Case law in the legal literature database is also available in English. https://finlex.fi/en/
The Ministry of Justice provides an online service to request and give statements electronically in connection with draft regulations, legislation, and other government documents. Public administration authorities can publish draft bills and regulations for public consultation. The service is available in Finnish and Swedish: https://www.lausuntopalvelu.fi/FI
The Parliamentary Ombudsman exercises oversight to ensure that those who perform public tasks comply with the law and fulfill their responsibilities. The Ombudsman investigates complaints, conducts on-site inspections, and makes statements on legislative proposals. The scope of the Ombudsman’s oversight includes courts, authorities, and public servants, as well as other persons and organizations that perform public tasks. The Ombudsman submits an annual report to Parliament, including observations on the state of the administration of justice and any shortcomings in legislation. https://www.oikeusasiamies.fi/en/eoa
The status of Finland’s public finances is available at Statistics Finland, Finland’s official statistics agency: https://www.stat.fi/en/topic/national-economy
The status of Finland’s national debt is available at the State Treasury: https://www.treasuryfinland.fi/statistics/statistics-on-central-government-debt/
Finland follows EU internal market practices, which define Finland’s trade relations both inside the EU and with non-EU countries. As a member of the WTO, Finland reports under the Agreement on Technical Barriers to Trade (TBT Agreement) all proposed technical regulations that could affect trade with other member countries. In 2021, Finland submitted two notifications of technical regulations and conformity assessment procedures to the WTO. It has submitted 105 notifications since 1995. Finland is a signatory to the WTO Trade Facilitation Agreement (TFA), which entered into force on February 22, 2017.
Finland has a civil law system. European Community (EC) law is directly applicable in Finland and takes precedence over national legislation. The Market Court is a special court for rulings in commercial law, competition, and public procurement cases, and may issue injunctions and penalties against the illegal restriction of competition. It also governs mergers and acquisitions, may overturn public procurement decisions, and require compensatory payments. More information about the court is available here: https://oikeus.fi/tuomioistuimet/en/index.html
Finland has been a party to the New York Convention on the Recognition and Enforcement of Foreign Arbitral Awards since 1962. The provisions of the convention have been included in the Arbitration Act (957/1992).
The Oikeus.fi website https://oikeus.fi/en/index.html contains information about the Finnish judicial system and links to the websites of the independent courts, the public legal aid and guardianship districts, the National Prosecution Authority, the National Enforcement Authority Finland, and the Criminal Sanctions Agency.
The Ministry of Economic Affairs and Employment monitors foreign corporate acquisitions and is a national contact point for the EU screening regulation. The purpose of the Act on the Monitoring of Foreign Corporate Acquisitions in Finland (127/2012) (hereafter the Act) is to monitor and, if vital national interests so require, to restrict the transfer of influence to foreigners and foreign organizations and foundations. More information about the Act is available here: ihttps://tem.fi/en/acquisitions.
Under the Act, corporate acquisition refers to activities in which a foreign owner gains control of at least one-tenth, at least one-third, or at least one-half of the aggregate number of votes conferred by all shares in the company or a holding that otherwise corresponds to decision-making authority in a limited liability company or other monitored entity. For more information: https://tem.fi/documents/1410877/0/Kysymyksi%C3%A4+ja+vastauksia_en.pdf/0ef51799-6c84-9251-6cfe-188bc91c6f83/Kysymyksi%C3%A4+ja+vastauksia_en.pdf?t=1636548655250
There is no primary or “one-stop-shop” website that provides all relevant laws, rules, procedures, and reporting requirements for investors. A non-European Economic Area (EEA) resident (persons or companies) operating in Finland must obtain a license or a notification when starting a business in a regulated industry. For more information: https://tem.fi/en/regulation-of-business-operations
The Finnish Competition and Consumer Authority (FCCA) protects competition by intervening in cases regarding restrictive practices, such as cartels and abuse of dominant position, and violations of the Competition Act and the Treaty on the Functioning of the European Union (TFEU). Investigations occur both on the FCCA’s initiative and based on complaints. Where necessary, the FCCA makes proposals to the Market Court regarding penalties.
The FCCA requires notification on mergers and acquisitions that exceed certain turnover thresholds. The FCCA will intervene in the transaction if it deems it to prevent effective competition in Finland. The FCCA would investigate transactions where the parties’ combined turnover generated in Finland exceeds EUR 100 million and the total turnover generated in Finland of at least two parties exceeds EUR 10 million per party.
In international competition matters, the FCCA’s key stakeholders are the European Commission (DG Competition), the OECD Competition Committee, the Nordic competition authorities, and the International Competition Network (ICN). FCCA rulings and decisions can be found in the archive in Finnish. More information is available at: https://www.kkv.fi/en/facts-and-advice/competition-affairs/
Finnish law protects private property rights. Citizen property is protected by the constitution, which includes basic provisions in the event of expropriation. Private property is only expropriated for public purposes (eminent domain), in a non-discriminatory manner, with reasonable compensation, and in accordance with established international law.
Expropriation is usually based on a permit given by the government or on a confirmed plan and is performed by the District Survey Office. An expropriation permit granted by the government may be appealed to the Supreme Administrative Court. Compensation is awarded at full market price but may exclude the rise in value due only to planning decisions.
Besides normal expropriation according to the Expropriation Act, a municipality or the state has the right to expropriate land for planning purposes. Expropriation is mainly for acquiring land for common needs, such as street areas, parks, and civic buildings. The method is rarely used: less than one percent of land acquired by the municipalities is expropriated. Credendo Group ranks Finland’s expropriation risk as low (1), on a scale from 1 to 7: https://credendo.com/en/country-risk/finland
In 1969, Finland became a member state of the World Bank-based International Center for Settlement of Investment Disputes (ICSID; Washington Convention). Finland is a signatory to the Convention of the Recognition and Enforcement of Foreign Arbitral Awards (1958 New York Convention).
The Finnish Arbitration Act (967/1992) applies to domestic and international arbitration without distinction. Sections 1 to 50 apply to arbitration in Finland, and Sections 51 to 55 apply to arbitration agreements providing for arbitration abroad and the recognition and enforcement of foreign arbitral awards in Finland. Of 229 parties in 2021, the majority (208) were from Finland.
In 2021, a Chinese investor brought the first known investment treaty claim against Finland. He was detained and had his business center raided and shut down on suspicion it was facilitating illegal immigration. The proceedings were ultimately settled between Finland and the claimant. For more information: https://investmentpolicy.unctad.org/investment-dispute-settlement/cases/1192/wang-v-finland
Finland has a long tradition of institutional arbitration, and its legal framework dates to 1928. Today, arbitration procedures are governed by the 1992 Arbitration Act (as amended), which largely mirrors the UNCITRAL Model Law on International Commercial Arbitration of 1985 (with amendments, as adopted in 2006). However, the UNCITRAL Model law has yet to be incorporated into Finnish law.
