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Population
Curaçao has approximately 150,000 inhabitants (as of 2023). The population is ethnically diverse, consisting of descendants of European, African, and Latin American immigrants. Many international residents also live and work on the island.
Capital
The capital of Curaçao is Willemstad, known for its colonial architecture, especially the brightly colored houses along the harbor. Willemstad is an important economic and cultural hub in the Caribbean and is recognized as a UNESCO World Heritage site.
Economic Strength
Curaçao’s economy is based on a mix of tourism, financial services, trade, and refinery industries. The island is known for its offshore financial services, offering tax advantages to international businesses. The port of Willemstad plays a key role as a transit center for the region. Curaçao has a relatively stable economy, but like many other Caribbean countries, it faces fluctuations in the global tourism market.
Culture
Curaçao’s culture is strongly influenced by Dutch, African, and Caribbean elements. The official language is Dutch, but Papiamentu (a creole language) is widely spoken in daily life, along with English and Spanish. The people of Curaçao celebrate many traditional festivals, including Carnival, the largest and most colorful festival on the island, as well as Christmas and New Year’s.
Currency
The official currency of Curaçao is the Netherlands Antillean Guilder (ANG), which is pegged to the US dollar at a rate of 1 USD = 1.79 ANG. In tourist areas, the US dollar is also widely accepted.
Health Insurance and Social Security System
Curaçao has a mandatory health insurance system covering all residents and workers. The Social Insurance Bank (SVB) administers the system, providing general medical care, hospital stays, and medication. Both employers and employees contribute to this system. Additionally, there is a state social security system offering pensions, disability benefits, and unemployment benefits.
Employer Costs
Employers are required to contribute to health insurance, pension plans, and other social benefits. Employer contributions to social security are around 12% to 14% of the employee’s gross salary, covering health insurance, accident insurance, and pension contributions.
Salary and Bonuses
Curaçao has a statutory minimum wage, which for 2023 is about 9.62 ANG (approximately 5.38 USD) per hour. Additionally, there is a mandatory 13th-month salary (referred to as “Aguinaldo” in Papiamentu), usually paid in December, which amounts to an extra month’s salary.
Payslip
Employers are required to provide their employees with a monthly payslip detailing all deductions, including taxes and social security contributions. Income tax is levied progressively, with higher incomes being taxed at higher rates.
Public Holidays
Curaçao has several public holidays, including New Year’s Day (January 1), Good Friday, King’s Day (April 27), Labor Day (May 1), Christmas Day (December 25), and Boxing Day (December 26). Employees are entitled to paid time off on these days, and those who work on holidays typically receive overtime pay.
Working Hours
The standard workweek in Curaçao is 40 hours, usually spread over 5 days. Overtime is generally paid at a rate of 150%, and work on Sundays or public holidays can be compensated at 200% of the regular hourly wage.
Vacation
Employees in Curaçao are entitled to a minimum of 15 days of paid vacation per year after completing one year of employment. Depending on the length of employment or individual work contracts, the vacation entitlement may increase.
Sick Leave
If an employee is sick, they must provide a medical certificate to claim sick pay. The first few days of illness are usually paid by the employer, after which the Social Insurance Bank (SVB) takes over, paying a percentage of the salary. The benefits cover medical costs and sick pay up to a certain limit.
Termination/Severance
Labor laws in Curaçao protect employees from unfair dismissal. Employers typically need to observe a notice period that depends on the length of employment, often between one and three months. In cases of redundancy, employees are entitled to severance pay, which is calculated based on the duration of employment. For long-term employees, this severance can be substantial, depending on their salary and years of service.
These details offer a comprehensive overview of the key labor and economic regulations in Curaçao.