Overview

Capital
Sucre
Currency
Boliviano
Date Format
dmy

calendar icon Public holidays calendar

Taxes

Employer
2.00% - Housing
1.71% - Professional Risk
10.00% - Short Term Insurance
3.00% - Employer Solidarity Contribution
Employee
10% - Seniority Contribution
1.17% - Common Risk
0.50% - Pensionary Fund Commission
0.50% - Insurers Solidarity Contribution
13% - Flat Rate

Minimum Wage

General
Minimum wage is 2060BOB ($297) monthly

Working Hours

General
Fulltime employment is considered 48 hours weekly for men, and 40 for woman.
Overtime
Overtime is paid at 200%

VAT

General
13% rate.

Payment

Payroll Frequency
Salaries are paid on monthly basis on the last day of the month. Employees are paid a Christmas bonus in December equal to one months salary.

Mandatory Benefits

Pension Fund
Employers can make voluntary contributions to employees pension plans. Employees contribute 12% of their wages.
Social Security
Employees contribute 16.71% of their wages

Termination

Termination Process
Employees on an indefinite contract require notification from the employer 90 days before termination. Temporary employment contracts terminated after:
1 month = 1 week notice, 3 months = 15 days notice, 1 year = 30 day notice.
Advance Notice
Employee must provide 30 days of notice if on an indefinite contract.
Severance Pay
Employees are entitled to three salaries, plus one salary for every year employed by the company. If employed for less than one year, payments will be a percentage of salary correlating to the percentage of time of the year worked.