Finland’s Act on Mediation in Civil Disputes and Certification of Settlements by Courts (394/2011) aims to facilitate alternative dispute resolution (ADR) and promote amicable settlements by encouraging mediation and applies to settlements concluded in other EU member states: https://www.finlex.fi/en/laki/kaannokset/2011/en20110394.pdf
In June 2016, the Finland Arbitration Institute of the Chamber of Commerce (FAI) launched its Mediation Rules under which FAI will administer mediation: https://arbitration.fi/mediation/mediation_rules/
Any dispute in a civil or commercial matter, international or domestic, which can be settled by agreement may be referred to arbitration. Arbitration is frequently used to resolve commercial disputes and is usually faster than court proceedings. An arbitration award is final and binding. FAI promotes the settlement of disputes through arbitration, commonly using the “FAI Arbitration/Expedited Arbitration Rules,” which were updated in 2020: https://arbitration.fi/en/arbitration/rules-and-guidelines/
The Finland Arbitration Institute (FAI) appoints arbitrators both to domestic and international arbitration proceedings and administers domestic and international arbitrations governed by its rules. It also appoints arbitrators in ad hoc cases when the arbitration agreement provides and acts as appointing authority under the UNCITRAL Arbitration Rules. The Finnish Arbitration Act (967/1992) states that foreign nationals can act as arbitrators. For more information: https://arbitration.fi/en/arbitration/
Finland signed the UN Convention on Transparency in Treaty-based Investor-State Arbitration (“Mauritius Convention”) in March 2015. Under these rules, all documents and hearings are open to the public, interested parties may submit statements, and protection for confidential information has been strengthened.
The Bankruptcy Act (120/2004) governs bankruptcy proceedings aimed at liquidating the assets of an insolvent company to satisfy its creditors and dissolve the company. The act was amended in 2019 to simplify, digitize, and speed up bankruptcy proceedings. The amended act allows administrators to send notices and invitations to creditor addresses registered in the Trade Register. This improves accessibility for foreign companies that have established a branch in Finland. For more information: https://www.finlex.fi/en/laki/kaannokset/2004/en20040120.pdf
The Bankruptcy Ombudsman is an independent authority that supervises the administration of bankruptcy estates in Finland . The Office of Bankruptcy Ombudsman is a member of the International Association of Insolvency Regulators (IAIR). For more information: https://www.konkurssiasiamies.fi/en/index.html
The Reorganization of Enterprises Act (1993/47) establishes a legal framework for reorganization with the aim to provide an alternative to bankruptcy proceedings. The act excludes credit and insurance institutions and certain other financial institutions. Recognition of restructuring or insolvency processes initiated outside of the EU requires an exequatur from a Finnish court. https://www.finlex.fi/fi/laki/kaannokset/1993/en19930047
Foreign-owned companies in Finland are eligible for government and EU incentives on an equal footing with Finnish-owned businesses. Companies receive support through grants, loans, tax benefits, equity participation, guarantees, and employee training.
The income tax rate for limited liability companies and other corporate entities is 20 percent. According to the 2023 International Tax Competitiveness Index, the Finnish tax system is the 19th best tax code among 38 OECD countries. For more information: https://www.vero.fi/en/businesses-and-corporations/business-operations/foreign-business-in-finland/taxation-in-finland/ and https://taxfoundation.org/location/finland/
Startups, SMEs, and large companies can benefit from Business Finland’s incentives: https://www.businessfinland.fi/en/do-business-with-finland/invest-in-finland/business-environment/incentives/incentives-short and https://www.businessfinland.fi/48d8e1/globalassets/julkaisut/invest-in-finland/business-guides-and-fact-sheets/iif_factsheet_incentives.pdf
Centers for Economic Development, Transport, and the Environment (ELY Centers) support the establishment, growth, and development of SMEs by providing advisory, training, and expert services, and by granting funding for investment and development projects. Large companies may also qualify for assistance or funding if they significantly increase employment in their region of operation. Startups can receive subsidies to establish and expand business operations during their first 24 months. For more information: http://www.ely-keskus.fi/en/web/ely-en/business-and-industry;jsessionid=0B09A1B237B74FAC485AAD7C8E068DBF
As part of its Sustainable Growth Program, which is funded by the EU Recovery Plan, Finland is promoting energy investments and energy infrastructure projects that reduce greenhouse gas emissions in Finland and support Finland’s target to be carbon neutral by 2035. For more information: https://tem.fi/en/-/energy-investments-of-finland-s-sustainable-growth-programme-promote-the-green-transition and https://www.businessfinland.fi/en/for-finnish-customers/services/funding/energy-aid
Government aid is available for the implementation of energy audits, investments that conserve energy, and investments related to the use of renewable energy, as well as for European Skills, Competences, Qualifications and Occupations (ESCO) projects. For more information: https://www.motiva.fi/en/solutions/policy_instruments/energy_aid
Finnvera offers loans, domestic guarantees, export credit guarantees, and other services associated with financing exports: https://www.finnvera.fi/eng
The EU Customs Code (UCC), which entered into force on May 1, 2016, harmonized free trade zone area regulations in the EU.
The Åland Islands are one of the unique fiscal territories within Finland and the EU. The tax border separates the Åland Islands from the VAT and excise territory of the EU. VAT and excise are levied on goods imported across the tax border, but no customs duty is levied. In tax border trade, goods can be sold with a tax-free invoice in accordance with the detailed taxation instructions of the Finnish Tax Administration. Trade between Åland and non-EU countries is subject to the same regulations and instructions as trade between the EU and third countries. For more information: https://tulli.fi/en/businesses/aland-businesses
As an EU member state, Finland adheres to the General Data Protection Regulation (Regulation (EU) 2016/679) (GDPR), an EU law that entered into force in 2016, and, following a two-year transition period, became law on May 25, 2018, without requiring EU member states to change national laws.
Finland’s Data Protection Act (1050/2018) supplements the GDPR. The Data Protection Ombudsman is a national supervisory authority that supervises compliance with data protection legislation. The office has approximately 45 specialists, including the Data Protection Ombudsman and two Deputy Data Protection Ombudsmen. For more information: https://tietosuoja.fi/en/home and https://www.finlex.fi/en/laki/kaannokset/2018/en20181050.pdf
The Finnish legal system protects and enforces property rights and secured interests in property, both movable and real. Mortgages exist in Finland and can be applied to both owned and rented real estate. In Finland, real property formation, development, land consolidation, cadastral or boundary mapping, registration of real properties, ownership and legal rights, real property valuation, and taxation are all combined within one basic cadastral system (i.e. real estate register) maintained by the National Land Survey: https://www.maanmittauslaitos.fi/en/apartments-and-real-property
Finland is not a contracting party to the 2001 Cape Town Convention on Mobile Equipment (CTC) and the Protocol on Matters Specific to Aircraft Equipment (Aircraft Protocol).
Finland is not included on USTR’s Special 301 Report or Notorious Markets List..
USTR’s 2022 Notorious Markets List mentions Finland for reportedly hosting a Flokinet server associated with infringing activity and reportedly hosting an FLVTO web server, a platform that allows the user to download music from YouTube and convert it to an mp3.
The Finnish legal system protects intellectual property rights (IPR), and Finland adheres to numerous international agreements. Finland ranked first among 129 countries in the Property Rights Alliance 2023 International Property Rights Index (IPRI), which concentrates on a country’s legal and political environment, physical property rights, and IPR: https://www.internationalpropertyrightsindex.org/
IPR enforcement in Finland is based on EU Regulation 608/2013. For more information, see: https://taxation-customs.ec.europa.eu/customs-4/prohibitions-and-restrictions/counterfeit-piracy-and-other-ipr-violations_en
IPR must be registered in Finland to be enforced under local laws, such as the Copyright Act, the Registered Designs Act, and the Patents Act. Patent rights in Finland are consistent with international standards, and a granted patent is valid for 20 years. The Finnish Patent and Registration Office (PRH) website contains unofficial translations in English of the Patents Act, Patents Decree, and Patent Regulation. For more information: https://www.prh.fi/en/index.html
The Finnish Trademarks Act was enacted in May 2019 to implement the revised EU Trademark Directive. The act includes provisions concerning collective marks and control marks. It includes amendments to related legislation such as the Finnish Company Names Act, the Criminal Code, and relevant procedural acts. Trademark applicants or proprietors not domiciled in Finland must have a representative resident in the European Economic Area. Finland is a party to the Madrid Protocol.
