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HRsolution » COUNTRIES » Gibraltar

  1. Population:

Gibraltar has a population of approximately 34,000 people (as of 2021). The population is diverse, comprising Gibraltarians of British, Spanish, Italian, Portuguese, Maltese, and Moroccan descent.

  1. Capital:

Gibraltar is a small territory, and the entire area is often referred to simply as Gibraltar. The main urban area is known as Gibraltar Town or The City of Gibraltar.

  1. Economic Strength:

Gibraltar has a robust economy primarily based on:

  • Financial Services: As an offshore financial center, Gibraltar offers services in banking, insurance, and investment funds.
  • Online Gaming: Many online gambling companies are headquartered in Gibraltar due to favorable regulations and tax conditions.
  • Tourism: The iconic Rock of Gibraltar and its natural reserves attract numerous tourists annually.
  • Shipping and Bunkering: Its strategic location at the entrance to the Mediterranean makes it a key port for maritime activities.

  1. Culture:

Gibraltar’s culture is a blend of British and Mediterranean influences. English is the official language, but many locals are bilingual in Spanish (Llanito dialect). The territory celebrates British traditions and holidays while also embracing Spanish and other Mediterranean customs. Notable cultural events include:

  • Gibraltar National Day (10 September)
  • Calentita Food Festival
  • Gibraltar Music Festival

  1. Currency:

The official currency is the Gibraltar Pound (GIP), which is pegged at par with the British Pound Sterling (GBP). British Pounds are also widely accepted.

  1. Health Insurance and Social Security System:

Gibraltar operates a public healthcare system known as the Gibraltar Health Authority (GHA), modeled after the UK’s National Health Service (NHS). Residents are entitled to free healthcare services funded through social insurance contributions from both employers and employees.

  1. Costs for the Employer:

Employers are required to contribute to social insurance for their employees. As of 2021:

  • Employer’s Social Insurance Contribution: Approximately 20% of the employee’s gross earnings, up to a maximum weekly limit.
  • These contributions fund benefits like healthcare, unemployment, and pensions.

  1. Salary and Bonuses in Gibraltar:

In Gibraltar, salaries are competitive, especially in sectors like finance and online gaming. Bonuses are common and are typically performance-based.

  1. Payslip:

A typical payslip in Gibraltar includes:

  • Gross Salary
  • Deductions:
    • Income Tax: Pay As You Earn (PAYE) system with progressive tax rates.
    • Social Insurance Contributions: Both employee and employer contributions.
  • Net Pay
  • Any additional allowances or deductions.

  1. Public Holidays:

Gibraltar observes several public holidays each year, including:

  • New Year’s Day (1 January)
  • Commonwealth Day (Second Monday in March)
  • Good Friday (Varies)
  • Easter Monday (Varies)
  • Workers’ Memorial Day (28 April)
  • May Day (1 May)
  • Spring Bank Holiday (Last Monday in May)
  • Queen’s Birthday (Second Monday in June)
  • Late Summer Bank Holiday (Last Monday in August)
  • Gibraltar National Day (10 September)
  • Christmas Day (25 December)
  • Boxing Day (26 December)

  1. Working Hours:

The standard working week is typically 37.5 to 40 hours, usually spread over Monday to Friday. Specific working hours may vary depending on the industry and employment contract.

  1. Vacation:

Employees are entitled to a minimum of 20 days of paid annual leave per year, in addition to the public holidays. Some employers offer more generous vacation allowances based on seniority or position.

  1. Sick Leave:

In the event of illness:

  • Sick Pay: Employers may provide sick pay for a certain period, often up to two weeks.
  • Social Insurance Benefits: After the employer’s sick pay period, employees may be eligible for sickness benefits through social insurance.
  • A medical certificate is typically required for absences longer than a few days.

  1. Termination/Severance:

Termination of employment must comply with the Employment Act:

  • Notice Periods:
    • Less than 1 month of service: No notice required.
    • 1 month to 2 years: 1 week’s notice.
    • 2 to 5 years: 2 weeks’ notice.
    • Over 5 years: 1 week’s notice per year of service, up to a maximum of 12 weeks.
  • Severance Pay:
    • Employees dismissed due to redundancy may be entitled to a redundancy payment, calculated based on length of service and weekly pay.
  • Unfair Dismissal: Employees have the right to claim for unfair dismissal if the termination does not comply with legal requirements.

Gibraltar is a unique British Overseas Territory with a vibrant economy and a blend of cultural influences. Its strategic location and favorable business environment make it an attractive place for both employers and employees.

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