Foreign Employee Benefits & Compensation
What Do You Need To Know About Cross-Border Employee Benefits Provision
Employee benefits are a key part of appropriately compensating a skilled personnel, both local and international. Depending on where you are based and where your workers are, you may need to juggle absolutely different sets of rules and regulations. They will determine how you handle international pay and benefits for your globally distributed workforce. Even outside of the minimum required by law, providing additional benefits may be the key to employee retention in your company, as well as drawing in top global talent.
At Acumen, we not only supply the core global employment service for 190 countries, but we also help you provide benefits best matched to each country’s requirements and your business needs.
Mandatory/Statutory Benefits We Cover
The essential set of benefits you should cover as part of your international workforce remuneration schemes fall under the category.
Note! Unawareness of what statutory benefits include is never accepted as an excuse if you hire a foreign worker in the host country. This is why it’s best to trust an industry expert like Acumen and take advantage of tailored benefits and compensation programs.
Generally, a foreign employee benefits package includes:
- Healthcare benefits for international employees to help them get medical care in the destination country.
- Worker’s compensation for financial protection in case they get injured while on the job.
- Sick/family leave, allowing employees to take time off if needed (for illness or similar problems).
- Unemployment Insurance, giving workers a financial cushion in case they lose their job.
- Housing allowances, helping them find a place to live.
- Meal and travel vouchers common for countries in Latin America and Asia.
- Cost of living adjustments, providing raises and additional compensation to account for inflation.
- Foreign service premiums, higher salaries to compensate for working internationally.
- Help with local taxes, rather than leaving employees to learn the local codes on their own.
Along with must-have benefits, many leading companies supply additional benefits voluntarily to aid talent retention. Global PEO companies have the capacity and expertise to supply these along with compliant international onboarding. Some examples of voluntary benefits include:
- Retirement plans
- Spousal employment
- Compensation for meals/commutes
- Child care
- Annual bonuses
- Travel coverage
- Car leasing and fuel compensation
- Equipment provision (computers, smartphones)
- Business expense coverage
- Workplace wellness program
- Annual bonuses.
Why Do You Need Experts Like Acumen?
While the options we’ve discussed above are some of the general benefits that get factored into global employer costs, there are some unique examples with regard to benefits across the globe:
- In the UAE, there was a law that obliged companies with expatriate workers to buy tickets to send their workers home, even after their contracts expire.
- In some countries like Thailand and the Philippines, 13/14 month salaries are a part of employee contracts, essentially meaning additional payments.
- Manufacturing companies in India with over 100 workers need to give notice to the government prior to terminating a worker.
- Bulgarian employees are allowed to have up to 55 weeks of maternity leave, with 46 weeks being paid.
- Australian employees are allowed to use flexitime as well as accumulated overtime hours to offset their regular working hours.
Along with our core Express Global Employment solution for remote workers onboarding, at Acumen, we also help with payroll and rewards for your offshore teams.
The expertise and coverage in over 190 countries make us the perfect fit for time-critical scenarios:
- the need to deploy multiple teams
- an urge to employ and compensate expatriates and local workers compliantly.
In addition, as these requirements shift, our expertise allows us to keep you updated on how your overseas workforce can be appropriately rewarded. Save time on doing research and focus more on getting more important business tasks completed. With competent support, you can hire a global workforce and retain top talent globally. Reach out to us today!