Finnish Customs supervises counterfeit products that are imported to, exported from, and transited via Finland and other products that violate IPR. Custom officers have the authority to seize and destroy counterfeit goods. Customs has intensified the control of counterfeit goods by conducting a risk analysis of postal traffic. The long-term trend indicates a decline in counterfeit goods detected in large-volume shipments: https://www.vero.fi/en/grey-economy-crime/prevention/preventionstatistics/
Finland is a member of the World International Property Organization (WIPO) and party to a several other treaties, including the Berne Convention, the Paris Convention, the Patent Cooperation Treaty, the WIPO Copyright Treaty, the WIPO Performances and Phonograms Treaty, and the International Convention for the Protection of Performers, Producers of Phonograms and Broadcasting Organizations (Rome Convention). Finland is a party to the WTO’s Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPS).
For additional information about national laws and points of contact at local IP offices, please see WIPO’s country profiles at: https://www.wipo.int/directory/en/details.jsp?country_code=FI
Finland is open to foreign portfolio investment and has an effective regulatory system. Credit is allocated on market terms and made available to foreign investors non-discriminately, and private sector companies have access to various credit instruments. Legal, regulatory, and accounting systems are transparent and consistent with international norms.
The Helsinki Stock Exchange is part of OMX, referred to as NASDAQ OMX Helsinki (OMXH). NASDAQ OMX Helsinki is part of the NASDAQ OMX Nordic division, together with the Stockholm, Copenhagen, Iceland, and Baltic (Tallinn, Riga, and Vilnius) stock exchanges.
Finland accepts the obligations under IMF Article VIII, Sections 2(a), 3, and 4 of the IMF Articles of Agreement. It maintains an exchange system free of restrictions on payments and transfers for current international transactions, except for those measures imposed for security reasons by the Regulations of the Council of the European Union.
Finland has a resilient, digitally advanced, and well-capitalized banking sector characterized by cooperative banking and pan-Nordic groups. Banking is open to foreign competition, and the industry is one of Europe’s most prominent relative to the size of the national economy. Four significant banks (OP Financial Group, Nordea, Municipality Finance, and Danske Bank) dominate the banking sector, holding 80 percent of the market. The Bank of Finland is the national monetary authority and the central bank of Finland: https://www.suomenpankki.fi/en
The Financial Supervisory Authority (FIN-FSA) supervises Finland’s financial and insurance sectors, including banks, insurance and pension companies, other companies operating in the insurance sector, investment firms, fund management companies, and the Helsinki Stock Exchange: https://www.finanssivalvonta.fi/en/
In 2023, the financial sector’s capital position remained strong despite the gloomier economic environment. Finland’s banks met the requirements for liquid bank holdings under Basel III standards, which compare a bank’s assets with its capital to see if the bank would withstand a financial crisis. The sector’s operating environment weakened as the Finnish economy slid into a recession. Despite increased credit risks in corporate and household loans, the Finnish banking sector’s non-performing loans and loan losses were still among the lowest in Europe.
Foreign companies and nationals can, in principle, open bank accounts in the same manner as Finnish nationals. However, banks must identify customers, and this may prove more difficult for foreign nationals. In addition to personal and address data, the bank often needs to know the person’s identifier code (i.e. social security number). Several banks require a work permit, a certificate of studies, a letter of recommendation from a trustworthy bank, and details regarding the nature of transactions to be made with the account. All authorized deposit-taking banks are members of the Deposit Guarantee Fund, which guarantees customers’ deposits to a maximum of EUR 100,000 ($109,000) per depositor.
The Act on Virtual Currency Providers (572/2019) entered into force in May 2019. FIN-FSA is the registration authority for virtual currency providers. The primary objective of the act is to introduce virtual currency providers into the scope of anti-money laundering regulation. Only virtual currency providers meeting statutory requirements can carry on their activities in Finland, and only a FIN-FSA registered virtual currency provider may market its currency and services in Finland. The Finnish Tax Administration released guidelines on the taxation of cryptocurrency, available here: https://www.vero.fi/en/detailed-guidance/guidance/48411/taxation-of-virtual-currencies3/
Finland adopted the Euro as its official currency in January 1999. Finland maintains an exchange system free of restrictions on making payments and transfers for international transactions, except for those measures imposed for security reasons. Currency transfers are protected by Article VII of the IMF Articles of Agreement: http://www.imf.org/External/Pubs/FT/AA/index.htm#art7
There are no legal obstacles to direct foreign investment in Finnish securities or exchange controls regarding payments into and out of Finland. Banks must identify their customers and report suspected cases of money laundering or the financing of terrorism. Banks and credit institutions must also report single payments or transfers of EUR 15,000 ($16,000) or more. If the origin of funds is suspicious, banks must immediately inform the National Bureau of Investigation. There are no restrictions on current transfers or repatriation of profits. Residents and non-residents may hold foreign exchange accounts. There is no limit on dividend distributions as long as they correspond to a company’s official earnings records. Travelers carrying more than EUR 10,000 ($11,000) must make a declaration upon entering or leaving the EU.
Solidium is a holding company fully owned by the Finnish government. It is a minority owner of nationally listed companies operating in clusters significant to the national economy, such as the forest industry. Solidium’s ownership stake of these companies is usually over 10 percent but rarely exceeds 20 percent. According to Solidium’s investment strategy, future investments may include companies that seek to implement green transition strategies or solutions related to the platform economy. Solidium aims to strengthen and stabilize Finnish ownership in the companies and increase the value of their holdings. In 2023, Solidium paid the Finnish government approximately $374 million as a dividend. For more information: https://www.solidium.fi/en/
The government of Finland owns directly or through Solidium the shares of 15 listed companies on the Helsinki stock exchange. In general, State-Owned Enterprises (SOEs) are open to competition except where they have a monopoly position, namely in alcohol retail and gambling. SOEs in Finland operate in chemicals, petrochemicals, plastics, and composites; energy and mining; environmental technologies; food processing and packaging; industrial equipment and supplies; marine technology; media and entertainment; metal manufacturing and products; services; and travel. The market value of all state direct shareholdings was approximately $24 billion as of March 2024. For more information, see: https://vnk.fi/en/government-ownership-steering/companies https://vnk.fi/en/government-ownership-steering/value-of-state-holdings
The Ownership Steering Department in the Prime Minister’s Office has ownership steering responsibility for Finnish SOEs, and is responsible for Solidium. The State Shareholdings and Ownership Steering Act (1368/2007) and the Act Amending the State Shareholdings and Ownership Steering Act (1315/2016) regulate the administration of state-owned companies. For more information, see: https://www.finlex.fi/en/laki/kaannokset/2007/en20071368 https://www.finlex.fi/fi/laki/alkup/2016/20161315
Finnish state ownership steering complies with the OECD Principles of Corporate Governance. The Parliamentary Advisory Council in the Prime Minister’s Office serves in an advisory capacity regarding SOE policy; it does not make recommendations regarding any business in which the individual companies are engaged. The government has proposed changing its ownership levels in several companies and increasing the number of companies the Prime Minister’s Office steers. Parliament decides from which companies the state may relinquish its sole ownership (100 percent), its control of ownership (50.1 percent), or minority ownership (33.4 percent of votes). For more information: https://vnk.fi/en/government-ownership-steering/ownership-policy
Finland opened domestic rail freight to competition in early 2007, and in July 2016, Fenniarail Oy, the first private rail operator on the Finnish market, began operations. In November 2020, Estonian-based Operail, which works in Finland’s rail freight operations, started a subsidiary in Finland as Operail Finland. In 2023, Operail Finland’s share was sold to Nurjminen Logistics. Passenger rail transport services will be opened to competition in stages, starting with local rail services in southern Finland. Based on an agreement between Finnish State Railways (VR) and the Ministry of Transport and Communications, VR has exclusive rights to provide passenger transport rail services in Finland until the end of 2030. For more information, see: https://lvm.fi/en/-/nine-year-contract-between-the-ministry-of-transport-and-communications-and-vr-for-purchasing-rail-transport-services-1643706
The exclusive right applies to all passenger rail transport in Finland, excluding the commuter train transport services provided by the Helsinki Regional Transport Agency (HSL). In February 2020, HSL put its commuter train transport services out for tender; VR won the tender and will continue to provide passenger rail service for the next ten years. The value of southern Finland commuter train services is $67 million per year, with 200,000 daily passengers.
