Panama
Looking to conquer the world of business without getting tangled up in international employment complexities? We got this.
No cultural barrier or legal obstacle will stand in your way with us in your corner. We tailor our services to fit your unique needs so you shine no matter where you operate in the world.
Creating a worldwide workforce is a continuous process that extends beyond a contract.
TCWGlobal surpasses the typical employer of record (EOR) by ensuring that your team receives personalized attention, ranging from smooth payrolling management to customized benefits based on your specific needs and location.
Fixed-term contracts are permitted for a maximum of one year. They can be renewed up to 3 times. Fixed-term contracts can be terminated so long as all costs/payments through the end of the contract terms (e.g. salary, etc.)
Probationary periods are allowed for a maximum of 3 months. The process for termination is notification by the employer, it takes immediate effect.
There are 14 public holidays defined by the Panamanian government. They are considered paid days off. If a worker is required to work they are to be paid 3x their regular rate.
After 11 months, 30 days. Unused leave will carry over year to year and is paid at the time of termination.
18 Days are paid by the employer. The employee needs to get a medical certificate issued by a doctor.
8 hours per day/40 hours per week
25% over the regular hourly rate. Limited to 9 hours per week. Night work is 50% over the regular hourly rate.
After probation period, 30 days notice is required. Must provide notice to the worker, if the position is no longer needed it is considered a termination without cause and full indemnification must be paid to the employee.
Vacation Provision: 9.09%13th Month Provision: 8.33%Social Security on Vacation: 1.11%Educational Insurance on Vacation: 0.14%Professional Risk on Vacation: 0.19%13th Month Social Security: 0.98%13th Month Risk: 0.17%Seniority Bonus Provision: 1.92%Termination Provision: 6.54%13th Month Vacation: 0.76%Indemnification Vacation: 0.59%TOTAL: 29.82%
Employer Social Security: 12.25%Employer Educational Insurance: 1.50%Professional Risk: 2.10%TOTAL: 15.85%
TCWGlobal stands unmatched as the leading employer of record service provider. Our global reach, expertise in diverse industries, and commitment to client satisfaction makes us the best choice. Looking for a global employer of record or international payrolling partner that will work with you and not for you? Trust TCWGlobal. We are here for you.
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