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Population
The Maldives has a population of approximately 540,000 people (as of 2023). A large portion of the population lives on the main island of Malé. The country consists of around 1,200 islands, of which about 200 are inhabited. The population is ethnically homogenous, with most inhabitants descended from early settlers from South Asia and Arabia.
Capital
The capital of the Maldives is Malé, a densely populated island city that serves as the political, economic, and cultural hub of the country. Malé is also the focal point for tourism and trade.
Economic Strength
The economy of the Maldives relies heavily on tourism and fishing. Tourism accounts for about 30% of the country’s gross domestic product (GDP), with the Maldives renowned for its luxurious resorts and coral reefs, which attract divers and beachgoers. Fishing, particularly tuna fishing, is another key sector. The economy is heavily dependent on imports, and the Maldives has been working to diversify its economic base in recent years.
Culture
Maldivian culture is deeply influenced by Islamic traditions, as Islam is the state religion. This influence is reflected in daily life, customs, and religious celebrations such as Eid al-Fitr (marking the end of Ramadan) and Eid al-Adha (the Festival of Sacrifice). The Maldivians also have strong ties to the sea, with fishing and boatbuilding being integral parts of their heritage. Traditional music and dance, like the Bodu Beru, are also deeply rooted in Maldivian culture.
Currency
The official currency of the Maldives is the Maldivian Rufiyaa (MVR). The US dollar is also widely used, especially in the tourism and trade sectors.
Health Insurance and Social Security System
The Maldives provides a state-run health insurance system known as Aasandha, which offers basic healthcare coverage to all citizens. This includes both public hospitals and certain private medical facilities. Employers are not required to provide additional health insurance for their employees unless they are foreign workers, for whom private insurance is often needed. The social security system also covers pensions and disability benefits, managed through the Maldives Retirement Pension Scheme (MRPS).
Employer Costs
Employer costs in the Maldives include social security and pension contributions. Employers must contribute 7% of the employee’s salary to the pension system. For foreign workers, additional costs for accommodation, meals, and health insurance may apply, depending on the employment contract and legal requirements.
Salary and Bonuses
Salaries in the Maldives vary significantly depending on the sector, especially between the tourism industry and other sectors such as fishing or the public sector. The minimum wage introduced in 2022 is 8,000 MVR (approximately 460 EUR) per month. Bonuses are common, especially in the tourism sector, with additional payments often made during holidays such as Eid al-Fitr and other special occasions.
Payroll
Employers in the Maldives are legally required to issue monthly payroll statements, detailing base salary, bonuses, allowances, and deductions for taxes and social security contributions. These statements ensure transparency and compliance with legal requirements.
Public Holidays
The Maldives observes a number of public holidays, both religious and national. The most important holidays include:
- New Year’s Day (January 1)
- Eid al-Fitr (end of Ramadan)
- Eid al-Adha (Festival of Sacrifice)
- National Day (November 3)
- Independence Day (July 26)
There are a total of approximately 13 public holidays annually.
Working Hours
The standard working week in the Maldives is 48 hours, spread over six days with a daily work period of 8 hours. In certain sectors, such as tourism, working hours may vary depending on the season and workload. During the holy month of Ramadan, reduced working hours are common in the public sector and other areas.
Vacation
Employees in the Maldives are entitled to 30 days of paid annual leave after one year of employment, in addition to public holidays. Vacation time generally needs to be coordinated with the employer.
Sick Leave
In the event of illness, employees are entitled to 30 days of paid sick leave per year. During this time, employees receive their full salary, but a medical certificate is required to claim sick leave.
Termination/Severance
Maldivian labor law requires a 30-day notice period for termination. Employees with more than one year of service are entitled to severance pay in the event of termination without cause. This severance is typically calculated based on the length of service and is often half a month’s salary per year of employment.