Do you need a global workforce to support your growing company? If so, complying with compensation laws in the countries where you operate will be a priority for your team. However, these regulations can burden your in-house administrative and financial departments.
Choose another solution. At Globalization Partners, we have in-country experts and a stellar legal team to help you expand smoothly.
San Marino Compensation Laws
The minimum wage in San Marino is 1,917 euros or $2,325.50 per month. Whatever salary you and the employee agree to, include that information in the employment contract. It’s best to compensate your employees in euros to avoid apparent salary changes when exchange rates fluctuate.
Working on the weekly rest day doesn’t qualify an employee for premium pay. However, overtime hours are worth 26.3 percent more than their normal pay. You must also pay workers at least 35 percent more for night work.
If an employee cannot work, guaranteed benefits from the social security system offer assistance.
The Institute for Social Security (ISS) provides various benefits to all residents. Medical care and financial assistance during retirement, disability, and recovery from illness are included in every employee’s guaranteed benefits.
All workers are entitled to 26 days of annual leave after one year of service. They must receive their standard pay during leave and on nationally observed holidays.
Pregnant employees receive five months of paid maternity leave. These workers should take three months of leave before the end of their pregnancy, leaving two months after the baby’s birth. Pregnant women must not work in the 60 days before they intend to give birth. After returning to work, new mothers cannot perform night work until their child is at least 7 months old.
While many employees use public health care and benefits through social security, you can offer improved benefits as an incentive. The medical care accessible through guaranteed benefits is high-quality, but private insurance may enable your employees to receive faster, top-tier care.
Other potential benefits could include bonuses, extra time off, and additional incentives you can negotiate while drafting each new hire’s employment contract.
Restrictions on Benefits and Compensation
Employees pay into the social security fund through salary withholdings. You must withhold 8.3 percent of each worker’s wages for these payments. As an employer, you also have to contribute 27.4 percent of your employees’ gross salaries to the ISS.
Compensation laws create minimum standards, but you’re welcome to offer your candidates higher pay, private benefits, and annual bonuses.
San Marino Benefits Management
If you manage your employees’ benefits and compensation internally, you may need to find a private insurance company in-country to offer competitive benefits packages.
You can handle benefits management on your own, but doing so takes time, and ensuring compliance is difficult. Global PEOs such as Globalization Partners allow you to outsource compensation and benefits management.
Globalization Partners and San Marino Compensation Outsourcing
When you choose Globalization Partners, we manage your employees’ compensation and benefits, so you can focus on running and expanding your company.
We operate under an Employer of Record model. That structure lets us hire your employees and add them to our payroll. Your new hires work for you, and we ensure their employment complies with national and local laws. Our solution also generates custom benefits packages that compete with other in-country offers. Let us know how much you want to provide, and we can make it happen.
As an Employer of Record, we accept legal responsibility for compliance failures, oversight, and other issues. Your company can enjoy fast, seamless growth without increased liability.
Contact Us to Learn More About San Marino Benefits Outsourcing
If your company is ready to expand, outsource your compensation and benefits obligations to Globalization Partners. Connect with our team for more information about our services.