Parliament makes all decisions identifying the companies in which the state may relinquish sole ownership (100 percent of the votes) or control (minimum of 50.1 percent of the votes), while the government decides on the actual sale. The state has privatized companies by selling shares to Finnish and foreign institutional investors through both public offerings and directly to employees. Sales of the state’s direct holdings totaled $2.89 billion (2007 – 2018).
The government issued a new resolution on state-ownership policy in April 2020, seeking to maximize overall social and financial benefits; use corporate assets to promote domestic ownership; and diversify the economy, create innovations, and support sustainable structural change. For more information, visit https://vnk.fi/en/government-ownership-steering
Finland has long traditions in compliance with labor, occupational safety, health, and environmental legislation. Finnish companies recognize that their due diligence to comply with laws and regulations is central to responsible business conduct and corporate responsibility. The Finnish Business & Society (FIBS) is the largest corporate responsibility network in the Nordic countries and has more than 300 members: https://www.fibsry.fi/briefly-in-english/
Finland is committed to implementing the OECD Guidelines for Multinational Enterprises, the ILO Declaration on Fundamental Principles and Rights at Work, and the ILO’s tripartite declaration of principles concerning multinational enterprises and social policy. The government promotes Corporate Social Responsibility (CSR) through the Ministry of Employment and the Economy CSR Guidelines. or more information: https://tem.fi/en/key-guidelines-on-csr
Finland ranks first in the UN’s Sustainable Development Report, which compares 193 UN member states based on 17 sustainability goals. Finland launched a new sustainable development strategy built around the UN’s Sustainable Development Goals (SDG). More information is available here: https://dashboards.sdgindex.org/profiles/finland
The Directive of the European Parliament and the Council on the disclosure of non-financial information has been implemented via amendments to the Finnish Accounting Act, requiring affected organizations to report on their CSR. The obligation to report non-financial information and corporate responsibility reports applies to significant public interest entities, i.e., listed companies, credit institutions, and insurance companies with more than 500 employees. In addition, turnover must be greater than $45.4 million, or the balance sheet must exceed more than $22.7 million. For more information: https://tem.fi/en/accounting
Currently, there are no other mandatory human rights-related due diligence requirements apart from those set out in the Act on the Placing on the Market of Conflict Minerals and Their Ores (1196/2020) (the Conflict Minerals Act), which improved the transparency of supply chains and brought Finland’s conflict minerals regime into line with EU regulations. Businesses importing conflict minerals (tin, tantalum, tungsten, and gold) from conflict-affected areas into the EU that exceed certain volume thresholds are subject to due diligence requirements. The Finnish Safety and Chemicals Agency and Finnish Customs are competent authorities in implementing the act. For more information: https://tukes.fi/en/industry/conflict-minerals
Finland has joined the Extractive Industries Transparency Initiative (EITI), which supports improved governance in resource-rich countries. Finland is not a member of the Voluntary Principles on Security and Human Rights Initiative. The Human Rights Center (HRC), administratively linked to the Office of the Parliamentary Ombudsman, encourages foreign and local enterprises to follow the most important international norms: https://www.humanrightscentre.fi/
Finland participates in the Montreux Document on pertinent international legal obligations and good practices for states related to private military and security company operations during armed conflict. However, Finland is not a member of ICoCA, the International Code of Conduct for Private Security Service Providers’ Association.
Department of State
Department of the Treasury
Department of Labor
Finland participates in international climate negotiations as an EU member state. It is firmly committed to the EU’s joint reduction target under the United Nations Framework Convention on Climate Change (UNFCCC) and the Paris Agreement. The core elements of EU climate policy are the EU Emissions Trading System (EU ETS); national targets for sectors excluded from EU ETS (effort sharing); and obligations concerning the Land Use, Land-Use Change, and Forestry sector (LULUCF). The EU ETS covers more than 40 percent of the total greenhouse gas emissions in the EU and just under half of the greenhouse gas emissions in Finland. For more information, see: https://tem.fi/en/emissions-trading
The National Climate Act is another fundamental pillar of Finland’s climate policy. The act aims to reduce greenhouse gas emissions for 2030 (-60 percent), 2040 (-80 percent), and 2050 (-95 percent) compared to 1990 levels. According to the act, Finland must be carbon neutral by 2035. For more information, see: https://ym.fi/en/climate
Finland reduces carbon emissions by increasing clean energy production, investing in the hydro economy, and augmenting the carbon sequestration of the industrial and land use sectors. Renewables have replaced imported fossil fuels in domestic electricity production. In 2023, the share of carbon-free electricity production was 94 percent. The primary energy sources of electricity production were nuclear power at 41 percent, hydropower at 18.8 percent, wind at 18.1 percent, and biomass at 13.3 percent, while the share of imported electricity was 2.2 percent.
In 2024, the government reserved EUR 14.1 million ($15.3 million) in national energy aid to promote the production of renewable energy, renewable hydrogen and hydrogen-refined fuels, energy saving or more efficient energy production or use, utilization of waste heat, and the transition towards a low-carbon energy system. The government will prioritize investment projects promoting new technology, its commercialization, and the capacity of the electricity system. In addition, REPowerEU aid supports investments in new energy technology and the production and storage of renewable hydrogen, funded by the EU Recovery and Resilience Facility. REPowerEU aims to reduce dependence on Russian fossil fuels by fast forwarding the clean transition and joining forces to achieve a more resilient energy system and a true Energy Union. For more information, see: https://tem.fi/en/-/ministry-of-economic-affairs-and-employment-sets-energy-aid-priorities-for-2024
The Finnish Climate Fund is a state-owned company that focuses on combating climate change, boosting the low-carbon industry, and promoting digitalization. Companies targeted by the fund typically receive the funding in installments over several years when meeting conditions specified in the financing agreements. For more information, see: https://www.ilmastorahasto.fi/en/
The National Forest Strategy contains the critical outlines of Finland’s forest policy. For more information, see: https://mmm.fi/en/forests/strategies-and-programmes
Finland also aims to increase ecological public procurement. Finland’s first National Public Procurement Strategy, launched in September 2020, focuses on developing strategic management and promoting procurement expertise. For more information, see: https://vm.fi/en/-/national-public-procurement-strategy-identifies-concrete-ways-in-which-public-procurement-can-help-achieve-wider-goals-in-society
On MIT’s Green Future Index 2023, Finland ranked second among 76 leading countries and territories. The index measures progress and commitment towards building a low-carbon future. According to the index, Finland fosters an extensive green tech R&D ecosystem with leading-edge renewables and food tech.
