{"id":43030,"date":"2024-07-09T16:10:00","date_gmt":"2024-07-09T13:10:00","guid":{"rendered":"https:\/\/www.ekonomit.fi\/?p=43030"},"modified":"2024-08-23T10:21:36","modified_gmt":"2024-08-23T07:21:36","slug":"side-hustling-is-it-appealing","status":"publish","type":"post","link":"https:\/\/www.ekonomit.fi\/en\/press-release\/side-hustling-is-it-appealing\/","title":{"rendered":"Side hustling \u2013 is it appealing?"},"content":{"rendered":"\n
\"\"<\/figure>\n\n\n\n

Through our membership pulse survey, we examined members’ experiences of having a side hustle – another job on the side of a main occupation. 325 side-hustler members responded to the survey conducted in the spring.<\/p>\n\n\n\n

The majority, two out of three respondents, have a side job in a different field than their main job. Popular jobs include consulting, training and coaching, board work, creative work, content production, marketing, sales and accounting.<\/p>\n\n\n\n

Side hustling seems to be most popular among the 40 to 60 years old.<\/p>\n\n\n\n

Most commonly, side work is done with a tax card (37 % of respondents). The rest of the respondents do side work either through their own limited company, registered business or through a light-entrepreneurship service.<\/p>\n\n\n\n

Typically, less than five hours a week are dedicated to the side hustle. This is what 65 % of respondents said. 25 % said they dedicated 5 to 10 hours a week and 10 % more than ten hours a week.<\/p>\n\n\n\n

Half of the respondents earn less than 500\u20ac per month for their side hustle. One in ten earns more than 2000\u20ac. However, earning extra income was the number one reason mentioned for side hustling.<\/p>\n\n\n\n

Other popular reasons for it are: developing skills, interest or passion for this work, balancing and diversifying the activities of the main job.<\/p>\n\n\n\n

Reduction in work taxation and clarification of unemployment security<\/h2>\n\n\n\n

In Finland, the challenge related to side hustling is taxation, especially its tight progression. Marginal tax rates are already high at relatively low income levels.<\/p>\n\n\n\n

\u201cSociety benefits from people working. Therefore, work-related structures should be as encouraging as possible. For example, marginal taxation that drastically cuts additional earnings should be reduced \u201c, says Suomen Ekonomit\u2019s labour market director\u202fRiku Salokannel<\/strong>.<\/p>\n\n\n\n

Given the inflation levels and high interest rates, Business Graduates \u2013 Ekonomit \u2013 may have a real need for additional income. According to Nordea’s housing market survey, loan maintenance costs have increased by an average of 240 euros per month for families with children.<\/p>\n\n\n\n

The unemployment security of an employee that is also an entrepreneur has been historically unclear, and therefore problematic. The solution would be a combination insurance policy, which hopefully will come into existence within this government\u2019s term.<\/p>\n\n\n\n

Salokannel believes that combined insurance would encourage people to try entrepreneurship by removing the fear of losing unemployment security.<\/p>\n\n\n\n

When should an employer be notified of a side job?<\/h2>\n\n\n\n

\u201cAn employee has a loyalty obligation to the employer in accordance with the law on employment contracts, and the law prohibits competing work during employment without the consent of the employer\u201d, reminds the head of the legal unit of Suomen Ekonomit\u202fJan Degerlund<\/strong>\u201c.<\/p>\n\n\n\n

It makes sense for all employees to report their side hustle to their employer, but it does not require the employer’s permission if the work is not contrary to the loyalty obligation or if nothing regarding side hustling is stipulated in the employment contract.<\/p>\n\n\n\n

\u201cFor example, a person working in accounting cannot do accounting as a side job without the employer’s consent, but they can teach yoga.\u201d<\/p>\n\n\n\n

For civil servants (workers in public sector), it is required to apply for a permit to have a side hustle.<\/p>\n\n\n\n

Lawyer’s tips for planning side hustling<\/h2>\n\n\n\n
    \n
  • It is advisable to agree with the employer on the limits related to side hustling. It is always worth making a contract in writing.<\/li>\n\n\n\n
  • Side hustling may not be done with the equipment provided by the employer or during working hours, unless otherwise agreed.<\/li>\n\n\n\n
  • In all side activities, any commitment to the main employer must be considered, in addition to the obligation of loyalty. For example, this includes non-compete and non-disclosure agreements.<\/li>\n\n\n\n
  • If you have a side hustle as an entrepreneur, you should consider its possible effects on unemployment security. Get more details from your own trade union or unemployment fund.<\/li>\n<\/ul>\n\n\n\n
    <\/div>\n\n\n\n

    Further information:<\/h3>\n\n\n\t
    \n\t\t
    \n\t\t\t\n\t\t<\/div>\n\t\t
    \n\t\t\t
    \n\t\t\t\tSalokannel\t\t\t\tRiku\t\t\t<\/div>\n\t\t\t
    Labour market director<\/div>\n\t\t\t
    p. +358407249566<\/div>\n\t\t\t\t\t\t\t\t\t
    <\/div>\n\t\t<\/div>\n\t<\/div>\n\t\n\n\t
    \n\t\t
    \n\t\t\t\n\t\t<\/div>\n\t\t
    \n\t\t\t
    \n\t\t\t\tDegerlund\t\t\t\tJan\t\t\t<\/div>\n\t\t\t
    Chief Legal Officer<\/div>\n\t\t\t
    p. 09 2312 0101<\/div>\n\t\t\t\t\t\t\t\t\t
    Employment relationships, private sector \r\nAdvice for employers<\/div>\n\t\t<\/div>\n\t<\/div>\n\t
    <\/div> ","protected":false},"excerpt":{"rendered":"

    If you dream of having a side hustle, read these tips on what to consider for your employment relationship.<\/p>\n","protected":false},"author":3,"featured_media":42744,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"advgb_blocks_editor_width":"","advgb_blocks_columns_visual_guide":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[121],"tags":[128],"class_list":["post-43030","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-press-release","tag-legal-matters"],"acf":[],"yoast_head":"\nSide hustling \u2013 is it appealing? - Suomen Ekonomit<\/title>\n<meta name=\"description\" content=\"If you dream of having a side hustle, read these tips on what to consider for your employment relationship.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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