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Bolivia boasts abundant natural resources, including mining materials, natural gas, hydrocarbons, and untapped lithium deposits, offering significant export opportunities.
Despite COVID-19 impacts, the agricultural sector has shown notable growth, urging Bolivian businesses to invest in modern agricultural technology resilient to climate change and aging infrastructure.
The country welcomes foreign direct investment (FDI), with gross FDI reaching USD 440 million in 2021, particularly in hydrocarbons, manufacturing, industry, commerce, transport, storage, communications, insurance, and real estate sectors.
Bolstered by macroeconomic stability, strategic location, and government economic measures during the pandemic, Bolivia emerges as a promising investment destination.
In Bolivia, employment contracts can be verbal or written. The typical expectation is for contracts to be indefinite and signed, although fixed-term contracts are allowed if documented. Verbal contracts are assumed to be indefinite, and written contracts need authorisation from a labour inspector or higher administrative authority.
The probation periods for permanent employees in Bolivia typically range from 1 to 3 months.
In Bolivia, the standard working hours are 8 hours per day, with a maximum of 6 working days in a week.
Any work performed beyond the standard working hours per week in Bolivia is subject to overtime pay, as stipulated by employment contracts or collective agreements. Typically, the maximum limit for overtime hours is 2 hours per day, and the compensation is set at 200% of the regular salary rate.
The monthly minimum wage in Bolivia is 2,250 BOB.
Bolivian employees receive a 13th-month salary (Aguinaldo) equivalent to one month's pay, capped at 25.00% of the company's profits. It is disbursed at year-end and is tax and social security exempt. A 14-month bonus is mandatory if the GDP exceeds 4.50% or the company earns annual profits.
The individual income tax in Bolivia is a flat rate of 13%.
Irrespective of personal savings, all resident citizens of Bolivia aged 60 and older are covered by the Renta Dignidad, or Dignity Pension Programme (RDP), receiving monthly payments of 193.65 BOB.
The tax-related information provided in this guide is intended for general guidance and informational purposes only. Reach out to our dedicated team for insights on remote hiring in Bolivia tailored to your needs.
Acceptable terminations in Bolivia include:
Per Bolivian labour law, there isn't a required notice period.
In Bolivia, severance pay is obligatory and varies based on the type of termination. It generally amounts to one month's regular salary for each completed year of service.
Bolivia observes 13 national public holidays, in addition to state-specific public holidays that may vary:
Bolivia offers the following benefits to its employees:
Legal and compliance experts are readily available to provide guidance and case-by-case Q&A support.
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