An essential aspect of employing your workers is providing compensation and benefits. When you expand overseas, you need to consider a new set of compensation laws to ensure your company is compliant...
Read MoreAn essential aspect of employing your workers is providing compensation and benefits. When you expand overseas, you need to consider a new set of compensation laws to ensure your company is compliant and your employees are satisfied.
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An essential aspect of employing your workers is providing compensation and benefits. When you expand overseas, you need to consider a new set of compensation laws to ensure your company is compliant and your employees are satisfied.
Globalization Partners offers Belize compensation outsourcing services to manage your employees’ wages and benefits while you grow your company.
As of July 1, 2022, the minimum wage for unskilled workers across all sectors is 5 Belize dollars (BZ) an hour. If an employee holds a certificate or additional training in their field, they can negotiate their wages. The Wages Councils for various industries may also change the minimum wages as they see fit.
Employees must receive their pay at a regulated interval, and the schedule depends on their pay rate. Regulations are:
While labor laws require minimum wages and payment schedules, benefits also play a significant role in employee compensation. The country requires benefits for:
Employees must earn at least two weeks of paid annual leave each year and take this leave in one or two periods. Workers receive up to 16 days of paid sick leave annually, and the social security fund covers 13 of those days. Employees also get 13 public holidays off. If they work the day before and after a holiday, they earn pay during this time off.
Female employees have the right to 14 weeks of maternity leave. The social security fund may cover some or all pay for this leave. If the fund doesn’t meet an employee’s wages, you cover the difference.
As an employer, you’re responsible for ensuring your employment terms include all guaranteed benefits. However, you may choose to include more than the minimum requirements. When you offer additional benefits, your company becomes competitive in the hiring landscape, and your employees may feel more incentivized to work.
Possible additional perks may include:
When managing benefits, you need to consider your employees’ needs and your company’s resources. This arrangement is a delicate balance, and it may be challenging to establish on your own.
At Globalization Partners, we offer scaling benefits packages that grow with your company. Every package includes the minimum requirements and additional perks for every tier. This system is an excellent way to stay within your financial abilities while providing for your team.
Our packages ensure your company is always compliant and you never overextend yourself trying to provide for your employees. With your allocated resources, you can focus on the larger picture and grow your company.
Restrictions for compensation and benefits rely on the various documents and organizations dedicated to labor regulations. The Labor Act of 2000 covers all general terms and restrictions for provisions. The Ministry of Labor and Wages Councils are also responsible for regulating benefits and minimum wages.
As an employer, you should stay aware of changes regarding these laws and familiarize yourself with any limitations set forth by the government.
At Globalization Partners, our professional guidance can simplify compensation and benefits management. Our legal team ensures you meet the country’s minimum requirements and keeps your employees motivated at work. While we focus on the details, you can handle what you know best, growing your company.
Get in touch with us today to learn more about our compensation and benefits outsourcing services in Belize.
If you’re ready to grow your business, or you have questions about a specific country, complete the form. One of our experts will be in touch shortly.