Corruption in Finland is covered by the criminal code and penalties range from fines to imprisonment of up to four years. The bribery offenses criminalized in the criminal code are electoral bribery, bribery violation, the giving of bribes, the acceptance of a bribe, providing bribes to a Member of Parliament, accepting a bribe as a Member of Parliament, giving of bribes in a business transaction, and accepting a bribe in a business transaction. For more information, see: https://korruptiontorjunta.fi/en/national-legislation
Finland does not have an authority specifically charged to prevent corruption. Instead, several authorities and agencies contribute to anti-corruption work. The Ministry of Justice coordinates anti-corruption matters, but Finland’s EU anti-corruption contact is the Ministry of the Interior. The National Bureau of Investigation also monitors corruption, while the tax administration has guidelines obliging tax officials to report suspected offenses, including foreign bribery, and the Ministry of Finance has guidelines on hospitality, benefits, and gifts. The Ministry of Justice describes its anti-corruption efforts at https://oikeusministerio.fi/en/anti-corruption-activities.
The EU Directive on non-financial reporting supports action against corruption. Implementation of the EU Directive in Finland led to the amendment of the Accounting Act in December 2016. Current legislation imposes obligations on large companies to report on anti-bribery and anti-corruption action policies.
The Ministry of Justice is responsible for monitoring and developing the Transparency Register legislation. The Transparency Register Guide contains a general description, key concepts, related procedures, and published actors. The guide answers questions such as who is subject to the obligation to provide information to the Transparency Register, what kind of information must be provided to the register and when, and how the Transparency Register is monitored. The guide is available in Finnish, Swedish, and English: https://julkaisut.valtioneuvosto.fi/handle/10024/164813
In 2020, the Ministry of Employment and Economy released an anti-corruption guide intended for companies, especially SMEs, to provide them with guidance and support for promoting sound business practices and corruption-free business relations both in Finland and abroad. Large companies must publish corporate responsibility reports. These reports must briefly describe their business model, explain the risks related to their policies, and describe how they manage these risks. The reporting obligation applies to public interest entities with over 500 employees and a turnover of over 40 million euros ($43 million) or an annual balance sheet of over 20 million euros ($22 million). Smaller companies can report voluntarily. The report can be part of yearly reports or reports on corporate social responsibility. For more information: https://tem.fi/en/-/guide-offers-smes-practical-anti-corruption-tips
Finland has ratified the following anti-corruption conventions: the Convention on Laundering, Search, Seizure, and Confiscation of the Proceeds from Crime; the Council of Europe Civil Law Convention on Corruption; the Criminal Law Convention on Corruption; and the UN Convention against Transnational Organized Crime. Finland has become the 32nd country to sign the United Nations Convention against Corruption (UNCAC) Coalition’s Transparency Pledge, voluntarily committing to a high level of transparency and civil society inclusion in the second cycle of the UNCAC implementation review. Finland is a member of the European Partners against Corruption (EPAC).
Finland is a signatory to the OECD Convention on Anti-Bribery. In October 2020, the OECD working group on bribery said it recognizes Finland’s commitment to combat corruption but is concerned about lack of foreign bribery enforcement. For more information: https://www.oecd.org/daf/anti-bribery/finland-oecdanti-briberyconvention.htm
Jaakko Christensen Head of Financial Crime Division National Board of Investigation P.O. Box 285, 01310 Vantaa, Finland [email protected]
Jaakko Korhonen Chairperson Transparency Finland [email protected]
Finland acceded to NATO in April 2023 and signed a bilateral Defense Cooperation Agreement with the United States in December 2023. The Finnish Security and Intelligence Service (SUPO) estimated in the National Security Overview 2023, the most current version released, that Russia’s actions remain the greatest threat to Finland’s national security, with Russia treating Finland as an unfriendly state, and as a target for espionage and malign influence activities. According to SUPO, NATO membership protects Finland from Russia’s measures. SUPO assesses Russia’s use of irregular migration as a way for Russia to indicate its dissatisfaction with Finland’s NATO membership and generally sow the consequences of actions Russia perceives as unfriendly.
SUOP assesses that no significant changes have occurred in the threat of terrorism faced by Finland. The threat of terrorism in Finland remains at level 2, ‘Elevated’, on the four-tier scale. There are probably far-right and radical Islamist operators in Finland with the desire and capacity to carry out violent attacks. Supporters of these ideologies pose the most likely threat, either as individuals or in small groups. Attacks remain unlikely in the short term. .For more information, see: https://supo.fi/en/terrorism-overview
While instances of political violence in Finland are rare, extremism exists, and anti-immigration and anti-Semitic incidents do occur. The Central Council of Finnish Jewish Communities has noted a rise in anti-Semitism in Finland over the past two decades, with reported instances likely underestimating the prevalence of such cases. Targeted acts of vandalism against the synagogue and property of the Israeli Embassy and random acts of vandalism featuring anti-Semitic language and images have become more common. Hate groups and far-right political parties use anti-Semitic language and Nazi iconography in both online publications and public events. SUPO considers Racially or Ethnically Motivated Violent Extremism (REMVE) online platforms a significant source of radicalization in Finland, and Jewish and Muslim community leaders have identified these websites as contributors to increases in public anti-Semitism.
In 2022, The Ministry of the Interior published the National Counterterrorism Strategy 2022–2025 to guide national and international counterterrorism activities. Finland combats terrorism, violent radicalization, and extremism to safeguard national interests and foster the safety and security of the country and its population. The Ministry of the Interior monitors the achievement of objectives and will prepare an interim report in 2024. For more information, see: https://intermin.fi/en/publication?pubid=URN:ISBN:978-952-324-578-5
According to Statistics Finland, the population was approximately 5.6 million, and the average number of employed persons aged 15 to 74 was 2,628,000 in 2023. The number of unemployed persons was 204,000. Men’s unemployment rate was 7.9 percent, while women’s unemployment rate was 6.5 percent. In January 2024, the number of unfilled vacancies was 133,400. The working-age population will decrease in the years to come due to an increasing retirement rate caused by Finland’s aging population. At the same time, the number of immigrants is growing, and people are working to a later age in life. In Finland, most job vacancies advertised are in the social healthcare services sector, the construction industry, and the service and retail sectors.
Finland has a long tradition of trade unions. The country has a 60 percent unionization rate, and approximately 90 percent of employees have participated in the collective bargaining system. Extensive tripartite cooperation between the government, employers’ groups, and trade unions characterizes the labor market system in Finland. Trade unions and employers’ associations may make collective agreements, and the ministry decides on the agreements’ validity, determining minimum wages, working hours, and working conditions. The Ministry of Employment and the Economy is responsible for drafting labor legislation, and the Ministry of Social Affairs and Health is responsible for enforcing labor laws and regulations via the Occupational Safety and Health (OSH) authorities of the OSH Divisions at the Regional State Administrative Agencies, which operate under the Ministry of Social Affairs and Health.
To increase the labor market’s flexibility, the government of Prime Minister Petteri Orpo aims to reform the labor market legislation in 2024. As part of the proposed reforms, the government intends to increase local bargaining, which refers to workplace-level agreements on working hours, annual holidays, or wages; tie all sectors’ wage increases to export industry levels; restrict the right to political strikes, including limiting political strikes to 24 hours; and cut social welfare and benefits programs, including unemployment benefits. The government’s proposed labor reforms launched a wave of political strikes in Finland.
