Compensation and benefits are important to your company and your employees. Cape Verde compensation laws will require you to provide a certain salary, overtime pay, and more. And your Cape Verde benefits management plan must include statutory benefits to stay compliant. However, going above and beyond these minimums will show your employees you care and want them to have long careers with your company.
Do you know all of Cape Verde’s laws and regulations and have enough time to source benefits? Most companies would answer no. Fortunately, Globalization Partners provides Cape Verde compensation and benefits outsourcing through our subsidiary in the country, and we can help you expand fast without any stress about compliance.
Cape Verde Compensation Laws
Cape Verde has a minimum wage of 13,000 Cape Verdean escudos per month with a planned increase to 15,000 escudos in 2021.
Benefits You Must Add to Your Cape Verde Benefits Management Plan
You need to add statutory benefits to your plan first to ensure total compliance. For example, Cape Verde celebrates 10 public holidays that should be days off with pay for employees. They should also receive at least 22 working days of vacation each year after six months of work if they’re hired through an indefinite contract.
Sick and parental leave are two other important guaranteed benefits. The Cape Verdean Social Security System (INPS) pays for sick leave for up to 30 days with a medical certificate. If the sick leave lasts more than 30 days, employees need to get examined by the Health Board. Pregnant, puerperal, and nursing women, as well as adoptive parents or candidates of adoption, can take 60 consecutive days of parental leave at up to 80% of their normal pay.
Additional Benefits to Disperse
Once you have all statutory benefits lined up, you can start to provide supplemental or market norm benefits. Employees may expect these benefits even though they aren’t required by law, so it’s important to show employees that you care about their happiness. Consider giving out performance-based bonuses, providing paid paternity leave, or putting together a private health care plan or stipend for employees.
Restrictions for Benefits and Compensation
Some companies expect to start working in Cape Verde right away, which they can’t always do. Before you can provide benefits and compensation, you need to have a subsidiary in the country, which can take weeks or months to establish. Such a process will delay your entire operating schedule.
Instead, partner with Globalization Partners and invest in Cape Verde compensation and benefits outsourcing services. We’ll add your employees to our payroll and benefits plan for complete compliance, which will give you time to manage your company while we manage the risk.
Globalization Partners Will Help Your Team Today
Globalization Partners exists to help you experience a fast and easy expansion. Contact us today to learn more about Cape Verde benefits and compensation outsourcing.