HR & Labor
Minimum wage ranges within the nine economic sectors from 3,187.43 Nicaraguan Cordobas monthly (in the agricultural sector) to 7,133.44 Nicaraguan Cordobas monthly (in the financial sector).
The employer contributes 7% of employees wages.
Employees must contribute 4% of their wages, and voluntary contributions can be either 10% or 18.25%.
Employees must provide 15 days notice.
To terminate employees, employers must request for termination from the labor inspection department. At the time of dismissal, the employee is entitled to remaining vacation pay and their annual bonus.
Those employed for up to 3 years are entitled to one months salary for each year employed. From 4-6 years of employment is entitled to 20 days salary for each year. Above 6 years of employment is entitled to 5 months salary.
Work related injury or illness is entitled to one year, non-work related illnesses is entitled to 26 weeks (which is often extended to a year).
There are 9 public holidays.
Employees are entitled to 15 calendar days for every 6 months employed (it is generally expected to take all at once).
VAT is 15% standard rate.