Employee benefits planning in Togo can be challenging without the proper knowledge. An understanding of local employment law and the labor market can guide your planning and help you create competitive and...
Read MoreEmployee benefits planning in Togo can be challenging without the proper knowledge. An understanding of local employment law and the labor market can guide your planning and help you create competitive and compliant benefits packages.
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Employee benefits planning in Togo can be challenging without the proper knowledge. An understanding of local employment law and the labor market can guide your planning and help you create competitive and compliant benefits packages.
Benefits plans are just one way to support company growth. During recruitment, a competitive benefits package can persuade job seekers to apply for your open positions. In the workplace, these provisions may boost morale and increase employee retention. With higher retention, you can save on employee turnover costs. You can also benefit from having a more experienced team on the job.
Possible benefits for your team in Togo include:
Benefits are also essential to ensure compliance. Local labor laws require employers to provide a range of minimum provisions for employees, including:
Designing benefits plans requires an organized approach. While labor laws and market standards differ in every country, you can follow these basic steps to create a competitive program anywhere your company grows.
Employee benefits will require company spending. Evaluate your revenue and existing expenses to see how your plan will fit among them.
Becoming competitive is a matter of meeting and exceeding labor market standards. Research other companies’ benefits packages and look for similarities. Commonly offered provisions will inform job seekers’ expectations.
Allocate a portion of your budget for required benefits, then use the remaining funds for additional provisions and perks. Consider including the benefits you uncovered in your research. If your budget allows, you can exceed expectations with offerings beyond the market standards.
Characteristics such as size, location, and industry can impact how much a company is willing to pay for its benefits plan. With every employer paying different amounts, an average is not the most helpful metric for your planning.
The best way to gauge your spending is to create a budget unique to your company’s goals, revenue, and expenses. Rather than setting an amount, you might determine a percentage of your revenue to put toward benefits. This method ensures your budget scales with your growth. As your company succeeds, you can allocate more to employee welfare and stay competitive.
The calculation process for benefits depends on the provision. Offerings such as allowances and bonuses are generally simple to determine. You can set an amount and distribute it to employees evenly.
More complex calculations include benefits such as social security contributions. Rather than relying on a set amount, employers must contribute a percentage of earnings. Employees must pay 4 percent of their income to the social security fund, and employers must contribute 17.5 percent of employees’ incomes to the fund. You can reference the labor laws for more guidance on calculations for required provisions.
The country’s tax laws define income as any salary, allowances, earnings, life annuities, and pensions earned through employment. Benefits in cash are subject to this tax, but benefits in kind are not recognized under income tax law.
Social security funds cover the small public healthcare system in the country, and employers are responsible for making these contributions. Private health insurance is not required, but employers can provide it as an additional benefit.
Globalization Partners’ global employment platform helps you build and scale an international team quickly and easily, ensuring all benefits offered to candidates are compliant and in line with local regulations. Learn more about our platform and request a proposal today.
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