Many businesses seek to expand their reach into Iraq but find the hiring process to be a daunting obstacle. Beyond recruiting and hiring, companies are responsible for managing complicated compensation and benefits...
Read MoreMany businesses seek to expand their reach into Iraq but find the hiring process to be a daunting obstacle. Beyond recruiting and hiring, companies are responsible for managing complicated compensation and benefits packages that meet legal regulations. Striking the perfect balance of competitive wages with generous benefits will increase your odds of attracting qualified candidates. However, this requires extensive time and research.
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Many businesses seek to expand their reach into Iraq but find the hiring process to be a daunting obstacle. Beyond recruiting and hiring, companies are responsible for managing complicated compensation and benefits packages that meet legal regulations. Striking the perfect balance of competitive wages with generous benefits will increase your odds of attracting qualified candidates. However, this requires extensive time and research.
Globalization Partners is here to simplify the process and ensure you remain legally compliant. Our global Employer of Record services allow you to strategically support your team with scalable benefits packages and attractive compensation — without worrying about the details.
The minimum wage in the country is currently 250,000 Iraqi dinar (IQD) a month. Workers are entitled to receive overtime pay for any work that exceeds eight working hours per day or 48 hours per week. Overtime pay for work performed during the day is 50%, while overtime work at night receives double pay.
National labor laws stipulate that you must provide a range of benefits to your employees, including public holidays, sick leave, maternity leave, and social security contributions. All employees are entitled to:
You are also required to contribute 12% of an employee’s salary toward social security — 25% for workers in the oil and gas industry. Social security must be paid within 30 days of each month’s end or risk accruing late payment penalties of 2% for each month it is delayed.
Providing additional employee benefits can improve job satisfaction, boost company morale, and attract top talent. These incentives can also enhance your company’s reputation and encourage your employees to optimize productivity.
Direct financial benefits in the form of quarterly or annual bonuses are a popular form of additional compensation. You can base these bonuses on performance or the amount of time an employee has spent at the company. You may also consider additional benefits, such as housing stipends, child care allowances, transportation provisions, or subsidized meals.
Globalization Partners streamlines the benefits process through our comprehensive compensation and benefits outsourcing services. When you partner with us, we create custom benefits packages that align with your company goals and budget. Beyond providing legally compliant benefits, we’ll build out your plan to help you stand apart from the competition.
Both Iraq and Kurdistan do not currently provide a government pension scheme. You and your employees are responsible for contributing a certain percentage of each monthly paycheck to a social security system. If you plan to operate your own subsidiary in-country, it is vital to stay up to date with any changes in labor laws to ensure you remain fully compliant with employee regulations.
Hiring top-tier talent is important for your company’s success. When you outsource benefits, Globalization Partners make sure your team is satisfied with their compensation.
Get in touch today to learn more about our global PEO benefits management services in Iraq.
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