British Virgin Islands (UK)

Employment

Written employment contracts between the employer and the employee.

Payroll

The salaries are paid per month

HR & Labor

Working Hours: Employees are expected to work 48 hours per week and 8 hours per day. They are entitled to a break from between 30 minutes to 2 hours

Immigration

There are different types of working visas:
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1) Temporary permit for foreign personnel hired within 15% of the ordinary workforce 2) Have 10 or more years of residency in Panama 3) An executive of a company that produces merchandise abroad 4) Works in a company that has less than 10 workers For all of these cases, the employer must apply for the employee at the Ministry of Labor and Social Welfare and must be renewed each year.

Benefits

13th month bonus paid in 3 installments - in April, August and December. If contract is terminated and the employee hasn’t used their vacation days, those days would be refunded.

Minimum wage

Minimum wage is $416 per month.

Pension fund

Employer contributes 4%.

Employee contributes 8.5%.

Severance payments

Severance pay is counted at the rate of one week’s wages for each year the employee has worked for the company. The employee also receives vacation payment which is 30 days for each 11 consecutive months worked. Additionally they receive the 13th month payment.

Advance notice

Employee must provide 15 days written notice.

Termination procedure

The default is 2 months, but can be changed to the employers liking.

Sick Days

18 paid sick days

Vacation Days

Employees are entitled to 20 working days of paid annual leave. Agreement must be made between employee and employer on whether leave will or will not include bank holidays.

Paid off holidays

13 paid public holidays.