In the March 2024 IMF Article IV consultation with Finland, the IMF commended the government’s efforts to boost employment through social benefit reforms, greater flexibility in the labor market, and lowering the labor tax wedge. According to the IMF, the government should establish robust systems to monitor the impact of these reforms on employment closely. Additionally, government policies and procedures should aim to improve higher education, lower skill mismatches, and more effectively attract and integrate international talent.
Finland adheres to most ILO conventions; and enforcement of worker rights is effective. Freedom of association and collective bargaining are guaranteed by law, providing the right to form and join independent unions, conduct legal strikes, and bargain collectively. The law prohibits anti-union discrimination and any obstruction of these rights. The National Conciliator under the Ministry of Employment and the Economy assists negotiating partners with labor disputes. The arbitration system is based on the Act on Mediation in Labor Disputes, and the Labor Court is the highest body for settlement. The ILO’s Finland Country profile can be found here: http://www.ilo.org/dyn/normlex/en/f?p=1000:11110:0::NO:11110:P11110_COUNTRY_ID:102625
The U.S. International Development Finance Corporation, DFC, does not operate in Finland.
Host Country Gross Domestic Product (GDP) ($M USD) | 2022 | $288.69 Billion | 2022 | $282.65 Billion | |
U.S. FDI in host country ($M USD, stock positions) | 2022 | $1.42 Billion | 2022 | $4.429 Billion | BEA data available at |
Host country’s FDI in the United States ($M USD, stock positions) | 2022 | $5.84 Billion | 2022 | $9.868 Billion | BEA data available at |
Total inbound stock of FDI as % host GDP | 2022 | 29% | 2022 | 29% | OECD data available at https://data.oecd.org/fdi/fdi-stocks.htm |
* Source for Host Country Data: Statistics Finland
Total Inward | $ Amount | 100% | Total Outward | $ Amount | 100% |
Sweden | $23.830 | 28.7% | Sweden | $35.522 | 25.6% |
The Netherlands | $11.871 | 14.3% | The Netherlands | $25.906 | 18.7% |
Luxembourg | $10.915 | 13.2% | Ireland | $14.327 | 10.3% |
Norway | $5.996 | 7.2% | Denmark | $8.955 | 6.5% |
Cayman Islands | $4.642 | 5.6% | Norway | $7.512 | 5.4% |
“0” reflects amounts rounded to +/- $ 500,000. |
U.s. department of state, the lessons of 1989: freedom and our future.
Income statements reflected economic concerns, interest-rate hurdles
Michael Nagle / Bloomberg / Getty Images
Earnings at two of the three large U.S. banks that traditionally launch the financial sector's quarterly earnings season exceeded investors' expectations Friday. But their income statements revealed the ongoing toll of higher interest rates and reflected concerns about a cooling economy.
Citigroup ( C ) surpassed consensus projections with net income that rose 10% from the same period a year ago. But excluding one-time items, profit at both JPMorgan Chase ( JPM ) and Wells Fargo ( WFC ) declined from a year ago, even as Wells Fargo also topped analysts' consensus forecasts.
Shares of all three struggled after they reported earnings . JPMorgan's shares dropped 1.2%, Citigroup's fell 1.8% and Wells Fargo's plunged 6%, making it the biggest decliner on the S&P 500 Friday.
Net interest income , a key driver of banking profitability, fell sequentially from the first quarter at all three banks. Loan balances stagnated or dropped, and all three set aside additional money for potential credit losses.
The results highlight how higher interest rates have turned from a boost to a burden for banks' profit growth. Moreover, they shed light on concerns banks have going forward as borrowing stalls and the economy slows.
Jeenah Moon / Bloomberg / Getty Images
The Federal Reserve's interest rate hikes beginning in early 2022 initially fueled strong net interest income growth for banks. But eventually, that growth decreased as higher deposit costs caught up with higher loan charges.
Net interest income fell for the second straight quarter at JPMorgan Chase to $22.8 billion, down from $23.1 billion in the first quarter and $24.1 billion in the fourth quarter. Wells Fargo reported a drop to $11.9 billion from $12.2 billion in the first quarter, and Citigroup's fell marginally to $2.7 billion.
Presumably, highly anticipated Fed rate cuts —perhaps as early as September—could boost net interest income in the near term as deposit costs reset more quickly than some loan rates.
However, rate cuts would signal that the Fed foresees sufficient cooling in the economy to prevent inflation from reigniting. And as the economy cools, concerns about borrowers repaying loans increase.
In the second quarter, JPMorgan set aside $3 billion to cover potential credit losses, up from $1.9 billion in the first quarter. Likewise, Wells Fargo boosted its credit loss coverage to $1.2 billion from $938 million a quarter ago, and it wrote off $1.3 billion in bad loans, $146 million more than the first quarter.
Citigroup's credit loss provisions increased $112 million sequentially to $2.5 billion—36% more than the same period a year ago.
Large banks, of course, have broader loan books than smaller regional banks, which have greater exposure to the troubled commercial real estate sector. With that in mind, Friday's results may shine an even brighter light on credit loss provisions for regional banks when they report financial results later this month.
As large banks brace for more defaults on existing loans, they're not lending additional money.
JPMorgan Chase reported $1.3 trillion in loans outstanding in the second quarter, a figure that remained essentially unchanged for the fourth straight quarter. Average loans outstanding at Wells Fargo slipped for the fourth straight quarter to $917 billion, down $11 billion from the first quarter. Loans at Citigroup rose 2% to $688 billion but declined by $1 billion from the end of 2023.
Fed rate cuts could spur loan growth by making borrowing more affordable. The challenge for banks, though, will consist of issuing enough new loans to compensate for the lower interest rates they'll receive for them.
Citigroup. " Second-Quarter 2024 Results and Key Metrics ."
Wells Fargo. " 2Q24 Financial Results ."
JPMorgan Chase. " EARNINGS RELEASE FINANCIAL SUPPLEMENT SECOND-QUARTER 2024 ."
Citigroup. " FOURTH-QUARTER AND FULL-YEAR 2023 RESULTS AND KEY METRICS ."
Welcome to the Money blog, your place for personal finance and consumer news and tips. Share your Money Problem or consumer dispute below along with your email address and we'll get answers from an expert - today we're helping a reader having trouble with a neighbour.
Monday 22 July 2024 20:12, UK
By Mark Kleinman , city editor
Nadhim Zahawi, the former Conservative chancellor, is assembling a £600m bid for The Daily Telegraph that could up-end the auction of some of Britain’s most influential media assets.
Sky News has learnt that Mr Zahawi, who left parliament in May after opting not to stand again in his Stratford-on-Avon seat, has approached a number of billionaire backers about helping to finance an offer for the daily newspaper, its Sunday sister title and The Spectator magazine.
City sources said the Reuben family, which owns a vast swathe of property assets and a stake in Newcastle United Football Club, was among those to have been sounded out by Mr Zahawi in recent weeks.
The former cabinet minister, who also spent time as business secretary, education secretary and as the government's vaccines minister during the Covid-19 pandemic, is said to believe the Telegraph has significant scope to boost its profitability by expanding in the US.
Read more here .
Online grocery retailer Ocado has struck a deal with a company that will oversee its warehouses controlled mainly by robots .
