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Articles
Workforce in Latvia
Updated on Sunday 28th October 2018
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The workforce in Latvia is primarily highly-skilled and motivated. Individuals who do not attend university courses are studying technical and vocational skills, meaning that employers will also have access to a number of skilled electricians, metalworkers, and other craftspeople.
Hiring employees who are able to add value to the company’s mission is an important issue to consider for all those who open a company in Latvia. Our agents who specialize in company formation answer some of the most commonly asked questions about workforce and the labor laws.
What is the distribution of employment according to economic sectors?
Latvia is a country that offers multiple opportunities for doing business. The services sector is the one that receives the largest share of the total employment percentage, with as much as 68% in 2017, followed by 24.01% in the industry sector.
Individuals who are interested in company formation in Latvia have a pool of talented workers to choose from in various industries.
What are the main rights of a Latvian employee?
An employee is entitled to the minimum wage (approximately 410 EUR in 2018), a standard working time of 40 hours per week (8 hours per day) and a maximum of 160 hours in 4 weeks. Overtime is not unusual, however, it must be agreed upon by both parties and, according to law, it cannot exceed 144 hours in 4 months. The law also mentions that the employer should pay overtime work.
What social security taxes are paid by entrepreneurs who open a company in Latvia?
Social security is calculated at a rate of 25.09% of the gross salary, out of which 24.09% is paid by the employer and 11% from the salary of the employee. The employer makes these contributions every month. As far as non-resident employers in Latvia are concerned, they must register with the tax authorities. The Latvian Ministry of Welfare is the one in charge of social insurance policies and labor market policies.
You can contact our company formation agents in Latvia for complete information about opening a company and handling employment matters.
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Call us now at (+44) 203-287 0408 to set up an appointment with our lawyers in Riga, Latvia. Alternatively you can incorporate your company without traveling to Latvia.
As a Bridgewest client, you will benefit from the joint expertize of local lawyers and international consultants. Together we will be able to offer you the specialized help you require for your business start-up in Latvia.
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