Every time employees search for a job, they’re most likely to look at two important factors first — compensation and benefits. Providing the right level of Turkmenistan compensation and benefits will help your company stand out from the competition and attract high-quality employees who will help your business grow. However, sourcing benefits and meeting Turkmenistan’s compensation laws can turn into a challenge.
Fortunately, Globalization Partners can help you expand to Turkmenistan and beyond since we’re a global PEO. We’ll add your employees to our existing payroll and benefits plan to ensure total compliance. Plus, you can focus your time on growing your company when you know Globalization Partners has your back.
Turkmenistan Compensation Laws
Turkmenistan recently announced compensation law changes, including an increase in the minimum wage. Starting in January 2021, employees must make at least 957 Manats a month. Currently, the country is experiencing a lack of cash. For example, people may wait in line for hours at the ATMs, and state benefits and pensions are delayed. Compensation laws may change in response to these challenges.
Guaranteed Benefits in Turkmenistan
When you start creating your Turkmenistan benefits management plan, you need to first add guaranteed benefits that are required by law. For instance, you must provide sickness and maternity benefits, as well as a childcare allowance, for all employees. Employees who have worked for fewer than five years for your company should get 60% of their daily earnings in the first two months of sick leave. Those with more than eight years of service should get 100% of their earnings.
Maternity leave includes 56 days of paid time off before the birth and 56 days after the expected date of childbirth. All time off is paid at 100% of the insured’s earnings. After children are born, they get 65% the base amount of calculated state benefits monthly until they reach the age of three.
Turkmenistan Benefits Management
After dispersing statutory benefits, you can start to provide supplemental benefits that may encourage greater retention rates. For example, public health provides both general and specialized care as well as other services, such as dental care.
Other common supplemental benefits include:
- Performance-based bonuses
- 13th-month bonuses
- A company car
- A phone allowance
- An educational stipend
- And more
Restrictions for Benefits and Compensation
Your company is not allowed to provide any compensation or benefits until you have a subsidiary in the country. The other option is choosing Turkmenistan compensation and benefits outsourcing with Globalization Partners. We will help you start working quickly and provide all the benefits and money your employees need on time. Plus, you won’t have to worry about compliance. Instead, you can rest assured knowing that we’ll shoulder all responsibility in your place, allowing you to focus on your company’s mission.
Choose Globalization Partners Today
If you’re planning to expand to Turkmenistan, we can help. Reach out to us today for more information about Turkmenistan benefits and compensation outsourcing.