Ocado told shareholders today that US firm Kroger will roll out its "Re:imagined" tech across "multiple" fulfilment centres, as well as "future" ones.
"The technologies include proprietary Ocado innovations such as On-Grid Robotic Pick and Automated Frameload, which will bring new levels of efficiency and labour productivity to the Kroger Delivery network," Ocado said.
"These innovations will enable Kroger to further drive down their cost to serve from CFCs, and enhance an already market-leading customer proposition."
Lucozade has added to its "Alert" energy drink range with two new flavours .
Coming in 250ml cans, Lucozade Alert Ultimate Energy (guarana-flavoured) and Lucozade Alert Mango Peachade are set to roll out from next month.
RRP is £1 a can.
Carpetright's future is understood to have been secured but the majority of its 1,800 staff are set to lose their jobs under a limited rescue deal.
It is believed that rival floorings retailer Tapi will confirm it is buying just 54 of 272 stores and two warehouses in a so-called pre-pack administration that allows a buyer to cherry-pick assets.
The deal would see, however, only 300 staff retained.
The brand and Carpetright's intellectual property rights are also believed to be included in the sale.
Read more here :
Families paying for holiday clubs this summer now face a bill of £1,045 for six weeks' care for one child, a study has found.
A survey of councils across the UK by charity Coram Family and Childcare found that represented a rise of 6% on last year's costs.
Providers say they are trying to keep costs down as they struggle with staff shortages.
This table shows how prices have increased in the past 12 months in England, Scotland and Wales...
"Too many families dread the onset of the summer holidays," Coram Family and Childcare managing director Ellen Broomé said.
"Finding a place will be a challenge this summer, particularly for children with special educational needs and disabilities."
Lending for buy-to-let (BTL) house purchases has more than halved over the past year, a banking and finance industry body has said.
New mortgage deals granted for this purpose fell from 25,280 in the fourth quarter of 2022 to 12,422 in the first quarter of this year.
The market also shrank - from 2.04 million outstanding BTL mortgages in the first quarter of 2023 to 1.98 million in the first quarter of this year.
This has been put down to rapidly rising interest rates, which made it harder for those looking to buy a BTL property to pass bank affordability tests, UK Finance said.
Stamp duty surcharges on second and subsequent properties also played a part.
James Tatch, head of analytics at UK Finance, said: "Without more unexpected negative shocks, strong rental demand and strong lending standards could mean the buy-to-let sector emerges from last year's downturn sooner than previously expected, also that further rises in arrears are limited.
"Lenders continue to offer a range of support to anyone who's worried about their finances, with teams of trained experts ready to help. If you are struggling, please reach out to your lender as soon as possible to discuss the support options available."
Are you struggling because of high interest rates? Sky News is keen to hear from people who are due to refix their mortgages, are on variable rates or are trying to get on the housing ladder.
Email us your stories at [email protected] or use the box at the top of this page.
We've all heard of unusual jobs, but this may take the biscuit...
A 72-year-old grandmother has been appointed theme park Alton Towers' first "chief thrillseeker".
Jackie Smith, from Wiltshire, was the first female to join the Parachute Regiment in 1971 (at aged 19) and has led an adrenaline-fuelled life since.
Her new role, which will last 12 months, will see her responsible for testing rides.
"It's my absolute honour to be appointed Alton Towers' first chief thrillseeker," she said.
"I can't wait to bring my expertise from a lifetime of adventure to help ensure they continue to set new standards."
She has already been on rides in the park, and offered her thoughts.
"My first time on the iconic Nemesis Reborn definitely met my high standards for thrills - it felt like my first jump all over again."
Ms Smith has completed some 5,000 parachute jumps in her career and has previously been nominated for the BBC Sports Personality of the Year award.
Gin & Juice by Dre and Snoop, the pre-mixed cocktail brand created by legendary American rappers Dr Dre and Snoop Dogg, is launching in the UK.
The drinks take their name from Snoop Dogg's 1994 single (which was produced by Dr Dre) and will be available via independent retail, DTC and Amazon.
Drinkers can choose from citrus, melon, passionfruit and apricot flavours.
Gin & Juice are 5.9% abv, costing £2.50 per 250ml can and made from a "premium light gin base" with real fruit, the brand said.
Gin & Juice launched in the US in February.
Barcelona is set to "substantially" raise the tourist tax for cruise passengers visiting the city for less than 12 hours.
It comes as anti-tourism protests have taken place across parts of Spain in recent weeks.
Jaume Collboni, the mayor of Barcelona, has confirmed the charge will be increasing but hasn't said by how much.
The tourist tax for stopover cruise passengers is currently €7 (£6).
Mr Collboni said in an interview with El Pais newspaper: "We are going to propose... substantially increasing the tax for stopover cruise passengers.
"In the case of stopover cruise passengers (less than 12 hours) there is intensive use of public space without any benefit for the city and a feeling of occupation and saturation. We want to have tourism that is respectful of the destination."
Mr Collboni said tourists, not local taxpayers, should pay for local projects like air-conditioning in schools.
The proposal will have to be agreed with the Catalan regional government, he added.
You can read more here :
By James Sillars , business reporter
The widely expected (but nevertheless bombshell) news that Joe Biden had pulled out of the US presidential race failed to produce a crater on financial markets.
US stock market futures gained slightly but the dollar and US bond yields were static as the trading week opened in Asia.
Market analysts said the election development was largely inconsequential as a win for Donald Trump remained priced in.
A big sympathy vote was anticipated after the failed assassination attempt earlier in the month.
In London, the FTSE 100 gained back most of the losses seen on Friday when dealing began.
It was 0.5% higher at 8,196.
Utilities and real estate stocks were leading the charge.
The big story, however, was in Ireland, where Ryanair shares fell by more than 12% at the open.
Investors were reacting to a slump in first quarter profits and the revelation of big discounting to drive ticket sales.
You can read more about the budget airline's fortunes in our previous post...
Ryanair fares will likely be lower than those we saw last summer, the airline has said.
The average fare is 15% cheaper this summer, with Europe's largest carrier (by passenger numbers) engaging in significant discounting in an attempt to keep customers interested.
Reporting weaker profits, which the company blamed on heightened consumer caution, group chief executive Michael O'Leary warned shareholders that fares over the key summer holiday months would be significantly down as a result of the weaker than anticipated consumer backdrop.
He also indicated that prices would continue to drop.
Mr O'Leary told shareholders: "While Q2 demand is strong, pricing remains softer than we expected, and we now expect Q2 fares to be materially lower than last summer [previously expected to be flat to modestly up]".
Ryanair reported the weaker profits than expected for its first financial quarter, blaming a need to "stimulate" flight sales.
Every Monday we get an expert to answer your Money Problems or consumer disputes. Find out how to submit yours at the bottom of this post. Today's question is...
My neighbour has installed a log burner and the chimney is as close to our property as it is legally allowed. Every time I go out of my front door I can smell acrid smoke. What can I do about it? Crissy
The first thing to do is speak to your neighbour and try to resolve it amicably, according to Chun Wong, a partner at law firm Hodge Jones & Allen.
"Remember you do need to live by them in close proximity on a daily basis, so aim to maintain a good relationship," she says.
"Although neighbours may install items within their own boundaries so it may technically not trespass into your property, there may still be recourse for consequential losses due to noise or smells escaping into your property.
"Smells and noise can be classed as a statutory or private nuisance, which may depend on expert evidence or the effect/harm on you such as the frequency of the smell or noise."
Statutory nuisance is something that affects a person's health or causes disturbance to them in their property. It has to occur frequently and continue for a period of time that makes it unreasonable.
