Hire a remote team in Turkmenistan

Hiring a remote team in a country as Turkmenistan 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 Turkmenistan. 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 Turkmenistan with Rivermate

Payroll, benefits, taxes, and compliance can be difficult to manage in Turkmenistan, particularly if you don't have established local relationships. You can hire employees in Turkmenistan 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

Hire a remote team with Rivermate
Introduction
Hiring a remote team in your country
Cost of living
Cost of renting
Major industries
Hiring cost
Employment laws
Top skills
Economic landscape
Market size
Minimum wage

2. Introduction

Rivermate is a global employment solutions company that provides Employer of Record services in Turkmenistan.As an employer of record, we help you hire employees and run payroll services in Turkmenistan, allowing you to avoid the necessity of first establishing a branch office or subsidiary in Turkmenistan.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 Turkmenistan or individually hire remote employees in Turkmenistan, 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 Turkmenistan services can best help your company!

3. Hire a remote team in Turkmenistan

Turkmenistan is a Central Asian country on the silk trade route. It shares borders with Kazakhstan and Uzbekistan, as well as the Caspian Sea. Ashgabat, Turkmenistan's capital, is designed in the Soviet style and features grand monuments. Turkmenistan has a population of 6 million people and a national adult literacy rate of 99.7% in 2014, a 0% decrease from 1995.

4. Cost of living in Turkmenistan

Turkmenistan's cost of living is $1159, which is 1.24 times higher than the global average. Turkmenistan was ranked 45th out of 197 countries in terms of cost of living, and 170th in terms of quality of life.Turkmenistan's average after-tax salary is $518, which is enough to cover living expenses for 0.4 months.

5. Cost of renting in Turkmenistan

The average cost of living A family of four in Turkmenistan costs around 18,653 M (US $5323) without rent. A single person's monthly costs without rent can be around 6,268 M (US $1789). Overall, the cost of living is US $1057, which is 1.43 times higher than the global average. Turkmenistan is ranked 55th out of 190 countries in terms of living costs.The cost of renting is determined by the customer's preferences and lifestyle. Variations in area and size contribute to an increase or decrease in the apartment's overall rent. On average, housing costs between 1,525 M and 1,006 M (US $435-287.13) for a single apartment in the city center and outside of it. Rent for a three-bedroom apartment can range between 2,900 and 3,150 M (US $827.72-899.08).

6. Major industries in Turkmenistan

Turkmenistan has a planned economy because the government controls the majority of the economy. Turkmenistan's industrial sector accounts for 49.3% of the country's GDP. Nonetheless, it employs only 14% of the labor force. Turkmenistan has been expanding its industrial sector with the assistance of the European Union since its independence from the Soviet Union in 1990. Oil and gas are both natural resources in this country that have a significant impact on this sector.Turkmenistan's services sector employs 37.8% of the labor force and accounts for 37.9% of GDP. Tourism, hotel and hospitality, retail, healthcare, media, communications, customer service, banking, and financial services are all part of this industry. Banking and financial institutions, for example, are completely controlled by the government.Turkmenistan's export trade sector is significant. Turkmenistan has a positive trade balance thanks to imports worth $5.54 billion and exports worth $8.94 billion. China (US $7 billion), Afghanistan (US $549 million), and Turkey (US $542 billion) are its top three trading partners. Minerals worth $8.19 billion USD are exported. Petroleum gas is the largest export in this category, accounting for 80% of total exports worth $7.17 billion USD.

7. Hiring cost in Turkmenistan

Hiring costs include all costs incurred by the hiring department in hiring an employee from start to finish. They include the following costs:- Interview and selection cost- Onboarding and training expenses- Time taken and resources required

8. Employment laws Turkmenistan

Turkmen labor law protects worker and employer interests and guarantees citizens' labor rights. The main goals of the Turkmen Labor Law are to create the conditions and guarantees for citizens to exercise their constitutional right to work. The format of a Turkmen employment contract is not fixed, and the relationship between employer and employee begins with an order/onboarding to hire an applicant based on their application.However, laws govern the minimum wage, leave provisions, the standard workweek of 40 hours, and other employee benefits. With prior notice to the employee, a company may terminate an employment contract for economic or business reasons.Turkmen labor law protects worker and employer interests and guarantees citizens' labor rights. The main goals of the Turkmen Labor Law are to create the conditions and guarantees for citizens to exercise their constitutional right to work. The format of a Turkmen employment contract is not fixed, and the relationship between employer and employee begins with an order/onboarding to hire an applicant based on their application.

9. Top skills Turkmenistan

The industrial sector employs 14% of the total workforce. Agriculture has employed approximately 40% of the workforce. Turkmenistan is a hub for service enterprises, with the service sector employing 40.8% of Turkmen labor.Major skills and areas which have witnessed a recent growth rate- Engineers- Architect- Mobile app developer- Software engineers- Management specialists- Web designers- Hospitality experts

10. Economic landscape in Turkmenistan

Global energy prices collapsed in late 2014, plunging the economy into a deep recession. Foreign aid and funds have made it possible for the economy to recover. Turkmenistan has had a fixed exchange rate since 2009. Turkmenistan is ranked fourth in the world for natural gas reserves as of 2020, according to the International Energy Agency. Turkmenistan exports a lot of cotton and grows wheat for domestic consumption. Turkmenistan's GDP had been increasing in the years preceding the pandemic. GDP increased from 6.2 to 6.3% in 2019, before plummeting to 1.0% due to the pandemic. The economy is showing signs of recovery, and the GDP has risen to 4%. Turkmenistan was ranked 86th in the world in terms of GDP in 2016.

11. Market size in Turkmenistan

Turkmenistan's main exports are natural gas, oil, petrochemicals, steel, and cotton. Cotton is a valuable crop that contributes significantly to the economy. A large population also herds sheep, camels, and horses, which contribute significantly to the agricultural economy. Turkmenistan is Central Asia's leading silk producer. Turkmen oil is of exceptional quality. A network of pipelines and natural gas deposits connects resources. China has become a dominant force in Turkmenistan's economy and exports. In 2018, exports totaled $11.2 billion, while imports totaled $7.5 billion, resulting in a trade surplus of $3.7 billion. China is Turkmenistan's largest export market.