Recruiting top-quality job candidates often involves offering an incentive, such as stellar compensation or competitive benefits. Sometimes, though, providing the right encouragement can be difficult. If your company employs a global workforce, offering the best compensation and benefits possible can be challenging.
Globalization Partners can help your company with compensation and benefits management in Suriname.
Suriname Compensation Laws
The hourly minimum wage for employees over 21 is 8.40 Surinamese dollars (SRD) per hour. It’s crucial to maintain your payroll in SRD as fluctuating exchange rates can create the appearance of an employee’s wages rising or falling beyond the agreed-upon amount.
Since overtime requires a distinct permit from the Ministry of Labor, you must keep track of those hours separately. Your employees also have to pay a different percentage of their overtime wages as income taxes than they do with their standard salary. All income tax corresponds with percentages defined by which bracket your employees’ salaries fall under.
You do not have to give bonuses to employees, but this practice is common, especially at the end of the year.
Under the National Basic Health Insurance Law, everyone is entitled to basic medical care. While citizens must pay a premium for their insurance, insurance providers are obligated to accept everyone. This means that employees with preexisting conditions receive the same baseline of care as everyone else. The government makes contributions on behalf of citizens younger than 16 or older than 60.
Employees between the ages of 17-59 are responsible for half of their contribution, and you pay the other half. Since they aren’t entitled to an hourly minimum wage, those between 17 and 20 years old pay SRD 75 per month. Employees aged 21-59 pay SRD 165. The government’s contributions from birth through age 16 equal SRD 55 each month and SRD 240 after retirement.
Other guaranteed benefits include 12 annual vacation days after one year of uninterrupted service. After their first year, employees receive an additional two days of leave annually until they reach 18.
The regulations outlined for employee benefits are mostly minimum requirements. You are free to offer other additional benefits as an incentive or reward.
Some of the most common inclusions in a competitive benefits package are frequent bonuses, extra vacation days, paid maternity leave, premium health insurance, and predictable raises.
Suriname Benefits Management
If you’re expanding your company into new, international markets, you can handle the management and distribution of your employees’ compensation and benefits in-house. However, this decision can be risky.
Complying with country-specific regulations and restrictions requires a sizeable time investment. What’s more, you must continually research new laws as they can change whether your company’s operations are legal. If you fall out of compliance, your company may face various consequences, including paying fines or losing your business license.
The Advantages of Benefits Outsourcing
When you work with a global PEO such as Globalization Partners, we simplify compensation and benefits management. Our services include ensuring accurate, punctual compensation and generating competitive benefits packages for candidates and new hires. Our legal team and in-country representatives ensure that our services always align with current legislation.
Staying compliant puts an administrative burden on your team, and your company is always liable for mistakes and oversight. At Globalization Partners, we accept legal responsibility for oversight, so your company can expand without incurring extra risk.
Globalization Partners and Compensation Outsourcing in Suriname
Our-in country representatives are available to share expert advice for companies that want to expand into international markets. Complete our contact form to learn more about how Globalization Partners can manage your employees’ benefits and compensation.