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Population
Honduras has approximately 10 million inhabitants (as of 2023). The population is primarily made up of Mestizos (of European and Indigenous ancestry), with smaller groups of Indigenous peoples, Afro-Hondurans (Garífuna), and a minority of European descendants.
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Capital
The capital of Honduras is Tegucigalpa, located in the southern part of the country. It is the key political, economic, and cultural hub.
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Economic Power
The Honduran economy heavily depends on agriculture, particularly the production and export of coffee, bananas, palm oil, and sugar. Additionally, the textile industry plays a significant role, especially in free trade zones (maquiladoras), where many goods are produced for export. The per capita GDP is approximately $2,700 (2022), making Honduras one of the poorer nations in the region. High poverty and unemployment remain pressing challenges.
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Culture
Honduran culture is a blend of Spanish colonial influences and Indigenous traditions. The country celebrates many religious festivals, with the Catholic Church playing a major role. Carnival, traditional dances, and music genres like Punta (especially popular among the Garífuna) are key cultural elements. Indigenous heritage, particularly from the Maya civilization, is still evident in certain regions. The official language is Spanish, but Indigenous and Afro-Honduran communities speak their own languages.
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Currency
The official currency of Honduras is the Honduran Lempira (HNL). As of 2023, 1 US dollar equals approximately 24 Lempiras.
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Health Insurance and Social Security System
Honduras has a social security system managed by the Instituto Hondureño de Seguridad Social (IHSS). It provides coverage for health insurance, pensions, and unemployment benefits, though only to formally employed workers. A significant portion of the population, especially in rural areas, lacks access to comprehensive health insurance and often relies on public or private healthcare services.
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Employer Costs
Employers are required to contribute approximately 7% of an employee’s gross salary to social security, covering healthcare and pensions. Other costs include payments for workplace accident insurance and additional benefits, which are mandatory in some industries.
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Salary and Bonuses
The minimum wage in Honduras varies by sector and company size. In 2023, the minimum wage ranged from 7,000 to 14,000 Lempira per month (around $285 to $570). By law, employees must receive a 13th-month bonus (Aguinaldo) before Christmas and often a 14th-month bonus in June.
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Payroll
Payroll in Honduras includes deductions for social security contributions and income tax. The income tax is progressive, ranging from 10% to 25%, depending on the income level. Additional deductions cover health and pension contributions, which are deducted directly from the salary.
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Public Holidays
Honduras has several public holidays, including:
- New Year’s Day (January 1)
- Day of the Virgin of Suyapa (February 3)
- Good Friday and Easter Monday (variable, during Holy Week)
- Labor Day (May 1)
- Independence Day (September 15)
- Armed Forces Day (October 21)
- Christmas (December 25)
There are also regional holidays and special festivals celebrated in various parts of the country.
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Working Hours
The standard workweek is 44 hours, with a maximum of 8 hours per day over 6 days. Overtime pay ranges from a 25% to 50% premium, depending on the time of day and the day of the week when the extra hours are worked.
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Vacation
Employees in Honduras are entitled to 10 to 20 days of paid vacation after one year of employment, with longer tenures often resulting in more vacation days.
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Sick Leave
Formally employed workers are eligible for sick leave benefits provided by social security in case of illness or injury. The sick pay typically covers a portion of the salary, depending on the duration of the disability. Workers injured on the job may receive additional compensation for longer periods of incapacity.
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Termination/Severance
Termination and severance regulations depend on the length of employment. Employees dismissed without cause are entitled to severance pay, calculated based on years of service, often equivalent to one month’s salary per year of employment. Notice periods range from one week to one month, depending on how long the employee has worked.
Honduras faces significant economic challenges, including poverty, corruption, and crime. However, its rich cultural heritage and natural resources provide potential for future growth.