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Overview of Bosnia And Herzegovina

Bosnia and Herzegovina lies in in the Balkans in the south-east of Europe and is inoffically also known as Bosnia. The name comes from the Indo-European word meaning water as there are many waterfalls throughout the country. The capital is Sarajevo and the country has a population of 3.3 million. The official languages are Bosnian, Serbian and Croatian. It gained its independence from Yugoslavia in 1992. Bosnia and Herzegovina is home to the last jungle in Europe with many tress being over 300 years old. The country has the 10th highest coffee consumption in the world.

Bosnians prefer to do business with people they know so be prepared to invest some time to build up a business relationship. Be patient as when it comes to decisions, be aware that these are made from the top down and may take some time. Also dress formally when meeting with Bosnians as you will be judged on how you dress. Always be on time for business meetings.

Currency of Bosnia And Herzegovina

  • Convertible Mark

Health Insurance and the Social Security system of Bosnia And Herzegovina

Since the separation from Yugoslavia, Bosnia and Herzegovina has implemented their own healthcare system. It is mandatory for everyone Bosnia and Herzegovina to have healthcare coverage. The insurance is mainly financed by the people. It is split into 2 parts – the Federation of Bosnia (FBiH) and Herzegovina and Republika Srpska (RS).

In the Federation there are 13 subsystems that provide 3 different levels of healthcare. Of the 13 sub systems, there are 10 cantonal health systems and one federal. Each canton is responsible for paying the healthcare of its citizens. Republika Srpska has more centralized healthcare system. It, like the federation, funds its healthcare through contributions by the people.

Employer cost of Bosnia And Herzegovina

The cost for an employer to hire someone in Bosnia and Herzegovina is a plus of 10.50% to the gross salary.

Salary and bonuses of Bosnia And Herzegovina

Regular employees are paid monthly.

Commissions, incentives, and bonuses are variable and will be agreed upon directly with the employer.

Public Holidays in Bosnia And Herzegovina

The official public holidays in Bosnia and Herzegovina are supplemented by religious holidays that are non-working days in the respective communities.

  • January 1st and 2nd – New Years Day
  • January 6th – Epihphany
  • January 7th – Orthodox Christmas
  • January 9th – Republic Day
  • January 14th – New Years Day
  • March 1st – Independence Day
  • moveable – Easter Monday
  • moveable in April– Pesha
  • May 1st and 2nd – Labour Day
  • 60 days after Easter – Corpus Christi
  • May 9th – Victory Day
  • August 15th / 28th – Assumption of Mary
  • November 1st – All Saint’s Day
  • November 2nd – All Soul’s Day
  • November 21st – Dayton Agreement Day
  • November 25th – Statehood Day
  • December 25th and 26th – Christmas
  • Eid ul-Adha – Islamic religious holiday for 4 days
  • Eid ul-Fitr – Islamic religious holiday for 3 days
  • Prophets Anniversary and Islamic New Year

Working hours in Bosnia And Herzegovina

Office hours are from 8:00am to 6:00pm, Monday to Friday.

A regular work week is 40 hours.

In the case of increased workload, employee’s are expected to work overtime which is a maximum of 10 hours a week in RS and 8 hours a week in FBiH.

Vacation in Bosnia And Herzegovina

In Bosnia and Herzegovina, employees are entitled to a minimum of 20 days vacation a year and a maximum of 30 days.

Sick Leave in Bosnia And Herzegovina

When an employee falls ill in Bosnia and Herzegovina, he/she is entitled to 5 days of paid leave if the employee is with the RS and 7 days if the employee is with the FBiH.

Termination/Severance in Bosnia And Herzegovina

Employment contracts can be terminated for various reasons including lack of technical skill, misconduct or on an economic basis. The notice period cannot be shorter than 30 days. A written notice must be given and the notice period starts upon delivery.

After 2 years of employment, an employee is entitled to severance pay. This is either determined by collective agreement or employment contract but it cannot be less than one-third of the monthly salary for each year of work with the employer.