Maldives Compensation & BenefitsReading Time: 2 minutes
Whenever you pay your employees in the Maldives, you’re doing more than just following Maldives’ compensation laws — you’re also investing in the local economy. Likewise, providing statutory benefits helps you follow the country’s laws, while giving supplemental benefits encourages greater retention rates.
The importance of compensation and benefits can impact your entire company. Meeting compensation and benefits laws will help you stay compliant. Exceeding those minimums will ensure your company can attract top talent. Globalization Partners will help you expand without worrying about compensation and benefits as we add your employees to our payroll and benefits plan. Choosing Maldives compensation and benefits outsourcing with us will give you the time to focus on your company as we focus on compliance.
Maldives Compensation Laws
The minimum wage in the Maldives is currently 3,000 Maldivian rufiyaa per month for employees in the government sector. Private sector employees do not have any Maldives compensation laws. The Maldives is well-known for its resorts, but employees in that sector do not currently have a minimum wage. Organizations and employees are fighting for a 600 Maldivian rufiyaa monthly minimum wage.
Guaranteed Benefits That You Need to Provide
When you’re putting together your Maldives benefits management plan, you should add statutory benefits first. The Maldives currently celebrates 11 public holidays, and employees should typically receive those days off with pay. After working for one year for your company, employees should get 30 days of paid annual leave.
Female employees are allowed to take 60 days of paid maternity leave as long as they have a medical certificate from a licensed medical practitioner on the expected due date. The employee cannot take the leave until 30 days before the estimated due date. If there’s a complication or any illness after the birth, the employee can take an additional 28 days of leave. This extra leave requires a certificate from the licensed medical practitioner explaining the health problems with the mother or baby.
How to Disperse Your Entire Benefits Plan
Dispersing your Maldives benefits management plan will help you stay compliant, but you can go the extra mile by providing supplemental benefits. These market norm benefits will show employees that you care about their continued success and involvement in your company. Some common options include paid paternity leave, performance-based bonuses, and private health insurance.
Restrictions for Compensation and Benefits in the Maldives
Your company can only operate in the Maldives if you have a registered subsidiary or choose to work with a global PEO. Therefore, you cannot provide compensation and benefits until you have such an entity. Try working with Globalization Partners. We’ll use Maldives benefits and compensation outsourcing to help you start working immediately using our Maldives PEO. You won’t have to worry about following the Maldives compensation laws or other compliance regulations because we’ll act as the Employer of Record.
Make Our Team a Part of Your Team
Globalization Partners wants to see you work in the Maldives quickly so that your company can benefit from providing new products and services. Contact us today for more information about Maldives compensation and benefits outsourcing.