Guide to Doing Business
The General Pension Act 2014 (Wet Algemeen Pensioen 2014) regulates a mandatory general pension scheme. The monthly premium amounting to three percent of the contribution base per month, is to be paid to the General Pension Fund (Algemeen Pensioenfonds). The employer is obliged to withhold the premium from the salary of its employees and to pay the premium to the General Pension Fund (Algemeen Pensioenfonds). The minimum contribution base shall be SRD 500,= with a maximum contribution base of SRD 5.000,=. This leads to a minimal monthly pension of SRD 300,= and a maximum monthly pension of SRD 5.000,= The law allows private insurance policies with provisions minimal to the law.
The General Pension Fund (Algemeen Pensioenfonds) supervised by the Pension Council (de Pensioenraad).
The National Basic care Act (Wet Nationale Basiszorgverzekering) regulates a mandatory national health insurance for all residents provided by the Care Provision Fund (Zorgvoorzieningenfonds) and the Implementing Basic Care Body (de Uitvoeringsorgaan Basiszorg). The Care Council (de Zorgraad) is charged with the supervision on the implementation and enforcement of the provisions under or pursuant to the National Basic care Act. The maximum premium is determined per age group:
- Ages 0 up to 16: SRD 55,=.
- Ages 17 up to 20: SRD 75,=.
- Ages 21 up to 59: SRD 165,=.
- Ages 60 and older: SRD 240,=.
Law Act on Minimum Wages (Wet minimum uurloon) hourly wages: SRD 8,40 as per 10 July 2019 (please see our paragraph on minimum wages).