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HRsolution » COUNTRIES » Barbados

  1. Population

    Barbados has a population of approximately 287,000 people (as of 2021). The majority of the population is of African descent, with smaller European and Indian minorities.

  2. Capital

    The capital of Barbados is Bridgetown, located in the southwest of the island. It is the economic, cultural, and political center of the country.

  3. Economic Strength

    Barbados is a relatively prosperous Caribbean island with a diversified economy. Traditionally, the economy was based on sugarcane production, but in recent decades, tourism, financial services, and light manufacturing have become the central economic sectors. Barbados is often used as an offshore financial center. The Gross Domestic Product (GDP) is approximately 5 billion USD (as of 2021).

  4. Culture

    Barbadian culture is heavily influenced by British traditions, as the country was part of the British Empire until 1966. The culture also incorporates African traditions, particularly in music, dance, and religion. Significant cultural events include the Crop Over Festival, celebrating the sugarcane harvest, and the carnival. Cricket is the national sport.

  5. Currency

    The official currency of Barbados is the Barbados Dollar (BBD). It is pegged to the US Dollar at a rate of 1 USD = 2 BBD.

  6. Health Insurance and Social Security System
    The healthcare system in Barbados consists of a publicly funded healthcare system and a growing number of private healthcare providers. The public system provides universal access to healthcare services. The National Insurance Scheme (NIS) offers various social benefits, including pensions, sick pay, and unemployment support.

  7. Employer Costs

    Employers in Barbados are required to contribute to the National Insurance Scheme (NIS). The contribution rate is around 12.75% of the gross salary (as of 2021), with both employers and employees sharing the contribution. The exact rate and distribution may change over time.

  8. Salaries and Bonuses

    Salaries in Barbados vary by industry and position. There is typically no statutory minimum wage for most professions, although certain sectors, such as the hotel and hospitality industry, have minimum wage requirements. Bonuses are not legally required but are often paid in the private sector, especially in the financial and service industries.

  9. Payroll

    Employers are required to issue monthly payroll statements detailing taxes, social security contributions (NIS), and deductions for employee benefits. Income tax is calculated on a progressive scale.

  10. Public Holidays

    Barbados has 12 public holidays, including New Year’s Day, Good Friday, Easter Monday, Labour Day (May 1), Independence Day (November 30), and Christmas. Employees are typically entitled to paid leave on these days.

  11. Working Hours

    The standard working hours are generally 40 hours per week, with a daily limit of 8 hours. Overtime must be compensated and is subject to specific regulations.

  12. Vacation

    Employees are entitled to at least 15 working days of paid vacation per year after one full year of employment. This varies depending on the industry and length of service.

  13. Sick Leave

    Employees who are unable to work due to illness are entitled to sick pay through the National Insurance Scheme (NIS). Employees must notify their employer of their illness promptly and provide a medical certificate from the third day of illness onward.

  14. Termination/Severance

    Barbadian labor law offers significant protection against unjustified dismissal. The notice period for termination depends on the length of employment but generally ranges from one week to a month. In cases of redundancy, employees are entitled to severance pay, which is calculated based on the duration of employment.

These points provide an overview of key labor and economic aspects in Barbados.

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