HRsolution » COUNTRIES » Belize

Population

Belize has approximately 440,000 inhabitants (as of 2023). The population is ethnically diverse and consists of Mestizos, Creoles, Garifuna, Maya, Europeans, and a growing group of immigrants from various countries.

Capital

The capital of Belize is Belmopan, a relatively small city founded in the 1970s after the former capital, Belize City, was heavily damaged by a hurricane. However, Belize City remains the economic hub of the country.

Economic Power

Belize’s economy is based on agriculture, tourism, and exports. Major export goods include sugar, bananas, and citrus fruits, while tourism, especially eco and cultural tourism, is growing in importance. The GDP of Belize is around USD 2 billion (as of 2021). There is also a small but growing offshore financial sector.

Culture

Belize has a very diverse culture shaped by the various ethnic groups. Influences come from the Maya culture, the Afro-Caribbean Garifuna culture, as well as Spanish, British, and Mexican traditions. The official language is English, but Spanish and local dialects like Creole are also commonly spoken. Music and dance play a key role, with genres such as Punta (Garifuna music), Reggae, and Soca.

Currency

The official currency of Belize is the Belize Dollar (BZD). The exchange rate is pegged to the US dollar at a ratio of 1 USD to 2 BZD.

Health Insurance and Social Security System

Belize has a National Insurance Scheme (NIS), which provides a form of social security for all employees. This system covers sickness benefits, maternity leave, unemployment benefits, and pensions. Access to public healthcare is free for all citizens, though private healthcare services are also available.

Employer Costs

Employers are required to contribute to the social security system (NIS), which covers employees’ social security benefits. The employer’s contribution rate is about 8% of the gross salary, while the employee contributes around 3.5%.

Salary and Bonuses

The minimum wage in Belize is about 3.30 BZD per hour (as of 2023). However, higher wages are common in many sectors, especially in tourism and finance. Bonuses are not legally mandated but may be awarded in some cases, particularly if companies have had profitable years.

Payroll

Employers must provide employees with monthly payslips, containing information on salary, taxes, and social security contributions. Belize’s tax system is progressive, with income tax starting at salaries above a certain allowance.

Public Holidays

Belize has 13 public holidays, including New Year’s Day, Good Friday, Labour Day (May 1), Independence Day (September 21), Boxing Day, and Christmas. Employees are generally entitled to paid time off on these days.

Working Hours

The standard working hours in Belize are 45 hours per week, with a workday of 9 hours. Overtime is usually compensated at a higher rate, typically 1.5 times the regular hourly rate.

Vacation

After one year of employment, workers are entitled to at least two weeks of paid vacation. The exact vacation duration may vary depending on the length of employment and position.

Sick Leave

If employees are unable to work due to illness, they are entitled to sickness benefits, which are paid by the National Insurance Scheme (NIS). A medical certificate is required if the illness lasts more than two days. Sick leave benefits typically amount to 80% of the average weekly wage and are paid for up to 26 weeks.

Termination/Severance

Labour laws in Belize provide for fair dismissal, with the notice period depending on the length of employment. Typically, the notice period ranges from one week to one month. Employees who have been employed for a longer period and are dismissed are entitled to severance pay, which is calculated based on the length of their employment.

These details provide an overview of the key labor and economic regulations in Belize.

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