Estonia has a market-based economy and is currently the 7th freest economy in the world (with a freedom score of 80.0). Being a part of the European Union has worked in their favor as their economy heavily relies on trade. This allowed them to maintain strong economic ties with Finland, Sweden, and Germany. Moreover, Estonia’s telecommunications and electronics sectors have also contributed to its continued growth and development.
Tallinn, Tartu, Narva
ICT professionals, Healthcare professionals, Legal
The top local universities with ranks in Estonia are mentioned below:
The average monthly salary in Estonia from some major job roles are:
|Job Title||Average Monthly Salary (EUR)||Average Monthly Salary (USD)|
|Financial Manager||5,420 EUR||5743.14 USD|
|Chief Financial Officer||5,290 EUR||5605.39 USD|
|Accounting Manager||4,070 EUR||4312.65 USD|
|Business Development Manager||4,120 EUR||4365.63 USD|
|Financial Analyst||3,520 EUR||3729.86 USD|
|Customer Service Manager||1,050 EUR||1112.60 USD|
Employees in Estonia are paid once a month.
The minimum hourly wage in 2023 is 4.30 EUR (gross) and the minimum monthly wage is 725 EUR.
The standard working hours in Estonia are 48 hours per week. Overtime work should not exceed over 8 hours within a 7 day period. The period of overtime may offset work days unless employers agree to compensate the employee’s extra work with money. If so, Overtime is compensated at a rate of 1.5 times the wages.
A 13th-month pay is not mandatory in Estonia.
Estonia offers a lot of benefits for their employees. Below are some of them:
Estonia has a flat rate of 20% for all items acquired through income.
The country’s standard VAT is 20%. However, it can be reduced by 9% for certain commodities such as books and periodicals, medicines and medical equipment, accommodation, and sanitary and toiletry products.
Termination in Estonia can take place in three ways:
Probationary employees’ notice period depends on the contract between the employee and employer, while non-probationary employees have up to 15 – 90 days.
If the contract is terminated due to redundancy, the employer must pay compensation of one month’s average wage for the employee’s last six month’s salary. For employment terms between 5 and 10 years, an additional one month’s pay has to be given.
Estonia belongs to a part of the European Union (EU), and foreign workers belonging to the EU need no visa to enter the country. If they are to work and stay in Estonia for more than three months, they only need to apply for a residence permit at the Population Register of Estonia and secure an Estonian ID card.
Non-EU citizens must apply for a Schengen D-visa and a residence permit to stay and work for more than three months in the country.
Additionally, Estonia launched a Digital Nomad visa last August 1, 2020, to encourage remote workers to travel to the country and work there. It allows foreigners to work in Estonia legally even when their employers or business is registered abroad.