Jamaica's compensation and benefits laws are key to your success and health as a company. You can stay compliant by following these laws. When your company is doing well, you can show...
Read MoreJamaica's compensation and benefits laws are key to your success and health as a company. You can stay compliant by following these laws. When your company is doing well, you can show employees you value their work through bonuses, raises, and other benefits. By exceeding the minimums, you'll attract top talent and retain them for years to come.
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Jamaica’s compensation and benefits laws are key to your success and health as a company. You can stay compliant by following these laws. When your company is doing well, you can show employees you value their work through bonuses, raises, and other benefits. By exceeding the minimums, you’ll attract top talent and retain them for years to come.
Although compensation and benefits are important, you may not have the time to learn all the country’s compensation laws and source benefits. That’s when you can trust Globalization Partners. We offer Jamaica benefits and compensation outsourcing, as well as complete compliance, to give you the time to focus on running your company.
The most important compensation law in Jamaica is the minimum wage. In 2018, the country approved a 12.9% increase in the national minimum wage — raising it from $6,200 to $7,000 a week. Security guards, who have a different minimum wage, now receive $9,700 instead of $8,854. You should pay all wages in Jamaican dollars.
Employers must provide certain statutory benefits as part of their Jamaica benefits management plan. Some of the most important benefits include:
Other mandatory benefits include a Pension Fund and Social Security. Employers need to contribute 5% of employees’ wages to a Pension Fund. While employees aren’t required to contribute, many match 5% of their own wages. Both employees and employers contribute 2.5% of wages to Social Security, subject to a cap.
After adding required benefits to your Jamaica benefits management plan, you need to start dispersing your options to employees. If they’re doing a great job for your company, you should reward them with supplemental benefits. These market norm options are great for employee morale and will encourage higher retention rates.
If you’re not sure what to provide, poll your employees to see what benefits they care about the most. Some options include paid paternity leave, a private health care plan, and performance-based bonuses.
Your company will face many compensation and benefits restrictions, but the first is setting up a subsidiary. You need a registered entity to work in Jamaica, hire your employees, add them to your payroll, and pay them. Unfortunately, it can take months to set up that entity, which will delay your work in the country.
Jamaica benefits and compensation outsourcing with Globalization Partners will help you work fast, give your employees a positive hiring experience, and allow everyone to be productive. By working through our Jamaica PEO, you can stay compliant and work right away.
Contact our team today to learn more about Jamaica compensation and benefits outsourcing.
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