Compensation and benefits are crucial throughout the hiring process. Without a clearly defined salary or Myanmar benefits management plan, you’ll have trouble making your open positions stand out from the competition. You could also have trouble meeting Myanmar’s compensation laws, which can lead to fines or delays in the incorporation process.
Globalization Partners understands the important but also time-consuming nature of sourcing benefits and creating a compensation plan. We offer Myanmar compensation and benefits outsourcing, which means we can add your employees to our payroll and compensation plans. You won’t need to worry about compliance, and you can spend your time growing your company.
Myanmar Compensation Laws
The minimum wage in Myanmar is 4,800 MMK a day, which was recently raised from 3,600 MMK a day in 2018. The Payment of Wages Act requires employers to pay daily and part-time employees with cash, check, or bank transfer according to their fixed-wage period. All permanent employees and other monthly fee earners should get paid monthly at the end of their payment cycle.
Benefits That You Must Provide
You’re required to provide certain benefits in your Myanmar benefits management plan according to law. For example, Myanmar celebrates 24 public holidays, which includes 10 days off for the country’s New Year’s celebrations. Employees should get those days off with pay, as well as one day off with pay per week as a vacation entitlement.
If an employee gets sick, they’re allowed 30 days of sick leave for medical treatment as long as they have the right documents. The Leave and Holidays Act of 1951 governs maternity leave. Female employees should get 14 weeks of paid maternity leave — six weeks before the birth and eight weeks after. Those contributing to the Social Security Fund should get additional time off.
How to Give out Benefits
When you’re ready to disperse your Myanmar benefits management plan, we recommend providing more benefits than just the statuary requirements. Dispersing market norm or supplemental benefits will show employees that you care about their happiness and their future with your company.
Some common benefits include:
- Time off for non-Buddhist religious holidays
- Additional annual paid vacation
- Education or housing stipend
- Performance-based or annual bonuses
Restrictions for Compensation and Benefits
Companies expanding to Myanmar often want to start working in the country right away to benefit from a global presence. However, you cannot give out compensation or benefits, or even hire employees, until you set up a subsidiary in the country. This process is often time-consuming, and it can take months to learn Myanmar’s compensation laws, employment regulations, and related laws.
That’s why Globalization Partners provides Myanmar compensation and benefits outsourcing services. Instead of spending weeks or months sourcing applicable benefits, you can start working immediately through our existing subsidiary. We’ll allow you to work fast without worrying about compliance, which will help you reap the benefits of your expansion faster.
Why Globalization Partners?
Globalization Partners is a global PEO with subsidiaries around the world. Let us help you with your expansion today by contacting us to learn more about Myanmar benefits and compensation outsourcing.