Sri Lanka Compensation & Benefits
No matter what country you’re in, you’ll find that employees care about compensation and benefits. If your company stands out from the crowd by providing the best compensation and benefits, you’re likely to attract the most talented employees in Sri Lanka. However, learning Sri Lanka’s compensation laws and putting together a benefits plan isn’t always easy, especially when you’re trying to run multiple different offices.
Globalization Partners is available to help through Sri Lanka compensation and benefits outsourcing. We’re a global PEO with subsidiaries in countries around the world, including Sri Lanka. When you work with us, we’ll add your employees to our payroll to compensate them, and we’ll also add them to our benefits plan so that they can receive the statutory minimums and more.
Sri Lanka Compensation Laws
Sri Lanka’s current minimum wage is 10,000 rupees per month. However, that last changed in 2016, so it could change again for companies just beginning to work in the country. In addition to the national minimum wage, various classes of workers may have different minimum wages that include daily pay, monthly pay, piece rates, or contract rates.
Guaranteed Benefits for Everyone in Sri Lanka
Employees in Sri Lanka all need to receive guaranteed benefits required by law. It’s best to start your Sri Lanka benefits management plan with those statutory benefits. The country celebrates 26 national holidays, and it’s up to different industry sectors to decide which days to celebrate. Currently, only eight of those holidays are considered paid time off for certain sectors.
Other typical benefits include:
- 14 days of annual paid vacation after the first full year of employment
- Seven sick leave days during the first year of employment
- 84 days of paid leave for new mothers having their first or second child — usually 14 days before the due date and 70 days after
Best Ways to Disperse Your Sri Lanka Benefits Management Plan
When you’re ready to put your Sri Lanka benefits management plan into place, we recommend considering additional benefits that you can provide beyond the statutory minimums. These benefits can entice employees to choose your open positions and also encourage them to stay with your company longer. For example, Sri Lanka currently does not have any mandates about paid paternity leave, so you could provide a few days as an incentive for employees to sign on with your company. Other common supplemental benefits include performance-based bonuses, private health care plans, and additional paid time off.
Restrictions for Benefits and Compensation
The biggest restriction for companies expanding to countries such as Sri Lanka is establishing a subsidiary. You’ll need your own entity if you’re going to work in Sri Lanka legally. That structure is a prerequisite to important tasks such as hiring, dispersing compensation and benefits, and setting up a payroll.
You won’t have the same requirement if you work with Globalization Partners, fortunately. Our team will work with you and use our existing infrastructure to help you run your company abroad. We’ll handle Sri Lanka compensation laws, and we’ll also shoulder all benefits and compensation requirements through Sri Lanka benefits and compensation outsourcing.
Benefits of Working With Globalization Partners
Globalization Partners has an entire team of individuals ready to help you expand to Sri Lanka and around the world. Contact us today for more information about Sri Lanka benefits and compensation outsourcing.