Armenia Compensation & BenefitsReading Time: 2 minutes
All companies should provide compensation and benefits that meet the statutory minimums and even go above and beyond if possible. Adding supplemental benefits to your Armenia benefits management plan can help you exceed the country’s requirements and bring in a high level of talent. That said, finding the time to source these benefits and figure out what’s best for your employees while running your company can turn into quite the challenge.
The Globalization Partners team understands everything that will be on your plate during an expansion, which is why we offer Armenia compensation and benefits outsourcing. We can use our Armenia PEO to help you expand quickly, and we’ll handle everything from hiring employees who work for your company to making sure you meet Armenia’s compensation laws. When you choose us, you’ll have to worry about just one thing — running your company.
Armenia Compensation Laws
Armenia’s minimum wage is fixed at 55,000 AMD a month as of 2017. One important Armenian compensation law is overtime. Employees are allowed to work overtime, but they can’t work more than four hours a day or eight hours a week. They should receive at least 150% of their regular hourly rate for every overtime hour.
Guaranteed Benefits for Every Employee
All employees should receive days off for Armenia’s 10 public holidays, as well as 20 days of annual paid vacation. Another required benefit is maternity leave. Female employees should get up to 140 days of paid maternity leave — 70 days before birth and 70 days after. If there are complications, the employee should get 155 days of paid time off and 180 days for multiple births. Adding these guaranteed benefits to your Armenia benefit management plan first will help you make sure you stay compliant.
How Do You Disperse Benefits?
Your company has to figure out how to disperse benefits once you finish your plan. We recommend providing additional benefits in your employment contract to help your open positions stand out from others. For example, try providing bonuses in your contracts, or give them out on a discretionary basis. Doing so can show employees that you care about the work they’re doing for your company.
Restrictions for Compensation and Benefits
Companies expanding through traditional methods can’t provide compensation or benefits until they have a registered entity in Armenia. However, it can take a couple of months or even a year to incorporate and start working in a foreign country unless you work with a global PEO.
Globalization Partners has subsidiaries around the world that we can use to help you expand faster. For example, we’ll use Armenia compensation and benefits outsourcing to add your employees to our payroll and benefit plan. Then, we’ll act as the Employer of Record and manage all the risk of compliance for you.
Contact Globalization Partners Today
Globalization Partners will help you start working in Armenia without first setting up a subsidiary. Contact us today to learn more about Armenia benefits and compensation outsourcing and our entire suite of global expansion services.