Private nuisance is a branch of the law which provides more robust remedies through the civil courts where there has been a significant detriment to the use or enjoyment of a person's land.
It's down to the individual to decide which route they want to go down - bearing in mind statutory nuisance may not give compensation but will likely be cheaper and easier to action.
If the smoke is seen as a statutory nuisance, Wong says, then you should complain to your local council, which could end up serving an abatement notice.
"This is a notice which only the local authority can serve requiring someone to take action or refrain from action. If that fails, breach of an abatement notice can lead to a substantial fine and in serious cases, prosecution," she says.
"If it is a private nuisance you may be able to bring court proceedings to stop the nuisance and claim for compensation.
"The first step would be to send a letter of claim to your neighbour and also submit a claim form in your local county court with all the details and supporting evidence.
"You do not need a solicitor to do this, but I strongly advise you to seek legal advice before taking this drastic step given the serious consequences involved."
This feature is not intended as financial advice - the aim is to give an overview of the things you should think about. Submit your dilemma or consumer dispute via:
Be the first to get Breaking News
Install the Sky News app for free
IMAGES
COMMENTS
Bank Holiday: Any business day during which commercial banks and savings & loans institutions are closed for business to the public, specifically at physical locations. These holidays usually ...
Columbus Day. Monday, October 14. Veterans Day. Monday, November 11. Thanksgiving Day. Thursday, November 28. Christmas Day. Wednesday, December 25. *For holidays falling on Saturday, Federal Reserve banks and branches will be open the preceding Friday; however, the Board of Governors will be closed.
This article attributes the success of the Bank Holiday and the remarkable turnaround in the public's confidence to the Emergency Banking Act, passed by Congress on March 9, 1933. Roosevelt used the emergency currency provisions of the Act to encourage the Federal Reserve to create de facto 100 percent deposit insurance in the reopened banks.
List of bank holidays in the U.S. in 2024 and 2025. You may want to check your bank's holiday closure schedule — especially if your bank operates internationally — but here are the typical ...
If you need to plan even further ahead, you can visit the Federal Reserve website to see which holidays will be observed, along with their corresponding dates, for the next few years. Holiday ...
The Federal Reserve Bank of Dallas and its branches at El Paso, Houston, and San Antonio, Texas, will observe the following holidays: Holiday policy: When holidays fall on Saturday, Federal Reserve Banks and branches will be open the preceding Friday. For holidays falling on Sunday, all Federal Reserve offices will be closed the following Monday.
Bank holidays only came into existence in 1871 when the banker-turned-politician Sir John Lubbock, the first Lord Avebury, introduced the Bank Holidays Act. According to Horace G. Hutchinson in the Life of Sir John Lubbock, Lord Avebury, Volume 1, his political aims were threefold: To promote the study of Science, both in Secondary and Primary ...
Independence Day. Labor Day. Columbus Day. Veterans Day. Thanksgiving Day. Christmas Day. Federal holidays in the United States are 11 calendar dates designated by the U.S. federal government as holidays. On these days non-essential U.S. federal government offices are closed and federal employees are paid for the day off.
It was then that I issued the proclamation providing for the nationwide bank holiday, and this was the first step in the Government's reconstruction of our financial and economic fabric. 3 The federal government did turn to the question of regulating banks later that year when the Banking Act of 1933 ( Pub. L. 73-66, 48 Stat. 162, enacted ...
Bank Holidays: 2027 Bank Holidays: 2026 Bank Holidays: 2025 Bank Holidays: 2024 Bank Holidays: 2023 Bank Holidays: 2022 Bank Holidays: 2021 Bank Holidays: 2020 Bank Holidays: 2019 Bank Holidays: 2018 Bank Holidays
According to Newsround: "In the UK, we've had official bank holidays since 1871, when they were formally recognised by an Act of Parliament. "On these days, banks were allowed to close ...
While we diligently research and update our holiday dates, some of the information in the table above may be preliminary. If you find an error, please let us know. Show All Holidays for 2024. 2023
Juneteenth is the newest federal holiday in the United States, and one that is celebrated differently across the states. Pew Research Center took a look at how each state commemorates the day. We focused on states that observe Juneteenth as an official public holiday - meaning state offices are closed and state workers get a paid day off.
May Day is a European festival of ancient origins marking the beginning of summer, usually celebrated on 1 May, around halfway between the Northern Hemisphere's Spring equinox and June solstice. Festivities may also be held the night before, known as May Eve.Traditions often include gathering wildflowers and green branches ("bringing in the May"), weaving floral garlands, crowning a May Queen ...
Government modelling currently puts the cost of an extra bank holiday at £1.36 billion to that end. However, new research from Big Four firm PwC suggests that this may be an over-estimation, while it may also exclude other benefits of an extra day's rest. 2022 sees the 3rd of June become a temporary bank holiday, in celebration of the Queen ...
Find out when bank holidays are in England, Wales, ... Research and statistics. Reports, analysis and official statistics. Policy papers and consultations. Consultations and strategy.
Shortly before each bank holiday, about 1,200 British adults aged 16 and over are asked if they are taking any overnight trips over the upcoming bank holiday. They are asked if the trip will be in the UK or abroad and whether it is for a holiday, business, or a trip to visit friends and relatives. Please note: this survey was carried out less ...
Most banks are closed on Monday, Sept. 2 which is a federal bank holiday when the Federal Reserve System, which regulates banks, is closed. While banks aren't required to close on Federal Reserve holidays, most do. Transactions made on Federal Reserve holidays won't be processed until the next business day, according to bankrate.com.
Bank Holidays 2024: Check 2024 bank holidays in India. Get the national banking holidays for current calendar year and list of state and month wise regional bank holidays on Moneycontrol
Holiday Schedule of the Bank. 2024. 2025. The Bank's offices in Japan -- Head Office, branches, and local offices -- are closed on Saturdays, Sundays, and the following days: National holidays (as defined in Act No. 178 of 1948) and Substitute holidays. December 31 to January 3.
Management and other eligible exempt employees may also "bank" personal holiday time for hours worked on the date that a holiday is actually observed by SDSU Research Foundation. Holidays that have been "banked" may be used only with the prior approval of the employee's supervisor. Holiday time may not exceed eight (8) hours in a day.
ICICI Bank last posted its quarterly earnings results on April 30th, 2024. The bank reported $0.36 EPS for the quarter, missing the consensus estimate of $0.37 by $0.01. The company had revenue of $2.98 billion for the quarter, compared to analyst estimates of $2.97 billion.
There are 13 bank holidays in the Czech Republic. Except for Good Friday and Easter Monday, the dates of the holidays are fixed. The "sliding holiday" concept is not applied, i.e. when a holiday falls on a Saturday/Sunday, the following Monday is a normal business day.
Children on school summer holidays will reach peak boredom by August 1st, according to research. A study, of 1,000 parents with school-aged kids, found 55 per cent feel overwhelmed at the prospect ...
The organization offers funding for research and development work ... and Danske Bank) dominate the banking sector, holding 80 percent of the market. The Bank of Finland is the national monetary ... government intends to increase local bargaining, which refers to workplace-level agreements on working hours, annual holidays, or wages; tie all ...
Quarterly earnings for large U.S. banks released Friday disclosed ongoing challenges from high interest rates and concerns about a cooling economy.
Families paying for holiday clubs this summer now face a bill of £1,045 for six weeks' care for one child, a study has found. A survey of councils across the UK by charity Coram Family and ...