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Population
Equatorial Guinea has about 17 million inhabitants (as of 2024). The population is young and mainly distributed between the mainland and the two main islands, Bioko and Annobón.
Capital
The capital of Equatorial Guinea is Malabo, located on Bioko Island. However, the government plans to move the capital to Ciudad de la Paz on the mainland. Malabo is the economic and political center of the country.
Economic Power
Equatorial Guinea is rich in natural resources, particularly oil and gas, which account for the majority of its GDP. Despite a high GDP per capita of about USD 6,000 (as of 2023), the country suffers from significant social inequality and widespread poverty. The economy is undiversified and heavily dependent on oil revenues.
Culture
The culture of Equatorial Guinea is a blend of African, Spanish, and Portuguese influences. It is the only Spanish-speaking country in Africa, creating a unique cultural heritage. Traditional dances, music, and festivals play an important role in cultural life, as does the cuisine, which is heavily based on fish, seafood, and tropical fruits.
Currency
The official currency of Equatorial Guinea is the CFA franc (XAF), used by the Central African Economic and Monetary Community (CEMAC).
Health Insurance and Social Security System
Equatorial Guinea has a limited social security system covering pensions, health, and work accident insurance. State healthcare services are often inadequate, leading many people to rely on private healthcare.
Costs for Employers
Employers in Equatorial Guinea must contribute about 215% of gross wages to social security, covering pensions, work accident, and health insurance. Additional employer costs may arise from benefits like transportation or housing allowances.
Salaries and Bonuses
Salaries in Equatorial Guinea vary greatly by industry and position. The legal minimum wage is about 129,000 XAF per month (as of 2023). Bonuses are usually performance-based and often part of the overall compensation package.
Payroll
Payroll in Equatorial Guinea includes the basic salary, allowances, bonuses, and statutory deductions for taxes and social security contributions.
Public Holidays
Equatorial Guinea has several public holidays, including:
- New Year’s Day (January 1)
- Labor Day (May 1)
- Independence Day (October 12)
- Christmas (December 25)
- Various religious holidays such as Good Friday, Easter, Eid al-Fitr, and Eid al-Adha.
Working Hours
Regular working hours in Equatorial Guinea are 40 hours per week, spread over five working days. Most companies work from Monday to Friday, with Saturday and Sunday typically off.
Vacation
Employees are entitled to at least 21 days of paid annual leave, which may increase with length of service or in certain industries.
Incapacity for Work
In the event of illness, employees are entitled to sick leave, usually covered by the social security system. The exact duration and payment depend on contractual terms.
Termination/Severance Pay
Notice periods and severance pay regulations in Equatorial Guinea depend on the length of employment and contractual terms.