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Hire a remote team in Maldives

Hiring a remote team in a country as Maldives comes with a lot of overhead, such as compliance, local laws, taxes, etc. As a company, you don't want to worry about knowing all the local laws. Instead you want to focus on your remote team and the business. Rivermate's Employer of Record (EOR) solution helps companies hire remote employees in Maldives. We take care of global payroll, taxes, benefits, compliance and HR activities. So you can focus on growing your business.

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1. Hire a remote team in Maldives with Rivermate

Payroll, benefits, taxes, and compliance can be difficult to manage in Maldives, particularly if you don't have established local relationships. You can hire employees in Maldives effectively, conveniently, and in full compliance with all relevant labor laws using Rivermate's global Employer of Record (EOR) solution. We handle the responsibilities and legal risks associated with foreign employment so you can concentrate on growing your company.

Table of contents
  1. Hire a remote team with Rivermate
  2. Introduction
  3. Hiring a remote team in your country
  4. Cost of living
  5. Cost of renting
  6. Major industries
  7. Hiring cost
  8. Employment laws
  9. Top skills
  10. Economic landscape
  11. Market size
  12. Minimum wage

2. Introduction

Rivermate is a global employment solutions company that provides Employer of Record services in Maldives.As an employer of record, we help you hire employees and run payroll services in Maldives, allowing you to avoid the necessity of first establishing a branch office or subsidiary in Maldives.It is not necessary to establish an entity in order to hire an employee. We can hire your employee in any country with a few mouse clicks. Using our Employer of Record solution, you can have full compliance, benefits, and automated payments.If you wish to hire a remote team in Maldives or individually hire remote employees in Maldives, Rivermate’s global employer of record services will make sure that the process will be as seamless as possible for you.Send us a message so we can talk about how Rivermate’s Employer of Record Maldives services can best help your company!

3. Hire a remote team in Maldives

The service industry dominates the Maldives' economy, as it does in many other nations in the area. The tourist sector is important to the country's economy, employing over 25,000 people and contributing for 28% of GDP. It also accounts for 60% of the country's foreign currency profits. The Maldives has a population of just 0.5 million people and an unemployment rate of roughly 6.17%. The unemployment rate has risen somewhat since the end of 2018, but the administration has already taken actions to address the problem.The nation is broken into several islands and is surrounded by water on all sides. The gorgeous sandy beaches, lagoon regions, vegetation, and animals present in their most natural state have earned the island the moniker "tropical paradise." Many tourists visit the Maldives archipelago each year, creating a plethora of work possibilities in the island's hospitality, healthcare, engineering, and other industries. Aside from that, the earnings on offer here are greater than those on any rural island.

4. Cost of living in Maldives

The cost of living in the Maldives is $1188, which is 1.27 times more than the global average. The Maldives scored 40th out of 197 nations in terms of cost of living and 72nd in terms of quality of life.In the Maldives, the average after-tax wage is $761, which is enough to pay living costs for 0.6 months.

5. Cost of renting in Maldives

Even though renting is very inexpensive in the Maldives, a person's preferred location is still important. The average rent on the island ranges from US $520 to US $975.The most costly island in the Maldives is Cocoa Island. With luxury resorts and the wealthy arriving for holiday, the expense of living is much greater here.Maafushi island, on the other hand, is the cheapest and most economical spot to visit.The cost of living in Malaysia ranges from $700 to $3000 a month in these areas.

6. Major industries in Maldives

The tourist business employs around 25,000 people in the nation, and the industry also provides workers with poor earnings. This sector generates around $600 million per year and contributes 28% to the GDP.Because the water surrounds 99% of the island, fishing is a popular pastime. Here you may find tuna, dolphin, groupers, rainbow runner, and squirrelfish. Apart from being a source of money for many individuals, it is also employed as a pleasure pastime. The fishing business employs around 22,000 people or more. Tons of fish are sent off of the island.The industrial sector accounts for 7% of the country's GDP. Fishing is also an industrial activity in this area. Capturing fish with a pole and line includes catching tuna and mackerel. The Japanese enterprise here supports industrial fishing by assisting in the processing and canning of fresh tuna. This has resulted in the exportation of tonnes of tuna fish, producing significant cash.

7. Hiring cost in Maldives

The hiring cost in the Maldives varies with many factors, such as the nature of the job, place hiring, and area of posting.- Salary and bonus payable- Interview process cost- Training and orientation cost

8. Employment laws Maldives

The Maldives have their employment laws to be followed by the employee and the people hiring these employees. Some of these laws are mentioned here:- Prohibition of employment of minors- Obtaining guardian's approval - Hours of work- Penalty- Transfer of employment agreement - Disciplinary measures imposed on the employee- Prohibition of dismissal without reasonable cause

9. Top skills Maldives

Tourism is such a broad business in the Maldives that most of the skills necessary are connected to it. In addition, the government needs health care workers like as nurses, instructors, and technicians to execute the responsibilities allocated in the fisheries business. The healthcare and education systems are flourishing in this country, and there is an urgent demand for competent and capable workers to fill positions in these fields.

10. Economic landscape in Maldives

The epidemic devastated the island, and the economy suffered as it did in many other nations. However, once the limits on foreign travel were lifted, an unexpected number of individuals began visiting the island for holidays. The country's GDP growth rate is about 5.2%, with a minor drop owing to the pandemic's limitations. The international employment rate is 99.6%, while the local employment rate is 96.2%, which is pretty impressive.

11. Market size in Maldives

Tourism is the most important sector in this region, followed by fishing, agriculture, and manufacturing. Tourism taxes have resulted in the construction of magnificent infrastructure across the island archipelago. Furthermore, the inflation rate is quite low, and the GDP is expected to expand by more than 10% in the next years. Overall income is likely to rise even more in the coming years.

12. Minimum wage in Maldives

For employees in the government sector, the minimum wage in the Maldives is currently 3,000 Maldivian rufiyaa per month.The Maldives is well-known for its resorts, but there is currently no minimum wage for employees in that industry. Organizations and employees are fighting for a monthly minimum wage of 600 Maldivian rufiyaa.