Even before you hire employees, you should plan out the level of compensation and benefits you’re providing with each position. You have to meet Albania’s compensation laws and come up with a benefits management plan that meets the statutory minimums and also provides additional benefits that will encourage longevity with your company.
Globalization Partners is a global PEO that can help make a difference in your expansion, including compensation and benefits. Once we hire employees to work for you, we’ll add them to our compliant Albania benefit management plan and use compensation outsourcing to pay your employees. We’ll also handle all compliance so that you can run your company without any worry.
Albania Compensation Laws
Albania’s current minimum wage is 210.66 EUR a month. However, the country frequently chooses to raise its minimum wage, so you should watch for any changes that could impact your employees. All employees typically work 40 hours a week and eight hours a day. Employees who work on Sunday or a paid holiday should receive 1.25% of their regular wages. Employers can also choose to provide time off instead of additional wages for overtime per Albania compensation laws.
What Benefits Are Guaranteed in Albania?
You must provide statutory benefits that Albania guarantees for all employees as part of your Albania benefit management plan. For example, employees should get a minimum of 20 days of paid vacation leave each year that can’t get taken in less than one week. The country also celebrates 12 public holidays that all employees should get time off for.
Albania has a generous maternity leave plan that includes 365 days of paid leave. Female employees should take 35 days before their expected due date and a minimum of 42 days after. After 42 days, the employee can decide to complete the remaining leave or return to work. The country does not offer statutory paternity leave, but male and female employees with dependent children can take up to 12 days of paid leave to care for a child.
The Best Way to Disperse Benefits
Once you’re ready to give out compensation and benefits to employees, you need to consider what supplemental benefits you can add to your Albania benefit management plan. Employees often expect performance-based bonuses, and companies may choose to provide voluntary pension funds. Offering these benefits can make a big impression on potential employees and lead to greater retention rates for your company.
Restrictions for Compensation and Benefits
Companies choosing to expand to Albania by establishing a subsidiary must incorporate before giving out compensation and benefits. Unfortunately, it can take weeks or months to set up your subsidiary, pushing back your other tasks. That’s not the case with Albania compensation and benefits outsourcing with Globalization Partners. We’ll help you hire talented employees and give out compliant compensation and benefits as the Employer of Record.
Globalization Partners Can Make Your Expansion Easier
Globalization Partners has a team of experts ready to help your Albania expansion succeed. Contact us today to learn more about Albania compensation and benefits outsourcing.