In Suriname, several benefits for employees are mandated by labor laws, designed to provide financial security and time off for workers.

Vacation and Leave

Employees who work a full calendar year without interruption for the same employer are entitled to 12 vacation days per year. This increases by an additional 2 days for the subsequent 3 years, reaching a minimum of 18 days after the fourth year of service. Employees who work less than a full year in their first year are entitled to 1 day of vacation leave for every full month of service.

Suriname observes several public holidays throughout the year. Employees are entitled to paid time off on these days.

Social Security and Insurance

Suriname mandates participation in a pension scheme for all employees. Employers are required to arrange for this participation and contribute at least 50% of the pension premiums.

Termination

In the event of termination, employees are entitled to severance pay based on their years of service. The scale is as follows:

• 0 – 4 years: 4 weeks of severance pay
• 5 – 9 years: 1 week of severance pay per year of service
• 10 – 15 years: 4 months of severance pay
• More than 15 years: 6 months of severance pay

In Suriname, many companies offer additional perks to attract and retain top talent, going beyond the strong foundation provided by the country's labor laws. Here's a look at some commonly offered optional employee benefits in Suriname:

Health and Wellness

• Supplemental Health Insurance: Employers might offer health insurance plans that go beyond the basic government-provided coverage. This can cover dental, vision, and other specialized care.
• Wellness Programs: Companies may invest in employee wellness programs that promote healthy lifestyles. These can include gym memberships, fitness challenges, and on-site health screenings.

Work-Life Balance

• Flexible Work Arrangements: Some employers offer flexible work arrangements like remote work options or compressed workweeks to enhance work-life balance.
• Paid Time Off (PTO): While Suriname mandates paid vacation days, some companies might offer additional PTO for holidays, personal days, or sick leave.

Financial Security

• Profit Sharing: Some companies share profits with their employees, giving them a stake in the company's success.

Professional Development

• Training and Development Opportunities: Employers may invest in their workforce by offering training programs, conferences, or tuition reimbursement for further education.
• Career Development Programs: Some companies offer mentorship programs or career development resources to help employees advance their careers within the organization.

In Suriname, the law mandates health insurance coverage for all residents, including employees. The Basic Illness Insurance Law, implemented in 2014, ensures every resident has sufficient health insurance to cover medical expenses. Employers are obligated to provide this basic health insurance coverage for their employees.

Basic Health Insurance

The premium contributions for the basic health insurance are shared between employers and employees. Employers contribute at least 50% of the premium. Employee contributions are age-dependent:

• Employees under 60 contribute 2.5% of their monthly earnings, with a gradual increase of 0.25% annually until reaching 14% by 2065.
• Employees aged 60 and over are exempt from employee contributions.

In Suriname, retirement security for employees is achieved through a combination of a public universal pension and voluntary private plans.

Algemene Oudedagsvoorziening (AOV)

The Algemene Oudedagsvoorziening (AOV), also known as the General Old Age Pension, is a mandatory social security program that provides a flat-rate benefit to all eligible residents of Suriname.

• Eligibility: All Surinamese citizens at the age of 60 and above qualify for the AOV. Non-Surinamese nationals can also avail it if they resided, worked, and contributed to the Pension Fund Suriname for at least ten years.
• Benefits: The AOV provides a flat monthly amount, which was SRD 525 in 2012 and has seen steady increases since.

Private Pension Plans

Private pension plans in Suriname are voluntary and typically established through collective bargaining agreements or individual employment contracts. Here are the two main types:

• Defined-Benefit Plans: These plans aim to replace a certain percentage (usually 60-70%) of an employee's pre-retirement salary upon retirement. Both employers and employees contribute a fixed percentage of the salary towards the plan.
• Defined-Contribution Plans: In these plans, employers and employees contribute a set amount to a designated account, and the final retirement benefit depends on the investment performance of the accumulated funds. There's only a limited number of defined-contribution schemes in Suriname.